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I am divorces and trying to refinance the first Mortgage on…

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I am divorces and trying...
I am divorces and trying to refinance the first Mortgage on the house. However my ex husband refused to sign the Quit Deed. In our decree it states i get 3 years to just refinance. But, we also have a HELOC that is only in my Ex name, I am on the deed. I have to refinance that too but the home is not worth the total amount. What can i do?
Submitted: 2 years ago.Category: Real Estate Law
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2/17/2016
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,851
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Good morning. Just to be clear, he was court ordered to transfer the home solely into your name and has failed to do so? Was the court aware that there was a first mortgage AND a HELOC that needed to be refinanced?

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Customer reply replied 2 years ago
This was in our Divorce Decree (MSA)
I had 3 years use and possession and had 3 years to refinance the first mortgage and HELOC.
However the HELOC is in his name only. I am on the deed but can not get any information about the HELOC
Customer reply replied 2 years ago
This was in our Divorce Decree (MSA)
I had 3 years use and possession and had 3 years to refinance the first mortgage and HELOC.
However the HELOC is in his name only. I am on the deed but can not get any information about the HELOCSadly the 1st mortgage is what the hous eis worth and with the HELOC is way more than the home is worth
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

Thank you for the additional information. There are two issues here. The first, is your inability to even refinance the HELOC, since it is solely in his name, so he would need to cooperate, for that to happen. His failure to do so would be in bad faith and not be a basis to hold you in violation of the court order. The second issue is if you simply not not refi it, because there is not enough equity in the home for this to happen. If the home is worth less now, then you can not refi it and if you make a good faith effort and fail, then you would need and want to ask the court for additional time. It is not a situation where you can pay it off to get it out of his name, so he would need to speak with the lender and see if they would allow you to assume it and step into his shoes, so that he is no longer liable. That would be the only choice if it can not be refinanced, or else he needs to wait until there is equity for it to happen. In your situation, you can always try and be proactive and file a motion with the court, advising the Judge of this.

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Customer reply replied 2 years ago
Another question with the HELOC. He has the ACCESS 3.
On one part he was paying Principal and Interest and the other interest Only.
For 3 years he was suppose to pay Principal and Interest payments each month on the HELOC.
Exact words," "Ex name" shall continue to be solely responsible for the payment of the HELOC and shall make Principal and Interest payments each month"
How would you read this?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

Certainly and I just kindly ask when we are done that you just remember to rate my help at the top. Based upon what you shared, I would read it as he needs to pay the principle and interest on the HELOC. Nothing says interest only in which you wrote, so if he decided to just pay that, it would be in violation of the order, since he was required to pay BOTH.

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Customer reply replied 2 years ago
i will rate once done and it will be great!!!The other question to that now is, with the HELOC P&I, I believed that too when the MSA was signed. "MSA - Marital Separation Agreement"
Before the MSA was signed, he was paying Principal & Interest on $26,000 plus and Interest only on the other $30,000 plus. So he is saying that I never said he had to change the way he is paying. I believe the P& I as stated above would be paid and that is what i agreed on.
Do you think i have a case in court?
Reason i am asking is the HELOC balance would now be about $15,000 vs the $40,000 thats due. And I could priobably swing that into a refinance
Customer reply replied 2 years ago
i will rate once done and it will be great!!!The other question to that now is, with the HELOC P&I, I believed that too when the MSA was signed. "MSA - Marital Separation Agreement"
Before the MSA was signed, he was paying Principal & Interest on $26,000 plus and Interest only on the other $30,000 plus. So he is saying that I never said he had to change the way he is paying. I believe the P& I as stated above would be paid and that is what i agreed on.
Do you think i have a case in court?
Reason i am asking is the HELOC balance would now be about $15,000 vs the $40,000 thats due. And I could probably swing that into a refinanceHello
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

Sorry for the delay. Allow me a minute

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

What exactly did the MSA say in regard to what he needed to pay?

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Customer reply replied 2 years ago
Exact words," "Ex name" shall continue to be solely responsible for the payment of the HELOC and shall make Principal and Interest payments each month"
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

To me, it would mean that he needs to pay whatever the monthly HELOC payment is and then pay the P and I of the mortgage, if that is what it refers to. He can not pick and choose his options when the MSA states what he may do. Even though he did something prior to the MSA, the MSA controls.

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Customer reply replied 2 years ago
Thank you
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

You are welcome. Please let me know if there is anything else, as I would be happy to respond. If not, please remember to rate my help at this time at the top of this page, prior to leaving, so I can receive the proper credit, for our time together. Thank you.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

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