QUESTION
I was recently Divorced, and in the divorce agreement I gave up any claim to our house, but now my ex is behind on the mortgage
Asked on Dec 09th, 2011 on Divorce - Georgia
More details to this question:
I am the co-signer on the mortgage. She had put the house up for sale right after she kicked me out, and I had agreed and signed the forms for the realtor to sell it. The divorce agreement stipulated that she was to keep the house in sell-able condition and that she was financially responsible for it and that she was to keep any profits that she got from the sale of the house. I have gotten word from a family friend that she is behind on the mortgage and that she is being harassed by the mortgage company. My Question is, is there any other legal way for me to have my name removed from this mortgage so it doesn''t affect my credit record pther than an assumption of the loan as she doesn''t qualify now that she''s behind on the mortgage?
1 ANSWER
Unfortunately, the answer is probably not. While you may have given up any rights you have, you can't simply "walk
away" from any obligations you have;
as far as the bank/mortgage holder is concerned, you are still liable for that
debt.
Obviously I don't know exactly what your particular
settlement agreement says, but oftentimes attorneys will include language in
there that says something like the following:
"Wife shall retain the sole use
and possession of the marital residence with all the equity debt associated
therewith. Wife shall assume sole
responsibility for the mortgage payable to XYZ Mortgage. Wife shall endeavor to have said mortgage on
the marital residence refinanced immediately, but in any event shall indemnify
Husband and hold Husband harmless with respect to the marital residence,
including, but not limited to the mortgage payable to XYZ Mortgage."
While this does not relieve you of any responsibility to pay
the mortgage, it may give you some recourse against your wife for her failure
to keep that current.
Answered on Dec 14th, 2011 at 7:05 AM