jhan6120
journeyman
Reged: 01/31/07
Posts: 60
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Hi. I'm in kind of a bind. One of the stipulations in my property settlement agreement for my divorce is that my wife will be signed off of our mortgage and I'll have to re-finance our home when I take over the mortgage myself.
The plan is to actually sell the home so that neither of us has to pay a mortgage, but the market sucks and it doesn't look like it's going to work out that way. Plus, the only way my soon to be ex will go away is if she's signed off of the mortgage.So it looks like I'll be stuck paying it myself.
Currently my credit sucks because the divorce process has drained me. I've barely made any money this year, and most banks require that a home be off of the market for at least 6 months before they'll refinance it. So it looks like my only solution is to take my home off of the market for six months, force my wife to stay on the mortgage but hold her legally harmless, and then refinance at a crappy rate six months later.
Anyone have any other suggestions?
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preemiemom
Carpal \'Tunnel
Reged: 01/17/07
Posts: 19391
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As long as your wife is on the mortgage YOU can hold her legally harmless; however, she is still legally obligated to the mortgage company.
I'm in the same situation you are. I got stuck with the house, but stbx agreed to stay on the mortgages b/c to refi would add another $10-$15 in principal and the house is already about $25K upside down (due to market downswing.. we bought at height of market).
In the interim, I have made it into a rental/investment property. I have tenants who cover the mortgages. Praying for a good end of year bonus to cover the property taxes and hoping the market turns before their lease runs out March '09.
Good luck... I feel for ya I really do 
--------------------
The best we can do is live our lives with enlightened improvisation.
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