What to do if I was awarded thehouse in my divorce but cannot refinance at this time?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption