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Dave Kennett
Dave Kennett, Lawyer
Category: Family Law
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Experience:  25 years experience as practicing attorney
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my wife have come to an agreement to divide major assets as

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my wife have come to an agreement to divide major assets as follows.. she will retain sole ownership of the house, and i would keep all of my 401-K intact... however I need to be removed fro the mortgage on the house ?? any advice?
Submitted: 1 year ago.
Category: Family Law
Expert:  Dave Kennett replied 1 year ago.
Dear JACUSTOMER - She can agree to be responsible for the mortgage but the two of you cannot agree to have her removed from the mortgage since that is up to the lender. No lender I know will ever remove anyone from a mortgage until or unless the property is sold or refinanced. So the only way your wife can keep the house and have you removed from the mortgage is for her to refinance on her own. If she is unable to do that then you would have two choices. One would be to sell and give her the proceeds and two would be to have her responsible in the divorce decree for the mortgage and leave your name on the deed. If she fails to make the payments you would still be on the deed and could force a sale of the property or file a motion for contempt of the decree for failing to abide by its terms. Whatever you do decide to do, do not sign away your rights to the property until your name is XXXXX XXXXX mortgage.
Customer: replied 1 year ago.

Thank you Dave... the other part of the idea was for her to keep the house, and I keep my 401-K.. can i protect that at the same time while having her take responsibility for the mortgage? and will I be able to buy another property if my name is XXXXX XXXXX that deed ?

Expert:  Dave Kennett replied 1 year ago.
You can certainly protect your retirement so long as it is clearly stated in your divorce decree that she relinquishes all rights to it. If her name is XXXXX XXXXX a beneficiary you need to have it removed and add whoever you wish or no one if you want the money to go to your estate. As for buying another property, it's not that your name is XXXXX XXXXX deed but on the mortgage which generally causes problems. Of course it depends on your overall financial situation and credit score etc. as to whether you can qualify for another mortgage while still on this one so I have no way to answer that question. Being on the deed simply means you continue to have a legal interest of ownership in the property. Being on the mortgage means you still have an obligation for the debt and that is what affects a credit score. My guess is that you are not going to qualify for another mortgage so long as you are on this one but I have no legal solution to the problem other than selling the property or refinancing in your wife's name only.
Dave Kennett, Lawyer
Category: Family Law
Satisfied Customers: 27686
Experience: 25 years experience as practicing attorney
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