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Anyone go through divorce and refinancing to remove your name from mortgage

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New Contributor

Anyone go through divorce and refinancing to remove your name from mortgage

How did it effect your credit
December 2018






As of 3/25/2019




Message 1 of 6
5 REPLIES 5
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Super Contributor

Re: Anyone go through divorce and refinancing to remove your name from mortgage

A friend of mine went through this... didn't hurt his credit or hers.

Last inquiry 31 January 19. Going for Gold!

Zero percent financing is where the devil lives...
Message 2 of 6
Valued Contributor

Re: Anyone go through divorce and refinancing to remove your name from mortgage

Divorce doesn't change anything on your credit report, it's what you do with the open accounts that matters.

 

In my case, I quit-deeded the home to her and let her take over the mortgage. There was risk to my credit since my name was still on the mortgage, though it's was also in hers so it was in her best interest as well to keep making payments. My report was fine as it just showed as my having an open mortgage being paid every month until the home was sold and the mortgage was paid off. That is, after the divorce, we didn't refinance as it wasn't worth doing. My relinquishing my claim to the home satisfied the divorce decree.

 

I wouldn't advocate my approach to others, but for our particular situation it was appropriate and worked well enough.

Message 3 of 6
Established Member

Re: Anyone go through divorce and refinancing to remove your name from mortgage

My friend got divorced, house was in her name, she was responsible for collecting rent from the tenant living there. She collected the rent, threw the mortgage bill away, and bought dumb stuff with it.

Even though the mortgage was defaulted and in his name he didn't get burned.

(her brother in jail for 8 figures fraud).

I need to see three bureau report and two forms government id before going on second date these days.
Message 4 of 6
Established Contributor

Re: Anyone go through divorce and refinancing to remove your name from mortgage


@SlayKallday wrote:
My friend got divorced, house was in her name, she was responsible for collecting rent from the tenant living there. She collected the rent, threw the mortgage bill away, and bought dumb stuff with it.

Even though the mortgage was defaulted and in his name he didn't get burned.


How does that work? Smiley Surprised

 

 











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Message 5 of 6
Regular Contributor

Re: Anyone go through divorce and refinancing to remove your name from mortgage


@Brookenic84 wrote:
How did it effect your credit

This process by itslef has no impact on your credit score beyond the factors of maybe the new account and a HP or two.

 

It's all the other stuff that happens in divorce like not paying bills, finding out spouse owes 80 grand and you are partly/fully on the hook or just in general what it does to the affairs of one's financial and heart related standings but what you describe above  -  no impact.

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Goal Score: F8 800


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Message 6 of 6