Legal Question in Real Estate Law in Texas
I was divorced a year ago and signed over my rights to my home to my ex husband. He is now 3 months late and my credit score has dropped because of it. I called Wells Fargo Mortg to ask if he could refinance it in his name and they said he could. But when I asked if his credit was no good then what? they told me if he brought the payments up to date and if he paid a $500 application fee, he could refinance it in his name and I would be removed from the mortgage. This loan is from Texas, is this a true statement by Wells Fargo?
2 Answers from Attorneys
There is no way of knowing unless your husband tries. Be sure he is dealing directly with Wells Fargo and not one of the credit repair or "modification" specialists.
Probably not. If your husband's credit is lousy, then it's very unlikely he will find someone who will give him a loan on a house. Maybe a private investor would consider it, if there is a LOT of equity in the house. The problem is that you only deeded the out ownership of the house, but you're still obligated to pay if your ex doesn't. (The bank wasn't a party to your divorce, and has to agree to let you out of a loan--I've never seen a bank do this.) You may be able to sue your ex for damages, or force a sale of the house (this would be in your divorce decree.)
Dave
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