Tuesday, August 4, 2015

Can my husband get out of this joint mortgage without selling the property? (FL)?


Years ago, my now husband signed a mortgage with his girlfriend. We know that this was a foolish decision; at the time, he was in a haze, as his mother--to whom he was very close--was dying. He didn't even remember signing the papers until it came back on his credit score.

His ex rents out the home to tenants, and from this, she makes a supplemental income of $350/month. He has never received any of this money.

All we want is to have him removed from the mortgage. We do not live in the same state as this home; we have a family several hundred miles away. If anything happens to his ex or she defaults, we're aware that the mortgage will fall on us, even though we have nothing to do with the property. To him, it was just a piece of paper he signed to help her get a lower mortgage. He didn't realize he was then a co-owner.

We know that we could take her to court for partition. However, I really don't want to give this woman thousands and thousands of dollars just to dissolve our responsibility to this property. We've never received any money from her for it, nor have we ever stayed there.

Is there any way to get her to refinance in her own name, instead of money changing hands? It seems unfair that either party should have to pay the other, since we're not involved with the home at all.

She's not the type of person who would just help us on the principle of being fair. But if we demanded some of the profit from her tenants, it might inspire her to refinance instead?

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