Legal Question in Real Estate Law in New York
Mortgage Company Rights
After a divorce, does my mortgage company have the
right to demand that I renegotiate my mortgage since
my wife does not want her names associate with it?
1 Answer from Attorneys
Re: Mortgage Company Rights
Hi.
This is strange. Ordinarily,the mortgagee would never agree to release one of the obligors on the mortgage, without at least a bankruptcy by the wife, who I presume no longer lives at the property.
In any event, your question here is governed by the terms of your mortgage. If there's nothing in the mortgage which allows them to do this, they should not be able to do so, unless you live in a state whose laws would allow this. (I have never heard of such a state law.)
I would review the mortgage, and if, as I suspect, it does not provide for this event, I would challenge them to prove they have a right to do this, in something in writing.
Good luck!
Neil Ackerman 516-228-8245
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