Posted on: 05th Jul, 2011 01:03 pm
Is there any law in Florida that prevents a lender from counting a contingent mortgage liability against a borrower. In other words, I am divorced and my ex-spouse retained the home and the mortgage payment. The dissolution decree states my ex-spouse is responsible for the mortgage debt; not me. Is this sufficent to prevent a lender from charging that mtg payment against me in qualification? The property is located in Florida, so I want to know if FL protects a homebuyer from this type of liability being used in their qualifying ratios.
if you are on the loan, there is no court order that can eliminate the repayment agreement you signed with the bank. there are two ways off a home loan, sell or refinance. if you want to be protected from future judgements from creditors, you should have the x refi the property in his name. removing your self from title or having a divorce decree will not change the fact that the bank is entitled to repayment or foreclosure. call your lender and see if you can refinance. good luck!
Thank you for your reply
