Q: My ex and I are both on the deed and mortgage of the house. Can I transfer my deed AND mortgage to his now wife?
My ex-husband lives in the house and pays the mortgage. I don't want to deal with the house at all,and want out of being a coowner and cosigner. He and his second wife are separated. His second wife wants this house and expressed an interest in acquiring a title and debt ( mortgage). I know I can transfer the deed to her, but what about the mortgage? Can she assume it?
A:
Your belief that you can transfer the deed to her is incorrect. If you and your former husband are both on the deed, any transfer would have to come through a deed executed by both of you. The mortgage cannot be transferred. The recipient of the deed, i.e., the buyer, would have to re-finance.
This is something that you and your former husband should have worked out as part of a divorce settlement.
If you and your husband cannot come to an agreement as to a sale, you would have to file a lawsuit for partition of the property. That would ultimately result in a court-ordered sale. However, it is time-consuming and expensive.
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