Posted on: 01st Aug, 2011 09:14 am
My my brother is divorced and part of the divorce agreement was his ex-wife keeps the house. This being said, the bank refuses to remove his name off the mortgage because no payments have been made. His ex-wife does not plan to make any payments. She just wants to live there as long as she can because she has nowhere to go and has no money (even though she is illegally renting a part of the house). Can he force the bank to place the house in foreclosure. How long does this take in NY State? He's trying to pay off his debt and does not want his credit ruined. Is there a way he can seek some sort of financial protection from the mortgage debt/foreclosure/liability? Thanks in advance for your input.
Your brother is in a very difficult position. As a borrower, he has no options other than to pay the mortgage debt or suffer the consequences of his former wife's refusal to pay.
Unfortunately, I think this is going to mean a foreclosure is likely to be in the works. There simply is no way for someone to be removed from a mortgage note. Further, her refusal to make payments is going to bring nothing but problems from the lender.
I'd have to say that the divorce lawyers botched this up from the get-go.
Unfortunately, I think this is going to mean a foreclosure is likely to be in the works. There simply is no way for someone to be removed from a mortgage note. Further, her refusal to make payments is going to bring nothing but problems from the lender.
I'd have to say that the divorce lawyers botched this up from the get-go.