Legal Question in Real Estate Law in Maryland
marital property and mortgage note assumptions
My ex and I were divorced in 3/98. I got a cash settlement, she got a quick claim deed for the house. I'm a vet. It's a va loan. She is unwilling to assume the note. The bank still lists me on the note. I cannot buy another house until my name is off this note. If she ever fills out the paperwork and forwards it to the VA, they would deem her able to handle the note on her own, and reinstate my certificate of eligibility. Is there any way I can get my name off the note at the bank when she is unwilling to cooperate? Must I be forced not to purchase a home until this loan is satisfied? Please help...
1 Answer from Attorneys
Re: marital property and mortgage note
This answer is intended to provide general information only and and is not intended to provide legal advice. If advice or further information is required, please discuss this matter in greater detail with an attorney.
It is likely that your property settlement agreement adresses this issue and you should speak to the attorney that represented you in the divorce. You might be able to pursue the matter in court to force your former wife to assume sole financial reponsiblity for the loan. The bank is not bound by any agreements you and your wife may have made, and is not required to remove your name from the loan unless it has sufficent security to do so.
Susan Zuhowski
The Law Offices of Susan Zuhowski, P.A.
P.O. Box 1466
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