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Gim
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Reged: 05/05/08
Posts: 1
release mortgage liability
      #398684 - 05/05/08 09:09 PM

Hi,

I divorced a while ago. But just noticed my ex hasn't removed me from our joint mortgage yet. It is stated in the divorce document that he gets the house, and releases my liability within certain period of time. The deadline has long passed, but apparently, he hasn't done anything yet. Does anyone know what's my financial liability now? Should he fail to pay the mortgage, will I get affected? Thanks.


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092895
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Reged: 04/03/08
Posts: 226
Re: release mortgage liability [Re: Gim]
      #398795 - 05/06/08 09:45 AM

Yes, it will affect you as long as you are on the mortgage. He will probably have to refinance the property to get you off the mortgage. Mortgage companies don't just take you off because they are asked to do so.

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Maury
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Reged: 06/02/04
Posts: 8178
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Re: release mortgage liability [Re: 092895]
      #398833 - 05/06/08 11:05 AM

You are liable to the mortgage company until the debt is refinanced to remove your name as a debtor. Until that occurs, your credit is impacted by the debt and any late payment would show on your credit report.

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cjcampnc
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Reged: 06/01/08
Posts: 5
Re: release mortgage liability [Re: Maury]
      #408559 - 06/02/08 06:07 PM

What happens if the wife refuses to refinance or sell the house that is in your name?

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Spring
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Reged: 06/02/04
Posts: 7972
Re: release mortgage liability [Re: cjcampnc]
      #408744 - 06/03/08 11:28 AM

If the payments don't get made, your credit will be affected. Can you get a court order to sell?

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Never consider the possibility of failure; as long as you persist, you will be successful.


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