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When someone receives the home in a divorce, the court cannot 'void' a contract between the divorcees and a third party (the lender). Also, a mortgage situation can have a party in two positions:
1) As a deed-holder (one who holds the interest); and
2) As a mortgagee (one who pays for the mortgage).
Often, the party holds both positions, but, this is not true 100% of the time. For example, a rich uncle wants to spoil his niece and purchases her a home, but, he keeps himself as a the mortgagee but she receives the deed.
Ergo, there are generally two things done in the divorce decree:
1) You would quitclaim the home to him. This essentially gives your interest to him, and;
2) The decree orders him to REFINANCE within a certain amount of time with the lender, to take your name off the mortgage contract.
If B does not refinance in time either due to sloth or inability, then the Court will either (1) give the property to A, (2) sell the home and split the proceeds, or (3) do whatever else the Court feels is equitable (fair). What happens is written into the decree (either by the parties in agreement, or by a Judge at that time or later in an enforcement motion).
So keeping all that in mind:
1. What wording should I use in final decree to avoid adverse credit reporting to my credit should my husband not make the mortgage payments (he wants to keep house).
You cannot do that. The third party can and will report on your credit. The good news is that at least one or two of the three of the credit bureaus (I forget which) will take it off if you dispute it and show a decree that he was supposed to cover it.
2. Refinance will remove my name, are there other ways to accomplish this in Texas.
3. If he agrees to refinance what timeframe should I give him for refinance?
It is up to you, but 6 months is considered the "norm." Sometimes 8 months or a year is given.
4. If he cannot qualify, can this also be addressed with a clause that should he not qualify the house must be sold?
Absolutely. Or, the home can even go back to you.
5. What documents/forms do I "wife" need to execute releasing any and all claims that I might have against the real property.
A general warranty deed. See HERE. NOTE that often a quit claim deed is used, but this is not favored by title insurance companies and a general warranty deed is recommended, instead.
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