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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28021
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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My ex wife and I are divorced. She still lives in the house,

Customer Question

My ex wife and I are divorced. She still lives in the house, but I have no legal responsibilities for it. She did a loan remodification to get a lower payment, but also because that would get my name off the loan, which turned out not to be true. She also filed a Quit Claim Deed in hopes of removing my name. The loan for the house still shows up on my credit report and is hurting any chance of me purchasing one on my own. Is there anything I can do to get that off of my credit report? Thank you.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. Do you know if there is any equity in the home or was the modification done as a result of the loan being in default and the home being underwater?

Customer: replied 1 year ago.
There is no equity in the home. She did the modification to get a lower payment because she could not afford the old one. She did miss 5 payments last year and obviously that hurt my credit as well.
Expert:  RealEstateAnswer replied 1 year ago.

Thank you. This situation is very common and the issue is that the divorce proceedings have nothing to do with the lender and the mortgage and them releasing you from being on the note and the obligation to pay. While she lives in the home and your legal interest was transferred to her, it does not remove your legal obligation on the note. The only way to be removed is if the loan is refinanced ( which can not happens since there is no equity), sale ( which she likely does not want to do) or if the lender would allow her to assume the loan and remove you, which is very rare. As such, if she was awarded the home in the divorce and is failing to pay on time and it is hurting you, you could try and see if there is any way to get a forced sale of the home, via short sale, so your obligation would eventually be removed. If not,you would have to simply hope that she continue to pay on time and it repairs your credit after time, until she does sell or is able to refinance. When you divorced, there should have been a clause which would require her to refi the home or even sell it, if she can not afford to pay the mortgage, at any time, to prevent this.

Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!