What to do about a divorce agreement and a mortgage?
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What to do about a divorce agreement and a mortgage?
The mortgage is in both of our names. My wife has been living in our home since our divorce and according to the divorce agreement in court, she is responsible for the mortgage. The bank however, would never take my name off the mortgage, so it is in both our names. She has decided to “walk away” from the house since there isn’t any equity in it and let it foreclose. I am not in favor of this and am worried that it will effect my credit rating since I am still on the loan as far as the bank is considered… even though the court agreed that she is responsible. What do you advise?
Asked on June 29, 2013 under Family Law, Wisconsin
Answers:
John Smitten / Carey and Leisure
Answered 10 years ago | Contributor
Thank you for contacting me. Since your name is on the mortgage the bank will sue you as well. You should consult with a realtor who can short sale the property. Also you have to get an order from the family court to give you control over the property.
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