Help with Mortgage and Divorce

[bls8195]

What is the name of your state (only U.S. law)? Texas

I bought a home in March 2009 with my then wife. We got a divorce roughly in Oct 2010. I gave up the home in the divorce for to her for my children. I am still on the loan, how do I go about making her get it out of my name? Its a VA loan with Bank of America. She says she does not have the income to support the price of the house in the banks eyes, therefore cannot get a loan in just her name. What are my options? Can I take back the house?

I believe I did sign some liablilty ordeal with Bank of America stating if she defaults it has no effect on me except for my credit score but they would not turn to me for payment. Bottom line is I want this house or I want it out of my name. Please assist me. I greatly appreciate any help or advice anyone may have.

 

[Ohiogal]

What is the name of your state (only U.S. law)? Texas

I bought a home in March 2009 with my then wife. We got a divorce roughly in Oct 2010. I gave up the home in the divorce for to her for my children. I am still on the loan, how do I go about making her get it out of my name? Its a VA loan with Bank of America. She says she does not have the income to support the price of the house in the banks eyes, therefore cannot get a loan in just her name. What are my options? Can I take back the house?

I believe I did sign some liablilty ordeal with Bank of America stating if she defaults it has no effect on me except for my credit score but they would not turn to me for payment. Bottom line is I want this house or I want it out of my name. Please assist me. I greatly appreciate any help or advice anyone may have.

If she cannot refinance, you might be able to ask the court to modify the divorce decree. How long did she have to refinance per the divorce decree? What exactly does the divorce decree state in regards to the house AND your ex refinancing?

 

[bls8195]

It says nothing about it. How would I ask the court? Would I have to get another lawyer and take her back to court?

 

[bls8195]

The only thing about the house says "it is ordered and decreed that the wife is awarded the following as her sole and seperate property and the hudband is divested of all right, title, interest, and clain in and to that property.

Thats all my decree says.

 

[Ohiogal]

The only thing about the house says "it is ordered and decreed that the wife is awarded the following as her sole and seperate property and the hudband is divested of all right, title, interest, and clain in and to that property.

Thats all my decree says.

According to that, she doesn't have to refinance at any point in time. You need to get to an attorney and inquire about caselaw. Who wrote the decree? Is there any "hold harmless" language regarding the house or the decree as a whole?

 

[Johnmark111]

Hello,
One must understand several aspects of home finance before signing the papers to formally end the marriage, which includes knowing what to do if both of them want to stay in the home and how the process will affect the cashflow, networth and implications on the future tax returns.

Thanks

 

[Jimhassel]

I would suggest you to contact your local real estate attorney and share the details of your issues. He will give you more insight to the case and help you out to resolve the case.

 

[nanu156]

I would suggest you to contact your local real estate attorney and share the details of your issues. He will give you more insight to the case and help you out to resolve the case.

THIS will not fix your problem.

You need a family law attorney. You need one ASAP, whomever did your divorce did you a disservice. Did you guys do this with out attys?

What is the relationship with your ex-wife like now? Can the two of you work together to resolve this? VA loans CAN come back on you unlike many other types of mortgages they can garnish wages and a whole host of other issues.

If you and ex wife can work together, you may want to call around about modifying/refinancing this mortgage. If she can make the payments (and it sounds like she is) then she can likely qualify for a new loan (assuming she isn't like using child support for a 15yr old to make the payments, or is self employed with out the tax returns to support)

quick tips on your ex's qualifying income;

CS counts as income as long as it will continue for 3+ years (125% grossed up) divorce decree and proof of childrens ages will be required.
Alimony is income as long as it will continue for 3+ years
Social Security gets grossed up 125%

Good luck