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1/16/2020 9:48:49 PM
Posted: 11/16/2012 8:52:39 AM EST
[Last Edit: 11/20/2012 1:53:31 PM EST by kris55]
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though.

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility?

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it?

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.


Update 1, 11-20-12


I called my current mortgage co today and talked to them. Currently I am at a 30yr loan with approx $78,000 remaining at 6.38% and 21 years left on loan.

He said I qualified for a HARP loan at either 30 or 20 yrs.

the 30 yr was 3.83% which would save me about $11,000 in interest over the existing loan, and drop my monthly payments about $187 a month.

the 20 yr was 3.625% and would save me about $33,000 in interest over the existing loan, and drop the monthly payment by about $92/mo. this is the one I'm hoping to get approved for.

He said with his checking on it now, but before the underwriters verify it, it looks like I should be able to get the 20 yr refinance loan approved for me, closing costs (approx $2,100) would be rolled into the loan so nothing would come out of pocket, and no appraisal would be needed.

I did check on adding to the current amount owed to get cash out I think it's called, but he said I can't with a HARP loan. Anyway, it looks like I don't have to worry about the credit card debt she is taking over putting a hamper on the refinance, I'm sure I could do a little bit better if I searched, but I'm pretty content with what this offer is giving me, and think I will just accept it and get on with a little less stress in my life worrying about this.

As far as the CC debt goes I still have to talk to the ex when I can to see if she can transfer it, or whatever she needs to do, to get them paid off and my name off them. Fingers still crossed on this one.
Link Posted: 11/16/2012 8:57:20 AM EST
How much CC dept we talking here?
Link Posted: 11/16/2012 9:10:25 AM EST
Originally Posted By Silver_Surfer:
How much CC dept we talking here?


Approx 20g.
Link Posted: 11/16/2012 9:13:31 AM EST
If your current rate is good look at doing an assumption loan.
Link Posted: 11/16/2012 9:18:13 AM EST
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.


Link Posted: 11/16/2012 9:23:15 AM EST
[Last Edit: 11/16/2012 9:25:44 AM EST by kris55]
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


ETA- maybe I can convince her to get a loan to pay them off. my fingers are crossed.
Link Posted: 11/16/2012 9:26:06 AM EST
Originally Posted By kris55:
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


Does she have a time limit on getting your name off the cards?
Link Posted: 11/16/2012 9:28:20 AM EST
Welcome to the world of divorce. The decree is just an agreement between you and the ex. The cc companies, mortgage companies, and the rest don't care. You're on the hook. And she's still on the hook for the mortgage.
Link Posted: 11/16/2012 9:29:31 AM EST
Originally Posted By rdove:
Originally Posted By kris55:
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


Does she have a time limit on getting your name off the cards?


No. I figured she should be able to pay them off easily in 3-5 years though. But I have to refinance within one year, or else the house automatically goes on the market per court papers.
Link Posted: 11/16/2012 9:30:55 AM EST
[Last Edit: 11/16/2012 9:36:11 AM EST by Silver_Surfer]
Originally Posted By kris55:
Originally Posted By Silver_Surfer:
How much CC dept we talking here?


Approx 20g.


shit, answered above already. pay it off then move on.

just a thought. would she be able to get another CC in her name only and transfer the balances?
How is her credit?
Link Posted: 11/16/2012 9:44:09 AM EST
Originally Posted By Silver_Surfer:
Originally Posted By kris55:
Originally Posted By Silver_Surfer:
How much CC dept we talking here?


Approx 20g.


shit, answered above already. pay it off then move on.

just a thought. would she be able to get another CC in her name only and transfer the balances?
How is her credit?


Not sure, gonna send the idea her way, as well as an idea for maybe a small loan to pay them off. hopefully it will work.
Link Posted: 11/16/2012 9:45:34 AM EST

Originally Posted By kris55:
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


ETA- maybe I can convince her to get a loan to pay them off. my fingers are crossed.
Yep,

As a mortgage loan officer for 10 years, he is 100% correct.

Link Posted: 11/16/2012 9:46:27 AM EST

Originally Posted By kris55:
Originally Posted By rdove:
Originally Posted By kris55:
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


Does she have a time limit on getting your name off the cards?


No. I figured she should be able to pay them off easily in 3-5 years though. But I have to refinance within one year, or else the house automatically goes on the market per court papers.

Guess whos credit gets dinged if she doesnt make a CC payment...
Link Posted: 11/16/2012 9:56:08 AM EST
Even I wasn't stupid enough to get a joint CC while I have been married.

I have done plenty of other stupid stuff, this wasn't one.
Link Posted: 11/16/2012 9:56:15 AM EST
Originally Posted By kris55:
Originally Posted By Silver_Surfer:
Originally Posted By kris55:
Originally Posted By Silver_Surfer:
How much CC dept we talking here?


Approx 20g.


shit, answered above already. pay it off then move on.

just a thought. would she be able to get another CC in her name only and transfer the balances?
How is her credit?


Not sure, gonna send the idea her way, as well as an idea for maybe a small loan to pay them off. hopefully it will work.


It's a good thing the two of you can still talk.
Link Posted: 11/16/2012 9:57:29 AM EST
Originally Posted By Storm_Tracker:

Originally Posted By kris55:
Originally Posted By rdove:
Originally Posted By kris55:
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


Does she have a time limit on getting your name off the cards?


No. I figured she should be able to pay them off easily in 3-5 years though. But I have to refinance within one year, or else the house automatically goes on the market per court papers.

Guess whos credit gets dinged if she doesnt make a CC payment...


Refinance as fast as you can.

Don't worry about the CCs. If you already have the house loan, what in the H3LL do you need credit for ?
Link Posted: 11/16/2012 10:00:24 AM EST
Originally Posted By Storm_Tracker:

Originally Posted By kris55:
Originally Posted By rdove:
Originally Posted By kris55:
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


Does she have a time limit on getting your name off the cards?


No. I figured she should be able to pay them off easily in 3-5 years though. But I have to refinance within one year, or else the house automatically goes on the market per court papers.

Guess whos credit gets dinged if she doesnt make a CC payment...


This happened to me in my divorce.

We had a joint credit card account to be used only in emergency. She hid the statements from me for over a year, and because we agreed to not use them, and I never did, I assumed she wasn't using her card. Apparently Starbucks everyday is an emergency!

When I finally got the statement. She agreed to pay it off. She missed a payment. So, I took it over.
Link Posted: 11/16/2012 10:06:39 AM EST
Originally Posted By Ameshawki:
Welcome to the world of divorce. The decree is just an agreement between you and the ex. The cc companies, mortgage companies, and the rest don't care. You're on the hook. And she's still on the hook for the mortgage.


This................trust me I know........
Link Posted: 11/16/2012 10:07:40 AM EST
Try to convince her to transfer the balance to a new account in her name only and tell her it's to get a low/0% rate.
Tell her to do this once a year to avoid the interest. Maybe that will help convince her.
Link Posted: 11/16/2012 10:08:59 AM EST
Refi the house with cash out, buy her debt from her with the cash. It will probably end up being cheaper in the long run if you can just write it off.
Link Posted: 11/16/2012 10:24:20 AM EST
So with out a deadline date to get the cards in her name she has no incentive to get it done anytime soon. If things are amicable you could give her some incentive and wrap a few thousand of it up with your refi if she will transfer the debit to a card in her name only. This would take some burden off her so she would want to get the cards in her name quickly. The portion you are taking on would be a small raise in your principle while still lowering your monthly payments due to the refi.

Just an option to try and get her motivated to get the debit out of your name before it bites you in the butt for 7 years.
Link Posted: 11/16/2012 11:01:11 AM EST
She will declare bankruptcy within a year. And you'll be on the hook. Her credit will be crap for a while, but more than likely she didn't have any available to her anyway.
Link Posted: 11/16/2012 12:56:46 PM EST
Originally Posted By Baldmonk:
Even I wasn't stupid enough to get a joint CC while I have been married.

I have done plenty of other stupid stuff, this wasn't one.


ah come on man, kick a guy in the nuts when he's already down why don't ya.
Link Posted: 11/16/2012 12:59:12 PM EST
Originally Posted By Baldmonk:
Originally Posted By Storm_Tracker:

Originally Posted By kris55:
Originally Posted By rdove:
Originally Posted By kris55:
Originally Posted By JoshAR:
Originally Posted By kris55:
Ok, so my divorce was finalized end of October, I get to keep the house but need to refinance within one year to get her name off of it. I want it done ASAP though. Good

She has taken on all the credit card debt we had as her responsibility, per the divorce agreement, except my name is on all the cards. She is working on getting my name off, but I hear it is not easy. It is fundamentaly imposible. What she is going to have to do is get new cards and pay off the ballance of the old card with a transfer then cencle the old card. Your divorce papers mean exactly 0 t othe CC company. you are on the contact and on hook for the loan.

So, when I go to refinance will the credit cards still show up as debt against me? If so can I send the court papers showing that legally ( I think) they are now her responsibility? Yes they are on your credit, and you need to get this through your head; they ARE your responsibility untill the debt is paid regardless what your divorce doc's say.

Is there anything I should be doing to get my name off the credit cards myself, and if so, how do I go about it? The only way is to pay off the debt.

Any other info I need to know that may help me refinance will also be helpful, I plan on calling the company that currently holds our mortgage tonight after work if possible to see what they say, but at this point I really have no clue what will happen, or what actually will matter in the determination of getting refinanced, hopefully while not getting a higher rate.




Great.


Does she have a time limit on getting your name off the cards?


No. I figured she should be able to pay them off easily in 3-5 years though. But I have to refinance within one year, or else the house automatically goes on the market per court papers.

Guess whos credit gets dinged if she doesnt make a CC payment...


Refinance as fast as you can.

Don't worry about the CCs. If you already have the house loan, what in the H3LL do you need credit for ?



just worried with the CC debt showing up it will make it hard to refinance, hope not, have never missed/been late on a house payment since we purchased it.
Link Posted: 11/16/2012 1:00:31 PM EST
Originally Posted By jhardy:
Refi the house with cash out, buy her debt from her with the cash. It will probably end up being cheaper in the long run if you can just write it off.


definitely gonna think of this as an option if needed.
Link Posted: 11/16/2012 1:01:55 PM EST
Originally Posted By WindKnot1-1:
She will declare bankruptcy within a year. And you'll be on the hook. Her credit will be crap for a while, but more than likely she didn't have any available to her anyway.


if this was the case we would have done it 5 years ago when we were really hurting. but she could, but probably won't.
Link Posted: 11/16/2012 1:11:09 PM EST
Originally Posted By jhardy:
Refi the house with cash out, buy her debt from her with the cash. It will probably end up being cheaper in the long run if you can just write it off.


Except don't just hand her $20K. YOU pay off the debt if that is how you go. Don't trust her to take the cash and actually pay for the debt.

Link Posted: 11/16/2012 1:48:07 PM EST
Originally Posted By Gage:
Try to convince her to transfer the balance to a new account in her name only and tell her it's to get a low/0% rate.
Tell her to do this once a year to avoid the interest. Maybe that will help convince her.


+1
Link Posted: 11/20/2012 1:54:07 PM EST
update in OP.
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