Posted on: 14th May, 2010 09:31 am
Hello,
My friend and his wife are looking to buy a house in Virginia. They are attempting to have the mortgage solely in my friend's name but the title to the house in both names. Their relationship has been rocky and the wife asked me for some information, for which I am turning to you. If they are separated without being divorced in 2 years time. What financial responsibility will she be accountable to for the house. Assuming they both move, or if she alone moves from the house.
Thank you
My friend and his wife are looking to buy a house in Virginia. They are attempting to have the mortgage solely in my friend's name but the title to the house in both names. Their relationship has been rocky and the wife asked me for some information, for which I am turning to you. If they are separated without being divorced in 2 years time. What financial responsibility will she be accountable to for the house. Assuming they both move, or if she alone moves from the house.
Thank you
Welcome crc,
If the wife's name is not mentioned on the mortgage docs, then she won't be liable for the mortgage in any way. If she moves out of the property and your friend does not pay the dues, the lender will not be able to come after her for the same.
If the wife's name is not mentioned on the mortgage docs, then she won't be liable for the mortgage in any way. If she moves out of the property and your friend does not pay the dues, the lender will not be able to come after her for the same.
Hi,
As you clearly mentioned that your friend's wife will be on the home title but not on the mortgage, she will not be liable for any loans. She will only be responsible for the loan if your friend re-finance the loan in both of their names. Hope this will help you.
As you clearly mentioned that your friend's wife will be on the home title but not on the mortgage, she will not be liable for any loans. She will only be responsible for the loan if your friend re-finance the loan in both of their names. Hope this will help you.