Divorce is a stressful time and it can be easy to get overwhelmed, especially if you and your future ex-spouse bought a home and hold a mortgage together. Thankfully, there are several ways you can deal with your mortgage in KC during a divorce:
- Take your spouse off of your mortgage
- File a quitclaim deed
- Sell your home
Take Your Spouse Off of Your Mortgage
To remove your spouse’s name from your mortgage in KC and stay in your home, you will need to refinance your home loan in your name only. However, doing so is not a legal agreement, as both you and your spouse will still be responsible for repaying the loan.
You will need to pass all eligibility requirements just like any other purchase or refinance. If your financial standing or credit is not strong enough to qualify for the loan you need, you will need to figure out another option such as:
- Obtaining a co-signer if your lender will allow it
- Making larger payments to end the mortgage sooner
In order for you or your spouse to be completely exempt from repayment of the loan, yours or their name must be taken off of the mortgage entirely.
File a Quitclaim Deed
Along with taking your spouse’s name off of the mortgage, you will need to take their name off of the deed of your home. Removing their name can only be done once you’ve been approved for a refinance on your mortgage in KC.
To take their name off of the title, you will need to file a quitclaim deed. Once the form is filled out by your spouse, they will need to meet with you and your loan officer and sign the quitclaim. The loan officer will then notarize the document and remove your spouse’s name from the deed and mortgage.
Selling Your Home
If neither you nor your spouse has an interest in keeping the home, selling it would be the easiest way to remove yourself from the mortgage in KC. However if your home is underwater, you would need to pay off the difference on the loan or decide to do short sale.