How to get out from a mortgage that should not have been approved?

4 years ago I purchased a home in another state from my boyfriend’s mother. We married the next year but I never put his name on the house or loan. We separated 10 months ago and I bought another home in the state that I live in now with my kids. My husband has been paying the mortgage on the first house since we bought it. Now he is saying that he will not pay starting in about 90 days. The house has been on the market for several months with no offers. I only make approx $40k a year and do not feel that I should have been approved for a $230k loan that I cannot pay. I have excellent credit and do not want a foreclosure or bankruptcy.

Asked on October 27, 2011 under Real Estate Law, Missouri


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Whether or not you *should* have been approved, you were approved. If there was no deception or fraud against you involved--e.g. you were aware of the amount of the loan before you agreed to it; you were aware of the terms of the loan (e.g. interest rate, how many years the loan was, etc.)--and you agreed to the loan you in fact received, you are almost certainly obligated to this loan. The law protects against deception or fraud; it does not protect against borrowers or banks making bad decisions. Adults who agree to loans or contracts that they probably should not have are  still held to them.

If you anticipate difficulty paying the loan, you may need to speak with your bank about possibly modifying the loan, or about other relief they may be able to give you (like working with you on a short sale, so you can reduce the sale price). Good luck.

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