Posted on: 07th Jan, 2013 09:22 pm
hello there... i need immediate help. i was divorced few years back and had substantial marital debt. most of the debts were awarded to me on which i had made regular payments and most of them have been paid off. my ex, on the other hand, makes minimum payments. she only needs to pay the credit card debts and the home equity loan as awarded to her by the court. she told me that she wasn’t able to pay off the credit card debts. so, i started paying it off. now i got an alert that my scores have dropped by more than 60 points. reason being that she was delinquent on the home equity loan payments. i pay her child support and alimony. is there anything i can do with the creditors that will help my situation? the courts won't force her to sell the house because kids live with her part time.
Hi Jiberish!
Welcome to forums!
I must say that you're in a tough situation. Though the court had awarded the home equity loan to your ex, your name is still mentioned on the loan docs. In such a situation, you're still liable for the mortgage loan payments. You may have a word with the lender about the whole situation and check out if he can help you in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I must say that you're in a tough situation. Though the court had awarded the home equity loan to your ex, your name is still mentioned on the loan docs. In such a situation, you're still liable for the mortgage loan payments. You may have a word with the lender about the whole situation and check out if he can help you in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome Jiberish,
I agree with Sussane. The situation is difficult. The home equity lender will feel that you are in a comfortable financial situation to pay off the debt. So, he might ask you for the payments as your name is still mentioned on the loan docs. I will suggest both of you to get in touch with the attorney and get a loan modification so that it becomes easier for your ex to pay off the home equity loan easily.
I agree with Sussane. The situation is difficult. The home equity lender will feel that you are in a comfortable financial situation to pay off the debt. So, he might ask you for the payments as your name is still mentioned on the loan docs. I will suggest both of you to get in touch with the attorney and get a loan modification so that it becomes easier for your ex to pay off the home equity loan easily.
I might suggest that you attempt to enter into a written agreement with your ex to pay the home equity loan directly in lieu of part of the alimony/support. If she refuses you can petition the court to allow this arrangement.