Equity Home Loans

Transferring mortgage into single name only after divorce?

Hello As part of our divorce settlement I have agreed to let my ex keep our house for which we currently have a joint mortgage. I am now in the process of buying my own property and in order to get a new mortgage confirmed on that property I need written confirmation from my existing mortgage company that I have been released from my old mortgage. I have signed a document from my old mortgage company agreeing that the mortgage andproperty can be transferred to my ex's name only but after 4 weeks nothing has happened. My old mortgage company say that it is likely to take 3 months before they are in a position to provide me with a letter confirming I have been released. Does it really take this long? Thanks for your help. I should have said that my ex has bought me out of our current property hence why I am letting him keep it. The form was signed under the watchful eye of my solicitor who only let me sign it at the appropriate stage. The mortgage company has approved my ex taking over the mortgage in his own name having carried out a credit check etc but they are still saying they need the title deeds transferred to his name only before they will confirm I have been released from the mortgage. My ex's solicitor says this will take a couple of weeks but despite that the mortgage company are still saying it will be 3 months or so before they confirm in writiing that I have been released from the mortgage.

Public Comments

1. Yes, unfortunately this process does take a long time.
2. You'd be best to ask you're solicitor, or ask your old lender for an explanation as to why it takes so long. Write to them, they'll be obliged to answer your question properly then.
3. No it doesn't. You need your solicitor to write to your mortgage company. You could do this on your own. but it will take ages, So visit your lawyer. Get him to sort this out. He can do this easily.
4. Where do you live and why the HELL did you sign such a document?
5. I would be absolutely shocked if the old mortgage company lets you off the mortgage. Normally, only a bankruptcy or the ex refinancing can get you off the note.
6. The mortgage company is under no obligation to release you and is not likely to release you absent your ex's re-financing of the loan or at least his re-qualification under his own sole credit. It may take that long or longer; or never.
7. One thing to be mindful of is that your mortgage company has no obligation to honor your request. Since there is nothing for them to gain financially from this transaction and they are a business, you might find that they aren't quick to eat up legal and man power resources to get it done. If your ex is in a good loan and you both are patient it may be worth it to wait as it will save you the closing costs of refinancing. If time is of the utmost importance than refinancing is fastest way to accomplish your goal. It's funny how quick the bank's retention department will vie for your business the minute you order a payoff demand though.....just food for thought.