Im leaving my husband & I am giving him the house (since I am moving out of state anyways). We've only had it for a year. Though I told him I'm leaving, he doesn't believe me so I will have to just up & leave one day while he's at work.
I won't fight him on anything (the house, the truck, etc etc.), I just want my name removed from the loan & house deed. After I leave, what do I do to get that done? Do I just sign it over to him in the divorce papers? (He's the primary on the loan, I almost wasn't able to get on the loan because I don't make much.)
Thanks! :)
You can't take your name off the loan without refinancing. Even when you are divorced and the judge awards your ex a debt as well as the asset that you signed for, you will still be responsible for the debt, your credit score will be affected, and creditors can come after you if he defaults on the loan.
The only way to get your name off of the loan is if the house is sold, or if he is able to refinance in his name only. You can't just take your name off because it's your debt as well.
As mentioned, refinance under his name only. He's probably not going to go along with that.
The only other thing you can do (and is done often) is to make it part of your settlement. If your lawyer is sharp, he can ask for a hold harmless clause. The judge's decision can "hold you harmless" for any debts incurred in your marriage. Your name will still be on the mortgage, but if he defaults the loan and bill collectors come after you, you can send them the paperwork and inform them that if they harass you again you will sue them for contempt of court.
I'm not a lawyer, but how do I know this? Was married to Satan's Sister, keyword, WAS.
I had a chapter 13 that resolved all my debts. Some of the creditors went after her. The divorce judge allowed the hold harmless, throwing all the debts back at me - which is blatantly ILLEGAL, a local court cannot override a Federal B.K. decision. But he knew the witch was getting everything else and I had no money left to fight it. On appeal, basically he said "okay. Go for it, good luck with that."
So if they can do something illegal with a hold harmless clause, certainly this will apply to ordinary no contest debt resolution.
Not going to happen unless he refinances.
Good luck -- if he won't cooperate, it is almost impossible to "make" it happen.
Consult with a good lawyer. It has been my observations that spouses who want what you want start by asking for something else (through the courts & a lawyer). By the time the other spouse is done signing all the refi paperwork, he thinks he is doing so "to get you" or because he wants to rather than fulfilling your wishes.