You are hereGary's Answers / General / How do I pull my name out of a home loan after a divorce?
How do I pull my name out of a home loan after a divorce?
Full Question: It seems like I'm going to go through a divorce very soon. The house is in both our names. Can I get my name out of the loan? I don't want the house, he can sell it, burn it, dance the cucaracha in it, I don't care. I just don't want to live here anymore... and still pay rent.
I have not experienced a divorce, so let me say I am not a complete expert on this. There are ways out of your loan, but you have to be extremely careful. There are many conflicts that may come up if you take a wrong step.
From what I have researched, you must ask your husband to refinance the home in his name. This seems to be the "for sure" way to get everything taken care of. However, please browse the following links.
Divorce and Home Loan Report
Washington Post Article on Divorce & Loans
Thanks Gary for your answer, the link were very helpful too. Seems like the re-finance under his name is the most convenient thing to do now. Thanks to the other 2. Now I'll need some psychiatric help and I'll be ready to rock by 2011!! =)
The best way is to have the court put that into the divorce decree - making your husband the sole owner (make sure you get your equity of of it in the settlement). Then present a copy to the bank. This is the best way - to legally have your name removed and any obligation you have to it is cleared.
This seems like the best way. It accomplishes so much, with less work.