Legal Question in Real Estate Law in Tennessee

mortgage

I have been divorced for three years. My ex wife continues to live in the house but has fallen behind several times on the mortgage that we have a joint mortgage on but she wants to remain in the house forever, she says. I want my name off the mortgage note or at least not held resposible for that mortgage. She doesnt have good enough credit to refinance the house. My kids also live there part time and they see this as there home. Idont care about the ex. dont want to make them move because the kids love it. I have since remarried and own another house. My credit score would be perfect without the joint account with my ex. We are now trying to refinance our new mortgage but the lenders keep seeing the old mortgage account as bad and our income to debt ratio is not good either because of that old mortgage. There has to be a way of wording something about the old mortgage so that the lenders will feel that I will not let the old mortgage be forclosed on. I will sell the house before that happens. Does anyone have this answer? Is there anything the lender will may accept? How do people get multiple mortgage loans for investment properties? There must be a way around this problem I just havent figured it out


Asked on 11/15/07, 1:27 pm

1 Answer from Attorneys
KJW Firm PLC

Re: mortgage

It is in your best interest to have your name removed from the mortgage. If your ex-wife cannot refinance, it would be best if you petitioned the court to sell the home (you may need to look at your MDA or final decree for specific information on your case).

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Answered on 11/15/07, 2:42 pm


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