What to do if during my divorce my ex-wife got the home but has never taken my name off mortage and has now been missing payments?

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What to do if during my divorce my ex-wife got the home but has never taken my name off mortage and has now been missing payments?

I want to start looking for a new home for my new wife and child. However, my credit report shows bad score due to the missing payments. How can I get a new loan if my ex cannot get a new loan due to bad credit?

Asked on October 6, 2012 under Real Estate Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Unfortunately when there is a marital dissolution and one spouse ends up with the family home subject to a mortgage he or she cannot afford to refinance the home for various reasons primarily because the home is worth less than the existing loan on it.

Thi seems to be the situation with you. As a result, even though you are not on title but still on the loan, your credit takes a "hit" when your "ex" misses monthly payments. One way to have prevented the problem that you have written about is to have had the court ordered the home sold at a "short sale" if need be or that your "ex" refinance it by a certain date.

One way for you to get a possible loan for the home that you wish to purchase is to consult with a mortgage broker to assist you in your endeavor.


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