Legal Question in Real Estate Law in Pennsylvania

Refinancing property

My ex-husband and I bought a house. When we divorced, I did not force him to re-finance or buy me out. I am still on the mortgage but have a property settlement agreement stating that I am not financially responsible for the mortgage. However I am now having trouble getting credit because my credit report shows a mortgage and a rent. (debt to income ratio problem) Is there any way to get my name off that mortgage without re-financing? If not, what are my options? Thank you.


Asked on 5/04/99, 12:17 pm

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: Refinancing property

This is a difficult issue. Your entire matter has to be reviewed by an attorney. The matter will be controlled by your written agreement. Sometimes the matter can be explained to a Bank, but your borrowing power will be extremely limited. The only way this matter can be resolved is that your ex-Husband must refinance to remove you from the mortgage. A bank can release you, but that is unlikely as a Bank wans to hold as many people as they can responsible for the debt. The best advice I can give you is to consult legal counsel to review the entire matter. I had a similar client with this problem and I was able to force the ex husband to refinance. With interest rates lower there may be some incentive for someone to refinance at a much lower rate. That is because there will be lower monthly payments. Good luck.

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Answered on 5/05/99, 5:12 pm


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