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What happens if you sign off on a house during a divorce and your ex cannot refiance Does giving him the house mean he is responsible for the mortgage payments.?
Wiki User
∙ 16y ago
As long as the loan remains in joint names, both parties would probably still be considered responsible for the repayments by the credit provider. Which means that, from a credit reporting point of view, both spouses could still be held liable for defaulted payments etc, even in cases where there's a family court order or something in place. At least, that's in Australia, it may be different in other parts of the world.
Wiki User
∙ 16y ago
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In a divorce is a spouse not listed on the mortgage but listed on the deed required to help make the mortgage payments in Tennessee?
If they are not listed on the mortgage, then they have no legal obligation to pay the debt. If payments are not made it is only your credit that will be damaged.
Can you assume a mortgage after your divorce - If you are unable to refinance - do you have other options?
You need to discuss it with your lender. If you are unable to refinance then the mortgage will remain in both names regardless of any divorce agreement and both remain responsible in the case of a default. Any person who gives up their interest in marital property in a divorce proceeding must make certain they will no longer be responsible for paying the mortgage. Generally, that can only be accomplished by a refinance.
How can I get a loan for a home since my name is on the mortgage of the ex husbands house and in the divorce he is responsible to pay for it?
Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.
In a divorce can one spouse quit claim the house to the other if both names are on the current mortgage?
NO. Simply transferring your interest to the other party will leave you still responsible for paying the mortgage. As part of the transaction you must require that the other owner refinance the property in their own name and pay off the existing mortgage. Your attorney should be able to explain this process to you and take care of the necessary paperwork. It should be made part of the divorce agreement.
When a husband leaves and doesn't pay any of the mortgage is he entitled to half the equity in the house?
If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.
Do chapter 7 bankruptcy relieves you of a mortgage in a divorce but the spouse stills lives in the home?
Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.
In a divorce is a spouse not listed on the mortgage but listed on the deed required to help make the mortgage payments in Tennessee?
If they are not listed on the mortgage, then they have no legal obligation to pay the debt. If payments are not made it is only your credit that will be damaged.
What happens if you sign off on a house during a divorce and your ex cannot refiance Does giving him the house mean he is responsible for the mortgage payments What if he doesn't pay?
If you live in the US… I assume you mean you signed a quitclaim deed? If so, that was a mistake. That removed your name from the deed, but not the mortgage. So, that means you have no interest in the property, but you are still responsible for the payment. If he can't refinance and he defaults on the loan, the bank will foreclosure against both of you. Your credit will be ruined along with his. And the bank will seek a deficiency judgment against both of you for their loss (if your state allows for deficiency judgments, and most states do).
After a divorce must your ex spouse pay half of the mortgage payment if their name is on the mortgage?
That issue should have been addressed in writing in your Separation Agreement when you were divorced. You need to review it and the decree. All financial matters between the parties should be addressed in that agreement. If the mortgage wasn't addressed then you are each equally responsible for payments. If the payments aren't made and the loan goes into default the bank will foreclose and take possession of the property. That means if your ex-spouse isn't helping with the payments the responsibility to make the full payments falls on you or you will lose the house. You should call the attorney who represented you in the divorce and ask them what to do.
Can you assume a mortgage after your divorce - If you are unable to refinance - do you have other options?
You need to discuss it with your lender. If you are unable to refinance then the mortgage will remain in both names regardless of any divorce agreement and both remain responsible in the case of a default. Any person who gives up their interest in marital property in a divorce proceeding must make certain they will no longer be responsible for paying the mortgage. Generally, that can only be accomplished by a refinance.
Can you make your ex pay half of the mortgage?
You haven't provided enough detail. If they are on the loan documents with you, they are equally responsible for paying the mortgage. This situation should have been addressed in the divorce agreement. You should contact the attorney who represented you in the divorce who can review your situation and explain your options, if any. If you were not married, you cannot "make" your ex-partner pay. If the mortgage payments are not paid the lender will foreclose, take possession of the property by foreclosure and both your credit records will be ruined.
Can a house be sold that was received in divorce that was not reaffirmed in ex-husbands bankruptcy?
This depends on how the house is titled and who is responsible for the mortgage payment. It can be foreclosed on if payments are defaulted the lender does not choose to reaffirm the loan. Or if the exemption does not protect the property, the Trustee can petition for a forced sale.
My divorce decree relieved me from the mortgage but now I am being held responsible. What can I do?
Divorce decrees are not binding on banks. If you signed for the line of credit the bank can hold you responsible for paying it. In a situation such as yours, this issue should have been addressed by having the spouse refinance the loan in their own name and pay off the existing mortgage that you signed. That should have been incorporated into the divorce decree. You should calll the attorney who handled the divorce to see what your options are now.
If husband is owner of a vehicle but wife drives it who is responsible to pay the payments if they divorce?
If it is in the man's name, then the man is legally obliged to pay it.
Mortgage rights in divorce?
Your question is _________?
Your ex-husband quit claimed his interest in the property to you. Is he still responsible for the mortgage if you can't make a payment?
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
If both spouses are listed on mortgage can one sign the debt over to the other?
One party can sign an agreement to hold the other not responsible for the debt, for example, in a divorce agreement. However, the lender is under no obligation to honor that agreement. If the person who agrees to pay the mortgage defaults the lender can and will hold both parties equally responsible for the debt. The credit of both parties will be ruined and the bank may go after any assets owned by the "non-responsible-by-divorce-agreement" party. The only way to become free of the mortgage obligation is to refinance in the one name who agreed to take over the debt and pay off the old mortgage.
