We are getting divorced I cannot afford the house by myself. If I give him the house as part of the divorce and he defaults, will it effect my credit?

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We are getting divorced I cannot afford the house by myself. If I give him the house as part of the divorce and he defaults, will it effect my credit?

We have 3 children and I cannot pay for the house on my own but my husband can. If I were to get the house, I would just try to sell it anyway and it would likely be at a major loss. It seems to make the most sense to let him keep the house, but I don’t want it to effect me if he falls behind. Will it? And what would be the most logical step to take?

Asked on June 12, 2009 under Family Law, Pennsylvania

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I'm not a Pennsylvania attorney, and I don't have all of the facts of your case.  You'll need an up-to-speed lawyer in your area, to give you reliable advice on how to deal with this.  One place to find an attorney is our website, http://attorneypages.com

The biggest problem in a case like this is usually the mortgage.  Sometimes people allow the other spouse to have the house, but without making the person who gets the house refinance or do whatever else it takes to get the other spouse's name off the mortgage.  In that situation, if the ex with the house doesn't keep up with the mortgage, the other ex suffers a hit to her or his credit, and can still conceivably have the lender come after them for the balance if the foreclosure sale doesn't cover it.  If the refinance isn't possible, it may be safer to insist that the house be sold.


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