How do I protect myself after my name is removed from the home equities? 16 Answers as of January 19, 2012

There is nothing that you can do to make him keep his word and honor the deal. The most that you can do is prepare for what happens if he doesn't. If these changes are being made pursuant to an order (usually a divorce decree), the other terms in the order can provide the protection you're seeking. If there isn't an accompanying order, you can protect yourself by use of a written agreement/contract. Either writing should contain protective terms, such as giving a set time within which refinancing should be attempted, providing what happens in the event the attempt to refinance is unsuccessful, providing what happens in the event the attempt is not made during the required time frame, etc.

What I always recommend in these situations is for the parties to arrange to refinance all the loans at once. You show up to the closing, and, at the closing, you sign the quitclaim deed. Otherwise, I never recommend a person signing a quitclaim deed when they still have a liability on the house.

This is such a common problem with real estate. Commonly, the only way anyone qualified was with the combined income of two people working. There is no way to qualify separately, which leaves one with no interest, but still on the hook. Often the only solution is to sell the home. You have to weigh your options, because you can't make a bank accept a loan they didn't bargain for.

I think this is something you will want in your judgment. This has become a big issue lately and you need to protect yourself. I believe you would want to put terms in your agreement that if he does not refinance or get your name off the loans that you can ask the court to sell the property.

Have him refinance the two loans you are on and replace them with loan(s) in his name only. At the same time, you'll quit claim your interest in the property over to him.

Removing your name is dependent on whether he can refinance or not so you are dependent on his credit rating and earning capacity. If he is unable to refinance then you can attempt to sell the home. Otherwise you remain on the hook for the loan as well.

He must refinance all of the loans into his name, and you should not give him a deed taking your name off of the house until you can go to his loan closing and be assured that the loans with your name on them are being paid off.

You need court orders mandating that he takes responsibility for the equity lines. The equity note holders would have to approve your removal from these loans. Typically, this change can only happen if the loans are refinanced in his name alone or paid off when the house is sold.

If these terms are in a court order, file a motion to have him held in contempt of court.

The only way to enforce an agreement is to get a court order reflecting the same. It is unlikely that the bank will take your name off of the loans and no court can force them to do that.