I am no longer residing in the house that my wife and I was buying I will not be residing there any longer I want her to have the house but I do not want my name on the mortgage.
While you are married there is no authority in either of you, or anyone else to force anything. In other words, while married, you need her to agree that she will refinance the mortgage in her individual capacity. Short of selling the home, that is the only way you come off that mortgage. Can she qualify to refinance on her own credit score and income? Reality matters. In a divorce case, the parties can agree in settlement to do one thing or another about the property, or the judge can order it after a trial.
Almost certainly that mortgage was granted on the strength of the credit records and ability to repay of BOTH of you. The mortgage company cannot now be expected to excuse one of your from repayment liability. The only option is to pay off the present mortgage, perhaps replacing it with a new mortgage obtained by your wife alone-- refinancing, in other words.
Best wishes for an outcome you can accept, and please remember to designate a best answer.
This answer is offered as a public service for general information only and may not be relied upon as legal advice.
Your loan contract did not say you are only liable of you stay married and live in the house. The best option is usually to sell and both of you move on.
The answer to your question depends on the current status of your marriage and if, and to what extent, you are currently in divorce proceedings. When you have a joint mortgage on a home with equity, the spouse who keeps the house is usually responsible for taking over the home loan. If your wife and you have joint liability under the mortgage, federal law prohibits the lender from preventing you from getting your name off the mortgage after the divorce. This is done through a loan assumption in which your spouse takes full responsibility for the loan and removes you from the promissory note. You should also ask the lender for a release of liability, which further protects you if your former spouse defaults on the home loan. Remember to remove your name from the home’s title through a quitclaim deed or interspousal grant deed, although these deeds do not eliminate your responsibility on the mortgage. If you are not yet divorced the mortgage holder has no obligation to let you off the financial hook.
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