Posted on: 21st Jul, 2011 04:29 am
My husband and I bought a home a month before we wed. The mortgage was put in my name only. Of course being young and 'in love' I did not foresee a divorce in our future. Unfortunately, after 5 years we are divorcing. How can I make my future ex-husband pay his part of the debt, being that he is not on the loan. Can I make him sign a contract/promissory note stating he will pay? Will a personal contract between him and I legally bind him to the debt? The house is only worth 1/2 of what is left on the mortgage (florida) so I am very scared to get stuck and he just gets to walk away. Please help!
LFA, your negotiations ought to really take place with the assistance of your respective lawyers. That being said, of course, you and he can certainly come to a resolution and present that to the lawyers for incorporation in your settlement.
You cannot "make" him pay "his part" inasmuch as there really isn't (legally) a "his part" to speak of. With you having been the only borrower, it's truly your debt.
Now, that is not to say that you cannot get the contract/promissory note that you ask about above. If you have a properly executed note for whatever arrangement you wish to make, that would bind him.
By all means, though, you'll need to discuss this with legal counsel; because doing it on your own is far too risky a situation and might result in precisely the opposite result.
You cannot "make" him pay "his part" inasmuch as there really isn't (legally) a "his part" to speak of. With you having been the only borrower, it's truly your debt.
Now, that is not to say that you cannot get the contract/promissory note that you ask about above. If you have a properly executed note for whatever arrangement you wish to make, that would bind him.
By all means, though, you'll need to discuss this with legal counsel; because doing it on your own is far too risky a situation and might result in precisely the opposite result.
Given what George said, if you did the promissory note, you would have to hope that he will fullfill, because if he does not then it would be a legal battle to recover the lost monies. Since you are the sole mortgagor, then you are fully liable. Can you rent the home for close to your mortgage payment? Even if you have to put 300 in a month, someone else is paying off your mortgage and you would be paying 300 a month for one of the best returns on your investment. Even if the property never appreciated, you would still have a paid off home, that you only spent 3600 a year on...Also Florida has deficiency judgements that can come after you and any asset you own for 20 years. Good luck!
Thanks for the information.
The home is rented, it is a duplex. That just barely pays the fees for now. It is a 5yr interest only loan that is set to adjust next month. When the economy improves and the prime rate rises I fear the mortgage will become much larger than our rent income. I am just trying to cover myself for if/when that happens. I can not afford any additional bills.
I do not have a lawyer since it is a very amicable situation. I suppose it may be a good idea for me to get professional legal advise, I was just trying to get an idea of what is possible regarding personal contracts.
The home is rented, it is a duplex. That just barely pays the fees for now. It is a 5yr interest only loan that is set to adjust next month. When the economy improves and the prime rate rises I fear the mortgage will become much larger than our rent income. I am just trying to cover myself for if/when that happens. I can not afford any additional bills.
I do not have a lawyer since it is a very amicable situation. I suppose it may be a good idea for me to get professional legal advise, I was just trying to get an idea of what is possible regarding personal contracts.
An amicable situation is always best, and that's most gratifying. However, there is a great deal of safety - for both of you - when you engage an attorney, who can provide loads of information that you would ordinarily overlook. Contrary to what some believe, not every lawyer is exorbitantly expensive, nor a shyster. If you don't know who to go to, check with friends and/or family to see if they can make a solid recommendation.
It's worth having that extra bit of expertise and protection.
It's worth having that extra bit of expertise and protection.