Hello and Welcome! Thank you for allowing me to be of service to you. Please note: (1) this is general information only, not legal advice; and (2) I will provide you with honest information and not necessarily to tell you might be hoping to hear.
I am sorry you are dealing with this situation. You asked: "So my question is can he claim half the interest that I AM PAYING each year on the note?"
If an ex-spouse is not paying a portion of the mortgage and taxes are not being filed jointly, only the person paying the mortgage is entitled to claim a deduction for the property and interest.
Second, Do I have any rights to have him removed from the note? Unfortunately, unless you can qualify for a refinance, a lender is not required to remove him from the mortage or underlying loan obligation. The fact he is still on the loan makes the bank feel more secure that it can potentially recover lossses from someone and there is not a legal avenue to compel the bank to remove a person from a loan. He is still legally liable to the lender but has no legal right to interest in the property. If anything, he should be asking and assisting you with the lender to remove his name.
However, you have the right to seek a loan approval and qualification from another lender. If you can not, your option is to continue to work with your current lender and continue to request that a new loan be in your name only.
I apologize that this was probably not the answer you were hoping to receive. However, it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. All my best & encouragement. Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated 3 or higher. If for any reason you feel that a 2 or 1 rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" or “continue conversation” tab. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.
It is interesting though that the bank is doing the modification solely on my income, not his. That based on that I did not qualifty for the government modification, my income did not support it. But, the bank was modifiying it under their own modification. Which I am assuming means I could qualify for a loan on my own, except for the credit issue he cause. Which is preventing me from getting a loan. I understand from a business point of view why they are not doing it. I am wondering though if they could at least change the names so that mine is first so I can get the mail. It comes in his name only and at some point that mail is going to be returned or lost being he dosent live here. Then we are going to end up with important information not getting to me.
I have another question in regurads to the same property. This was a line of credit loan, due in 2017. There was no other mortgage on this property. Which makes me question in the beginning how they can change to a 40 year mortgage, that is a heck of a modification, but not rmove his name. That said. when we took out the LOC, they offered up death and disability insurance on the loan for us both at 10% of the loan. We denied it as I am on disability. They offered us death, disability and unemployment on him for 10%. We accepted this. We paid for over a year and he became unemployed. It was then we learned they gave us the wrong insurance. We paid the correct amount, and never received a policy for the insurance. So he was unemployed but we could not make a claim. This was in 2009. We then later dropped the insurance. I never thought until recently, since they stated we had death and disability on us both, and refused to correct this error, I should have been able to file under the disability on myself as I was on disability. But, I am sure they would have said there was an prexisisting clause, which could have gone towards making them correct the error. I was going through my divorce at the time and this just got pushed aside in seeing if there was anything I could do. But, this error caused us a lot of the loss we suffered, would have paid this note off by about 1/3, not to mention the now amount due would be half. Someone mentioned to me that there are different laws in reguards to insurance and that I could have some recourse. Our you familiar with what they would be talking about? They also when we brought it to their attention, when back in the transaction history of our loan and each month made some type of correction, which only showed up on the banks transaction history, not the one I could have gotten online, and never on our statements. What type of lawyer would look at this issue for me?
All my best & encouragement. Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated 3 or higher. If for any reason you feel that a 2 or 1 rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" or “continue conversation” tab. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.
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