Mortgage in joint names


#1

In my recent divorce settlement the marital home was awarded to my spouce. The mortgage loan is in both of our names however, the divorce papers state that he is the responsible party for the loan and property taxes. If he defaults on the loan with my name intact will I be held responsible?


#2

Not a lawyer
I think that the bank will come after whoever s name is on the loan. You should probably refinance in his name only.


#3

Yes, you will be responsible under the original mortgage to the lender. If he defaults, you can pursue an action against him for breach of contract if he does not pay the mortgage as agreed in the separation agreement. Sometimes it is unavoidable that property and debts must remain in both parties’ names, when settling equitable distribution.