[Sactor]

Certainly a simple assumption and deed transfer will not affect the Liability - but there is a Novation assumption that may satisfy the bill. I am guessing that the investor needs to agree, That I need to satisfy them re my credit rating on my own etc. But worth a second opinion so I decided to do a bit of a confirmation check since it is easy to have be told something on the phone, but maybe different when I ask in writing. So I sent this letter: to the Correspondence Dept 10805-520-5019


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Subject: Removal of Ex Spouses name from Mortgage AND Release of Liability for removed person

Dear Countrywide:
This is a “qualified written request” under Section 6 of the Real Estate Settlement Procedures Act (RESPA).

I am currently in the final stages of a divorce. I currently jointly own a home at XXXXXX which I occupy exclusively. My soon-to-be-ex spouse owns another home jointly with me which she occupies exclusively. As part of the Divorce we are planning to transfer the deed to the other party for the house they occupy and need to achieve the same transfer for the Loans. Normally this would be done by refinancing the mortgages in the occupants name only, however due to the drop in home values the loan is upside down and I currently owe ~ $269K while the value of the home is about ~$215K so Countrywide will not do a refinance.

I would like to know what I would need to do to get my ex spouses name removed from the loan AND a release of liability for her so that she is not liable anymore for the loan on my house. Similarly I will be working to achieve the same goal on her loan to remove myself including release of liability.

After a large number of phone calls to your various Customer service departments I spoke with someone from the Executive Team “Pat” who advised that this was possible if I send in copies of:
1) the divorce Decree/ judgment
2) Deed record showing my ex spouse removed from the deed
3) Evidence that my ex has been removed from the home owner’s insurance policy

Can you please confirm, in writing, the above, or advise corrections, and confirm that this can be done and that only I would be left liable for the mortgage.

Please note that it is my intention to keep the loan as is as far as term, payment, rate, and continue my excellent record of payment against it, and believe that I qualify for the loan on my own credit. All I need is to ensure that my ex is removed from the loan and released of liability…so I am hoping that Countrywide will see this as a win-win and advise.

I am a member of the Loansafe.org forum and would love to bring back a positive story of my negotiations with Countrywide. I understand from RESPA that you are required to acknowledge my request within 20 business days and resolve it within 60 business days and so I am hoping to that this will be fairly easy to confirm and I look forward to your Reply

I can be contacted as follows: XXXXX


Sincerely


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I will advise what I hear