I have been divorced for 6 years and my ex-wife was awarded the house, but does not have the credit to refinance it. I have sent Wells Fargo my divorce decree and filed a quit claim deed per their instructions to be remove from the loan. Wells Fargo basically tricked me into filing a quit claim deed and still will not remove my name from the loan. They also did a loan modification without my permission or signatures. I have all the paper work showing were just my ex-wife signed for it including the Texas Loan Agreement. Wells Fargo has been very unethical and I need some help getting this resolved. My ex-wife has missed several payments and ruined my credit. I cannot force her to sale because we have three kids together. Is there anything else I can do?
The filing of a quitclaim deed only takes care of the title aspect of the home. The mortgage is a completely separate issue and Wells Fargo (nor any bank) is going to simply release you from the loan. Why would they when they have 2 people who are jointly responsible for paying the note and 2 people with which to seek recourse from if a default occurs?
Since she cannot qualify for a loan to refinance, you will need a Deed of Trust to Secure Assumption. You need an attorney to prepare it so that it is done correctly. Start by speaking with your divorce attorney since he or she is in a better position to guide you then we are. Good luck.
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I would advise you to speak with your divorce attorney first to see if he/she could help you resolve that issue maybe even by modification of your divorce decree. Divorces are notorious for ruining lives and credit ratings. There is no law that I am aware of that will cause Wells Fargo to remove your name as a co-maker or co-signor on a mortgage note. They have two people who are legally committed to them by contract to pay those mortgage payments. I see this very common issue many times in divorces. When the divorce is in progress is the time to assess the financial status of the opposite party. If the opposite party is going to be unable to refinance, then you should have addressed that in the divorce by some agreement like maybe even selling the house within a time certain after the divorce decree. When you signed a quit claim deed over to your ex-wife, you signed over any interest or ownership you may have had in the property which may not have been a wise thing to do without resolving your issue of still being on the mortgage. The best thing you can do now at this time is to contact a local attorney who practices real estate and/or divorce and hope for a good resolution; otherwise, the house may go into foreclosure and it could ruin your credit unless you could buy the house from your ex-wife and then you sell it or regain possession of it for your own use or to use as an investment or rental. Best wishes.
You may have claims with respect to the loan modification if it was completed without your permission or signature. An experienced real estate or consumer rights attorney should be able to help you, but will certainly want to review the relevant paperwork, first.
If the loan modification effectively removes you from the loan, then you have grounds to request that Wells Fargo stop any negative reporting to the credit bureaus.
Finally, if your ex-wife is unable to keep up with the home loan, you might consider whether it is in your best interest - as well as your children's best interests - to seek the sale of the house.
Unfortunately, most divorce attorneys do not discuss the full ramifications of division of credit and debt with their clients.
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