Posted on: 30th Nov, 2010 06:08 pm
my fiancee got divorced in sept 2010, in the divorce decree it states that " the husband will reside at marital residence. husband agrees to assume, pay, indemnify and hold the wife harmless from claims & liabilities arising out of the property including mortgage, insurance, utilities and real property taxes, major repairs, including but not limited to, the hot water tank, furnace, plumbing roof etc. although the house will not be refinanced by husband, he will assume the mortgage and the note of said property, and will hold wife harmless of any liability whatsover."
a quick claim deed was done on the day of the divorce, his name is the only name on the deed.
well we just found out today, that she is filing bankruptcy and including the mortgage loan on the marital residence. the loan is solely in her name. where is that gonna put him at, will he lose the property? and can she legally do this, even though in the divorce decree she agreed that the mortgage will be his responsibility even though it is not in his name.
a quick claim deed was done on the day of the divorce, his name is the only name on the deed.
well we just found out today, that she is filing bankruptcy and including the mortgage loan on the marital residence. the loan is solely in her name. where is that gonna put him at, will he lose the property? and can she legally do this, even though in the divorce decree she agreed that the mortgage will be his responsibility even though it is not in his name.
Hi Pam,
Your fiancé will not lose the property. He will become solely responsible for the mortgage once she files bankruptcy and gets a discharge from the mortgage. It will be better if your fiancé refinances the mortgage or assumes it.
Thanks
Your fiancé will not lose the property. He will become solely responsible for the mortgage once she files bankruptcy and gets a discharge from the mortgage. It will be better if your fiancé refinances the mortgage or assumes it.
Thanks
He tried to get the loan in his name, but couldnt that is why the ex agreed to keep it in her name. but thank you for the answer
now i have another question, he called the loan mortgage company household finance company, the now resides in India, and they are not refinancing any loans, that they are only collecting on what loans they have out there. well he contacted the mortgage company, and they told him, as long as he keeps making the payments, that he will not lose the house. i dont know if he should believe them or not, they will not send us this in writting. what do you suggest???
Welcome pamL,
If you keep on making the mortgage payments on time, then the lender will not foreclose the property. If he does so, it will be considered as illegal and you will be able to take legal actions against the lender.
If you keep on making the mortgage payments on time, then the lender will not foreclose the property. If he does so, it will be considered as illegal and you will be able to take legal actions against the lender.