hold wife harmless of the morgage payment to the morgage company. what does that mean (exactly)
2007-04-12 03:33:49 · 16 answers · asked by J Lee 1 in Family & Relationships ➔ Marriage & Divorce
That means he owns the house and can't make you pay for it.
2007-04-12 03:37:29 · answer #1 · answered by Anonymous · 1⤊ 4⤋
It means that he gets to live in the house and he’s supposed to make the mortgage payments. BUT if he doesn’t make the mortgage payments and your name is on the mortgage, then it will ruin your credit along with his and the mortgage company certainly CAN, and WILL, foreclosure against both of you. The mortgage company is not a party to your divorce decree and therefore, they are not bound by it.
The mortgage company will not remove your name from the loan on the basis of a divorce decree, because...the mortgage company is not a party to your divorce decree and therefore, they are not bound by it.
Do NOT quit claim the property to him if your name is still on the mortgage (unless the court has ordered it, and if they did then you should have had an attorney, because a competent attorney would not have allowed that to happen without there being a refinance). A quit claim removes your name from the deed, but not the mortgage, so you will have no legal interest in the property, but will still be responsible for the payment. Again, the mortgage company is not a party to your divorce decree and therefore, they are not bound by it (have I said that enough times now :)
What you should have done was request the court order him to refinance the loan in his name only, which would have removed your name off the mortgage and released you of the financial obligation.
2007-04-12 11:48:02 · answer #2 · answered by kp 7 · 1⤊ 1⤋
What it means is you better take your divorce papers by the bank or mortgage co. were you have the loan on the house from and get your name off the loan because if 20 days or 20 years from now if the bank takes the house back or his payment history is bad it will ruin your credit also. You need to get your name off the house and the loan as soon as possible your attorney must be a idiot he should have explained your divorce papers to you.
2007-04-12 11:06:42 · answer #3 · answered by bluemist 4 · 0⤊ 1⤋
He lives in the house, pays for the house. If something happens you will not be responsible for the morgage payment.
It seems that the comment about being a money grubbing exwife is coming from a divorced male whos exwife got him for everything he is worth... seek therapy!!
2007-04-12 10:49:47 · answer #4 · answered by billiecep2 3 · 0⤊ 1⤋
It means that only your ex-husband can live in the house (between the two of you) and that he is the only one responsible for paying the mortgage on said house-you do not have to pay any money towards the house at all!
2007-04-12 10:39:02 · answer #5 · answered by dragondave187 4 · 0⤊ 1⤋
It means that he house is his and that he's responsible for all payments. Additionally, it means that if he were to default on the loan, that you could not be held responsible.
You need to make sure that you are off the deed. File a "Quit Claim" form. Even though your divorce decree states that you are not responsible, you need to follow through with getting your name off of the deed.
2007-04-12 10:38:26 · answer #6 · answered by Royalhinney 7 · 0⤊ 2⤋
It means he gets the house and HE does not expect you to pay.
At that point be careful that the bank feels that way about his income and qualifications for assuming the loan alone. The point may be moot if the mortgage holder will not take your name off.
If you are out free and clear you will be expected to execute a "quit claim" deed.
2007-04-12 10:58:38 · answer #7 · answered by Flagger 6 · 0⤊ 1⤋
That you are not obligated to pay the mortgage payment and that he is the sole owner of the house, soloe resident of the house and is solely responsible for the home loan.
With this he should be able to take you off the house title andn the loan and you will no longer have any rights to the house.
2007-04-12 10:38:24 · answer #8 · answered by Blunt 7 · 1⤊ 3⤋
he gets the house and has to pay; you will have to give him a quit claim deed to the property and it should have stated he needs to re-finance the mortgage in his name only; otherwise, no matter what the divorce papers say, the outstanding mortgage will be on your credit report as well as any late payments HE makes......
2007-04-12 10:43:12 · answer #9 · answered by abc 7 · 1⤊ 2⤋
It means that he gets the house and the wife is not responsible for the mortgage anymore
2007-04-12 10:40:19 · answer #10 · answered by Maureen 7 · 0⤊ 3⤋
The husband has possession of the residence, makes all morgtage payments.
The wife owes nothing.
2007-04-12 10:40:19 · answer #11 · answered by ed 7 · 0⤊ 1⤋