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Old 06-28-2013, 01:47 AM
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Mortgage Credit Certificate

Do I lose my Mortgage Credit Certificate when I divorce if I keep the home? The original certificate had both of us listed. What about if I try to assume the mortgage to remove her name?

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Old 06-29-2013, 12:59 PM
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Quote:
Originally Posted by GHG7F0 View Post

#1o I lose my Mortgage Credit Certificate when I divorce if I keep the home?


#2:The original certificate had both of us listed. What about if I try to assume the mortgage to remove her name?
#1: I guess it depends. The MCC program was created by the federal government, but the certificates are issued by state and local governments. The divorce decree can specify what will happen with the house in the future. If her name is not on the deed, then it shouldn't be a problem. As long as you are awarded the house and it said that you are to make payments and hold your wife harmless therefrom. Then, you want her to refinance the house so you could start paying the mortgage. If you decided to stop paying the payments, as long as of your names are on the loan, the bank could come afte her even though the decree states that you are the financially responsible one. The bank can come after your ex, but your ex in turn could sue you.Read below




#2: In short, it depends.A mortgage is an agreement between you and the bank. The only way to get her name off the mortgage is to sell the property, have the mortgage refinanced, or have her assume the loan. You(as long as you are awarded the house) could sell to your ex , but you would then need to get a brand new mortgage - or pay off the mortgage.



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