Posted on: 08th Apr, 2010 10:34 am
I am in the middle of a divorce, my wife said she wanted the house and could afford it, then stopped making payments. I had no idea. The house and loan is in both our names, am I still going to be 50% responsible even though she said she wanted the house in the court papers then let it go into foreclosure without my knowledge?
hi scot,
the lender will hold you responsible for the loan as long as you are on the mortgage note. as per the divorce papers, your wife may have taken the responsibility of the home. but you are still liable for the mortgage until your wife refinances it. do the divorce papers state that she needs to refinance the loan? in case it does, you will have a legal recourse to force her to refinance. otherwise, the foreclosure will affect your credit scores.
the lender will hold you responsible for the loan as long as you are on the mortgage note. as per the divorce papers, your wife may have taken the responsibility of the home. but you are still liable for the mortgage until your wife refinances it. do the divorce papers state that she needs to refinance the loan? in case it does, you will have a legal recourse to force her to refinance. otherwise, the foreclosure will affect your credit scores.