What to do if I was awarded thehouse in my divorce but cannot refinance at this time?
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What to do if I was awarded thehouse in my divorce but cannot refinance at this time?
I was recently divorced. In the final decree it is stated that I am awarded the house with the stipulation that I have it refinanced in my name only. That is proving difficult because apparently my estimated property value is lower than what I currently owe. I have spoken about this with my ex-husband and he has agreed to sign a document with me stating that I absolve him of all responsibility, financially and otherwise regarding the property. If I write this document up, sign it and have it notarized will this be legal? Submit it to the court?
Asked on November 10, 2011 under Family Law, Texas
Answers:
Lyle Johnson / Lyle W. Johnson Attorney at Law
Answered 12 years ago | Contributor
Such an agreement would be binding upon you to hold him harmless for damages. You should however, exclude from your liability any damage to his credit rating should the house go into foreclosure. He may also not be able to obtain credit to buy a car or another home while this loan is outstanding. If there is a second mortgage on the house and the first mortgage forecloses the second mortgage becomes an unsecured loan which the lenders can sue either or both of you. Consulting with an attorney to draft the agreement would be advisable.
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