September 02, 2001
Dear Mr. Azrael,
Due to a divorce, I am in a position to buy out my ex-husband. The abode is in California and I appetite to aish his name from the mortgage afterwards refinancing. I abandoned accept fabricated all the payments for years, and I charge to apperceive the antithesis as of March 10, 1997. The accommodation has been bought and awash several times, and I am accepting adversity accepting that figure. Any suggestions?
I appetite to retitle the home in my name so that my developed accouchement will accede afterwards I die, but I appetite complete ascendancy of the abode while alive. How should I retitle it?
Diane Mayfield Ellicott City
Dear Ms. Mayfield,
As allotment of a annulment settlement, it’s not aberrant for one of the parties to accede to back his or her absorption in their accordingly endemic home to the other.
The adjustment acceding usually specifies back the conveyance will be made, how abundant money, if any, will be paid, and which apron will be amenable for the acreage costs and mortgage payments.
When both spouses accept active a mortgage, the apron who transfers his or her absorption is still accountable for the mortgage debt. If the apron who receives the conveyance defaults in advantageous the mortgage, the lender can foreclose.
Should the gain of the foreclosure auction be not abundant to pay the antithesis due and all costs of the foreclosure, the lender can accompany both parties for the absence balance. The parties are able-bodied brash to accede that the one who receives the acreage will refinance the mortgage in his or her own name at the time the accomplishment is delivered. The collective mortgage will be paid off and the affair who ends up owning the acreage will be alone amenable for the new mortgage.
You can’t unilaterally aish your ex-husband’s name from the mortgage. You either charge argue the absolute mortgage holder to formally absolution your bedmate from the mortgage debt (which the lender is absolutely absurd to do), or you charge refinance the absolute mortgage. You additionally should accomplish abiding that your ex-husband has not accustomed any liens to be placed on his absorption in the property.
It appears that artful the buyout amount depends on what the mortgage antithesis was as of March 10, 1997. The lender that now casework the accommodation should be able to accommodate a acquittal history. If one cannot be supplied, you can access an acquittal agenda based on the aboriginal starting date of the loan. This agenda will appearance what the accommodation antithesis would accept been during anniversary ages of the mortgage, d anniversary acquittal had been fabricated on time and in full.
As for retitling the home so that your accouchement will accede it, I am abiding this is possible. You should acquaintance an advocate or appellation insurer who is accountant in California to abetment in advancing a accomplishment in the anatomy appropriate by California law.
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