There is nothing that "removes" a name from a mortgage. That contract, like all contracts, is relevant until it is completed (paid). However, chapter 7 bankruptcy can discharge the debt. On any joint debt that one party discharges through bankruptcy, the other account holder becomes 100% liable for the balance.
no
You would need to pay off that mortgage and refinance in your sole name.
The lender must approve.
Probably can be done for half of the remainder of mortgage cost (And a little bit extra for costs)
This sounds like a real mess. It sounds like two joint tenants own a piece of property in common with one having the mortgage in his name. The other joint tenant has a piece of property that has a home equity loan about to go into default. In one state the joint tenant with the home equity in default would lose that piece of property. It would not affect the piece of property he or she owned with a different person.
You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.
no
The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.
You would need to pay off that mortgage and refinance in your sole name.
The lender must approve.
Probably can be done for half of the remainder of mortgage cost (And a little bit extra for costs)
Yes. If you are a joint fee owner and you didn't sign the mortgage then your half interest is free of the mortgage.
After the divorce why do you need your wife name on the mortgage. You should work to remove the wife name from the mortgage and have sole responsibility towards it unless you guys worked out a different arrangement.
This sounds like a real mess. It sounds like two joint tenants own a piece of property in common with one having the mortgage in his name. The other joint tenant has a piece of property that has a home equity loan about to go into default. In one state the joint tenant with the home equity in default would lose that piece of property. It would not affect the piece of property he or she owned with a different person.
No. it is not mandatory to have a joint account with your spouse. If you feel, you no longer wish to have your spouse in your joint account, you can let them know and then contact the bank to remove their name from the accounts joint holders list.
Each person who signed the mortgage is responsible for paying that debt. You should discuss your situation with an attorney, especially if the other person's name is also on the deed.
You cannot "get out of" a mortgage. The mortgage must be paid off and refinanced in the name of the new single owner. That issue should be addressed in every divorce agreement.