How do I protect myself after my name is removed from the home equities? 18 Answers as of July 08, 2013

I would like my name off the house so he can refinance but I have two home equities loans that are under both our names. The deal is to remove my name out the home equities as well. While that's fine, if at the last minute he does not refinance removing my name out of the house, this will leave me with debt and no house to bargain. How can I have him keep his word and honor the deal?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Meriwether & Tharp LLC
Meriwether & Tharp LLC | Patrick Meriwether
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.
Answer Applies to: Georgia
Replied: 1/19/2012
Law Office of Rhonda Ellifritz | Rhonda Ellifritz
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.
Answer Applies to: California
Replied: 1/19/2012
Ashman Law Office
Ashman Law Office | Glen Edward Ashman
Obviously you left a lot out. Why is he is wanting to refinance without you to begin with?
Answer Applies to: Georgia
Replied: 7/2/2013
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
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.
Answer Applies to: California
Replied: 1/19/2012
Law Office of Cassandra Savoy
Law Office of Cassandra Savoy | Cassandra Savoy
I am not sure that I understand the question. But, if you are saying that your spouse will refinance to remove your name from the home equity loan, he may need to remove you from the mortgage as well. Are you divorcing? Is that the plan?
Answer Applies to: New Jersey
Replied: 7/8/2013
    H. Scott Basham, Attorney at Law, P.C. | H. Scott Basham
    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.
    Answer Applies to: Georgia
    Replied: 1/19/2012
    DEAN T. JENNINGS, P.C.
    DEAN T. JENNINGS, P.C. | Dean T Jennings
    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.
    Answer Applies to: Iowa
    Replied: 1/19/2012
    Vargas Law Office LLC | Ronnie Ismael Vargas
    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.
    Answer Applies to: Wisconsin
    Replied: 1/19/2012
    Law Offices of Arlene D. Kock
    Law Offices of Arlene D. Kock | Arlene D. Kock
    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.
    Answer Applies to: California
    Replied: 1/18/2012
    Dunnings Law Firm
    Dunnings Law Firm | Steven Dunnings
    If these terms are in a court order, file a motion to have him held in contempt of court.
    Answer Applies to: Michigan
    Replied: 1/18/2012
    The Law Offices of Dave Hawkins
    The Law Offices of Dave Hawkins | Dave Hawkins
    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.
    Answer Applies to: Washington
    Replied: 1/18/2012
    Glenn E. Tanner
    Glenn E. Tanner | Glenn E. Tanner
    Build in enforcement provisions in the decree and enforce them.
    Answer Applies to: Washington
    Replied: 1/18/2012
    Beaulier Law Office
    Beaulier Law Office | Maury Beaulier
    Any agreements must be included as part of the divorce decree so that they can be enforced. To ensure your rights are not impaired, you would be wise to hire legal counsel.
    Answer Applies to: Minnesota
    Replied: 1/18/2012
    Diana K. Zilko, Attorney at Law
    Diana K. Zilko, Attorney at Law | Diana K. Zilko
    You need to have that as part of your divorce judgment. That way, if he does not do what he is supposed to, you can seek a court order compelling him to do so, or to sell the house.
    Answer Applies to: California
    Replied: 1/18/2012
    David A. Browde, P.C.
    David A. Browde, P.C. | David Browde
    Proper drafting of your settlement agreement should provide for all the possible issues that can arise.
    Answer Applies to: New York
    Replied: 1/18/2012
    Law Office of James Lentz
    Law Office of James Lentz | James Lentz
    First, you need to see a lawyer to straighten this out. It appears from what you say that you have this backwards. You need your name on the deed to the house while having him (husband?) refinance the debt into his name. Don't do anything until after you have reviewed this with an attorney.
    Answer Applies to: Ohio
    Replied: 1/18/2012
    Reeves Law Firm, P.C.
    Reeves Law Firm, P.C. | Roy L. Reeves
    Option 1 - Deed of Trust to Secure Assumption commensurate with Special Warranty Deed. Very effective but leaves you open until the refi is done. Option2 - He refinances house, you show up at closing and give Special Warranty Deed only after verifying the two home equity loans were rolled in.
    Answer Applies to: Texas
    Replied: 1/18/2012
Click to View More Answers:
12 3 Free Legal QuestionsConnect with a local attorney