How do I remove my name from a mortgage loan that my ex-wife holds?

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How do I remove my name from a mortgage loan that my ex-wife holds?

I have been divorced for several years now. I gave the house to my wife and I have no legal obligation to it. My name remains on the loan and it effects my credit when I try to make large purchases like vehicles and such. When I do credit report checks it is on there. I have not made any payments on that house and by my divorce decree I can not be held financially responsible for any late payments. How do I get my name off of that loan?

Asked on October 25, 2011 under Real Estate Law, Oklahoma

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

The only realistic way for you to get your name off of the loan concerning your former home is for your former wife to refinance the loan and obtain a new one where you would no longer be obligated under it, or sell the property to a third person where the existing loan would be retired.

The problem that you are confronted with is that once a lender has a person signing documentation to be obligated under a given loan secured by real property, the lender rarely agrees to voluntarily remove a person as being obligated under the loan. You could contact the lender seeking to have your name removed from the loan but most likely your request will be denied.

Good luck.


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