Hi, everyone. I got divorced in 2022 and recently remarried. As part of the divorce settlement, I kept the house, and my ex-husband signed a quitclaim deed. However, I must remove his name from the mortgage by December 31, 2025, per the agreement.
I’ve been solely paying the mortgage and home insurance since November 2022, with no missed or late payments. The mortgage is a 30-year conventional loan at 2.85% interest, which I’d prefer not to lose. According to my documents, the mortgage isn’t eligible for assumption.
My new husband has excellent credit and a great salary and wants to be added to the mortgage, but refinancing would likely result in a higher interest rate. Is there any way to remove my ex-husband from the mortgage without refinancing or assuming the loan? Are there alternatives that don’t involve paying off all or part of the loan? I’d appreciate any advice!
With your new husband’s income, consider paying extra toward the principal. Reducing the loan balance can mitigate the impact of refinancing at a higher interest rate later.
You could negotiate with your ex-husband. He might agree to keep his name on the mortgage in exchange for something (e.g., a small monthly amount). As long as you’re paying the mortgage, it could even help his credit. But this depends on his willingness and your relationship.
Ask your lender if a loan modification is possible. While rare, some lenders allow removing an ex-spouse from the loan after divorce. There will be costs and requirements to qualify.
Did you check with your lender if they’d allow removing your ex-husband from the loan while keeping the same terms? Could you afford the payments solo if necessary?