She is paying the mortgage on her own and he will not contribute. How does she stand with the mortgage company if she only pays half the mortgage repayments.
2006-08-15 06:02:59 · 26 answers · asked by sharon m 3 in Business & Finance ➔ Personal Finance
They'll foreclose on the house if she only pays half.
2006-08-15 06:07:14 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Depends. If both names are on the loan, then paying half really will not help much. That is the road to foreclosure and a loss of all equity. Advise her to get the house on the market right away. Do anything she can to make the payments in the interim. Mortgage should be the first thing paid, credit cards last. She should worry less about ruining her credit score than losing her house!
2006-08-15 13:10:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
She'd have to check with the mortgage company. The mortgage could be refinanced to her benefit, but they probably wouldn't accept half payments - then she could be paying her husband's half and lose the house because she hasn't made her payments. Kapeesh?
After 30 years she should get a sizeable alimony cheque or settlement. Tell her to see a good lawyer.
My dearest friend's husband left her after 28 years, for, what else - a younger woman. She lost the house.
Karma being what it is - her husband and the younger 'person' are having a hell of a time. He's incapacitated now, and she has had to nurse him for the past 8 years. And he's quite young still.
2006-08-15 13:13:03 · answer #3 · answered by theophilus 5 · 0⤊ 1⤋
I think that they will foreclose on the mortgage if she does that. Best bet is to call them and see if she could adjust payments or get an abatement til the divorce is final. Also, she should be keeping extremely well records, for if the house must be sold and most likely will if she cannot take it over, then she will want to get back from hubby in the profits from the house those payments that she made in full.
2006-08-15 13:16:26 · answer #4 · answered by kickinupfunf 6 · 0⤊ 0⤋
She has to pay the full mortgage or sell the home. I am betting that she could refinance for a longer term (30 years from today) and reduce the payment significantly. The problem is that he is then benefitting from it.
If she is now the sole owner of the home, then she has more options.
2006-08-15 13:10:29 · answer #5 · answered by kyrie_eleison_gr 5 · 0⤊ 1⤋
Depends... is the mortgage only in her name, or in both of their names?
If it's in both names, then his credit rating is at risk is she begins defaulting. The mortgage company wants their money... not half.
She could, possibly, refinance the mortgage... amortizing the remaining principal over 25 years again, and it would cut the payments down dramatically, but again, if the ownership and mortgage is in BOTH of their names, then she might have a tough time.
2006-08-15 13:09:52 · answer #6 · answered by Village Idiot 5 · 0⤊ 1⤋
in deep water. The mortgage needs to be paid. If she can't afford it on her own. How about opening it up to a boarder or renting the house out and living somplace more affordable. Or outright selling the house.
Are they seperated, divorced?
If Divorced what alimony or spousal support is paid?
2006-08-15 13:09:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
That is all she has to pay if it is a joint mortgage she must see a soliciterand sort it out legally as long as she pays her half
2006-08-15 13:09:43 · answer #8 · answered by nancy_habershon 2 · 0⤊ 1⤋
They are financial institutions, in short they don't give a flying _____ about ones personal situation. The mortgages does need to be paid in full monthly, or face fore closure.
2006-08-15 13:08:00 · answer #9 · answered by smedrik 7 · 0⤊ 1⤋
After few days he had left permanently, so better he left without cries. Mortgage shall be repaid. Ask her do not
worry.
2006-08-15 13:10:08 · answer #10 · answered by unisoul 4 · 0⤊ 1⤋
She needs a lawyer and FAST! Hubby may have taken his name of the mortgage, the credit cards, etc. She should remove his name from all their joint ASSETS, leaving only joint expenditures.
2006-08-15 13:09:26 · answer #11 · answered by tiggyman41 3 · 0⤊ 1⤋