Included in your package are the following forms:
1. Satisfaction, Release or Cancellation of a Deed of Trust by a Corporation;
2. Satisfaction, Release or Cancellation of a Deed of Trust by an Individual;
3. Letter of Notice to Borrower of Status of Mortgage;
4. Letter to Recording Office for Recording Satisfaction of a Mortgage
Regardless of whether you handle documents regularly or need to submit a legal document from time to time, it's crucial to have a resource where all samples are connected and current.
One task you must complete when using a Release From Mortgage After Divorce is to ensure it is the latest version, as this determines its eligibility for submission.
If you wish to streamline your search for the most recent document examples, explore them on US Legal Forms.
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When a divorce occurs, regardless of what the divorce decree says, both spouses remain legally responsible for paying the creditor if both names are on the loan. That means even if you -- and the court -- agree that your ex should take over mortgage payments, the creditor could come after you to collect.
There is only one way to have your spouse's name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
Mortgage TransferUsually a lender will want copies of the divorce decree and a properly executed and filed quitclaim deed in order to transfer the mortgage. Taking over a mortgage is called a mortgage assumption.
However, your lender is not legally required to take any action as a result of your divorce decree. This means they can still hold you and your ex-spouse liable as long as both your names are on the mortgage.
Federal law protects the right of a surviving spouse who inherits a house to assume the mortgage on that property, so a bank cannot just automatically foreclose on the property upon your death without giving your surviving spouse the opportunity to take over the mortgage.
