Money question - refinancing my house

[Serena]

Ok, with the divorce, my ex gets to keep his retirement, and a few other things, and I get the house. The only thing is I don't want his name on the mortgage anymore.
How do I take care of that? Do I have to refinance my house, or is there another way?
Btw, I should have my house paid off in about 5 years if that makes any difference.

ps, thanks in advance for all your help. I've got to leave for work, but I'll be back later.

 

[EdiePA]

I had to leave my Ex on mine -- according to the bank, in order to remove him I would have had to refinance and the rates are up from when we first mortgaged this house.

Oh, well, if I default, he'll be at risk, too!

Edie

 

[tkd lisa]

You can call your bank and see what they tell you. It will vary by state, and by bank. I have the same problem with my van. My soon to be ex signed the title over to me, but the bank says we're both on the loan, so I'd have to re-finance or pay it off.

With a house, you might be able to show the divorce decree and have them re-evaluate your credit and drop him, but it depends on the mortgage company. It's worth a few phone call, and I'd start with the mortgage company first.

Good luck.