QUESTION

I own a house with my ex wife worth $450K. she has mortgage in her name only for $350K. if we sell the house, am I responsible for $175K ofthe mortgag

Asked on Jun 19th, 2013 on Real Estate - New Jersey
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1 ANSWER

Elder Law Attorney serving Toms River, NJ
Partner at Diana L. Anderson
2 Awards
The mortgage is gong to have to be satisfied in order to pass clean title to the property.  I am surprised that the mortgage company would give her a mortgage with your name on the deed and not make you sign anything.  If the house is sold, $350,000 of the proceeds will have to be used to satisfy the mortgage.  You might be able to make a claim that you own half of the value and that she improperly put a lien on your portion of the asset, and/or make a claim to the rest of the proceeds from the sale.
Answered on Jun 19th, 2013 at 3:47 PM

Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship

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