GET OUT OF THE MORTGAGE!!! Do whatever it takes. We had this problem and don’t know if my husband suspected his ex wouldn’t be able to pay mortgage payments but it turned out to be a huge mess. She was frequently 30 days or more late and it ruined his credit. She finally agreed to refinance in her name only and pay him a portion of his equity in the house. We took about a $10-$12K loss but it was worth it not to have this hanging over our heads.
Thanks for the input. I appreciate real world experiences.
Does anybody have any input on whether or not the sale of a house can be mandated in a separation agreement?
I don’t want my credit ruined, but at this point the risk may be worth taking for me. Again, thanks very much.
If it makes any difference, I am not attempting to keep any portion of the equity in the house. It will go entirely to my wife, whether she keeps it in her name only or sells it.
The answer to this question if more complicated than it seems and depends on several factors such as when the mortgage was obtained (at the time of purchase or later) and how much equity there is in the home. I would suggest that you meet with an attorney. Some lawyers offer a free consultation. Some lawyers, through the NC Lawyers Referral Service, offer a $30 consultation. Or, if you are in our area, come meet with us. You really need to get some advice that is specific to your situation.
Here is the Lawyer Referral Service website - ncbar.org/public/lrs/search.aspx
Lee S. Rosen
Board Certified Family Law Specialist
The Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.
My wife and I are both on our mortgage. She can’t refi by herself but she can cover the payments, and she’d like for me to leave our home. I hesitate to do so as my name is on the mortgage and I am financially responsible too. Is it standard, acceptable, etc. to put something in the separation agreement that states if my name is still on the mortgage on the date of our divorce that the house will be forced up for sale? She is trying to do For Sale by Owner now, but it’s just not the right time of year. I don’t doubt that she will make timely payments, I just don’t want to have huge debt tied to my name forever.
Thoughts, please? Thanks.