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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 8 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption