What can I do if my husband doesn’t make the mortgage payments on a loan that its in my name but he is the one who resides there?

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What can I do if my husband doesn’t make the mortgage payments on a loan that its in my name but he is the one who resides there?

I have recently separated from my husband. Since the separation, I have moved out and my husband continues to reside at the condo we own. Both of our names are on the deed and the loan for the house yet his name on the loan is as a non-borrower only. What can be done so that I am not responsible if he does not make the monthly mortgage payments? Can I contract be drawn up? Would it be recognized?

Asked on August 12, 2010 under Family Law, North Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Any contract made between you and your spouse involving your assets is just between you and your spouse.  This is true before and after your marriage.  In other words the lender is not a party to the agreement between you and therefore is not bound by its terms.  You would have to sue your husband for performance of the terms of the contract.  This is often a problem in divorce cases where one party is awarded an asset in the other party's name.  The only recourse you have is to refinance the loan out of your name and in to his name alone.  If he defaults on the loan they will foreclose and your credit will be ruined.  I think that it is time that you spoke with a divorce attorney in your area.  Good luck.


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