Legal Question in Real Estate Law in Virginia
How can I have my name removed from a realestate loan of property awarded to my
In our divorce decree my wife was awarded our rental property, where she resides. The deed is in her name and the responsiblity of the note is hers. I would like my name removed from the loan but cannot without refinacing, she is unwilling to do this. I am inquiring because she has been slow to pay the loans and in an effort to keep my credit in good standing I have paid it the last two months. I'm concerned that she will continue this behavior. What are my alternatives?
2 Answers from Attorneys
Re: How can I have my name removed from a realestate loan of property awarded to
The property settlement agreement should've contained a provision requiring your ex-wife to make a good faith effort to refinance the mortgage loan by a certain date on her own so that your name could've been removed.
Now, you, indeed, may be stuck for a good while
with this situation which could have numerous adverse consequences for you, your credit rating being but one.
Re: How can I have my name removed from a realestate loan of property awarded to
Unfortunately if the lender will not volunrarily go along with the idea of your getting your name off the note, you cannot force it to do it. If you keep making the payments your ex will be sucessful in having the property and your paying for it. Certainly, your situation can and should be explained on any negative credit reports. If the lender threatens to foreclose, perhaps that will create an opportunity to own the property again.
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