I am recently divorced and my ex agreed to walk away from the house instead of paying me spousal support. Since we are both on the deed, is the financing company obligated to follow the judgement or am I obligated to secure financing on my own?
Family Law Attorney
The finance company is not "obligated" to do ANYTHING as a result of the judgment between you and your ex. They're not required to prepare any deeds, or to remove his name from the loan. You should speak to an experienced family law attorney NOW, so that you don't run across a serious problem further on down the line by five or ten years, when you try to sell or refinance the house.
The answer is no. The court does not have the authority to change the terms of your mortgage. The mortgage company can insist on holding you both to the terms of note. You may quit claim the deed into your own name. But that may be in violation of the terms of your mortgage.
I hope this helps.
Steven A Leahy
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.
No. The finance company is not obligated to do anything pursuant to the judgment. If you are able to, you ought to refinance on your own.
The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author (who is only admitted to practice law in the State of California). For specific advice about your particular situation, consult your own attorney.