old loans

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I have been divorced now for over a year. My final divorce decree says that I got my house and a lot on the lake. My ex got my rental prop. I had to sign a quit claim on this prop. But on my prop. I didn't have to. because my ex is not on the original prop deed. even though she is on a security deed. when we refinanced 7 years ago. Now the ? she is still a cosigner on my loan to refinance. she has recently ask me to take her off of this loan. I only have three years left and my house is paid for. The only way to take her off is to get a new loan. which I think is crazy
having to pay a new closing appraisal and etc. Do I have to get a new loan. what can she do to me. She most definitely a co signer
and that was her risk when she signed. need feedback
This is a really good question. Of course, it is impossible to answer accurately without seeing all the paperwork which may or may not reveal the answer.

In your settlement agreement it was agreed that you would not need to issue her any part of the title to your home which you had during the marriage and have retained afterwards. This does not necessarily mean that your wife would be released from being a co-signer/guarantor on the loan. You may not have to release her at your expense since this appears not to have been part of the settlement. Not only is there an expense for you, it might not be strategic for you to remove her. Likely it will also cost more in interest since there are two names that are guaranteeing the loan as opposed to one with a new loan, which is why I'm guessing that you would be required to take out a new loan.

So, can't give you an answer but can give you an argument as to why you wouldn't take her off the loan unless she pays for release. This should have been dealt with in the settlement.

Let us know how it turns out.
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