Posted on: 09th Dec, 2013 01:09 am
Hello there... We bought a home in my wife's name. However, I am paying for the mortgage. What will happen if we are separated?
If you are separated and if your name remains on the mortgage, then you will still remain liable for the mortgage unless your wife refinances it in her name.
If you continue to pay the mortgage, the lender will never know that your wife is not there anymore. The mortgage will still be on your wife's credit report and not yours. You will be paying a mortgage on a house that is owned by someone else. If you sell the house, she gets the money from the sale because she is the owner--only she can sell the house. If you get a legal separation agreement/divorce agreement, that should state who owns the house, who can buy out whom, etc.
If you stop paying the mortgage, the lender will forclose on your wife. It will ruin her credit and the lender will take ownership of the house. You will have to live someplace else. It will not affect your credit becasue you are not on the mortgage.
If you stop paying the mortgage, the lender will forclose on your wife. It will ruin her credit and the lender will take ownership of the house. You will have to live someplace else. It will not affect your credit becasue you are not on the mortgage.
If you and your wife get separated, then you will still be responsible to pay off the mortgage.