Is the mortgage responsibility shared between two individuals with 2 houses in a divorce ?

Question

My husband and i am getting a divorce. He has been living out in townhome while i stayed in a house and we have been paying for the mortgage of our house and the rent of his townhome for the last one year.
Now that we are finalizing the divorce, my husband wants to buy a new house and wants to take no further responsibility for the mortgage or the selling the house outside.
How would judge rule this situation ?

Answer 1

Ok this is a bit complicated and depends on the state,but there are really two issues here.

As to what the judge will do, you do not give enough information for a good answer. The Court will consider a number of issues, including the income of both parties, how much equity is in the house, and whether there are kids who may have an emotional tie to the home. It is unlikely the Court will just let him walk away but it is possible based on all the facts.

Remember that the Court can only decide the issues between the two of you. The judge cannot control the rights of the mortgage company to collect from either or both of you. If you are both on the mortgage, the mortgage company holds both of you responsible for the debt regardless of the divorce decree. Even if the court orders one of you to pay the mortgage, if that person defaults, the company will come after the other one.

Many but not all courts try to make orders to deal with this, usually by ordering the house sold or ordering the party who gets the house to refinance to get the other person off the mortgage.

That is the best I can do with the information you have given. If there is alot of value in the home, seeing a lawyer is worth it.

Answer 2

If both names are on the mortgage then both people are responsible for the loan.

One or the other of you will need to pay off the equity in the house of the other.

Then the person staying in the home will need to take out a new home loan in their name.

Otherwise you will have to sell the home.

The judge doesn't care. The mortgage company holding the note does.....

Same thing for joint credit cards and car loans. Utility bills, leases, boat titles, and any other debts.

good luck.

Answer 3

It depends on the State: Is the mortgage in both of your names? In my situation I left my husband in our house and I moved back into a townhouse I owned before we met - I did not desire any equity from the home. His name was on the mortgage, we were both on the deed. The court could not make me pay because he is the only one that signed for the mortgage. If I was on the mortgage too, then I would be responsible. All I had to do was sign a quit claim deed to get my name off the deed. But if I was on the mortgage, the quit claim deed would not exonerate me from my mortgage responsibilities. Good luck.

Answer 4

Many ways....
1. you guys can sell the house and split the equity
2. you guys can sell and he give you all the equity and visa versa
3. you can stay in the house and pay half the equity to your husband and take over all the payments for said residence. If you default on the loan you will be held in contempt of court even if his name is still on the loan.
4. Or you could refinance the house and he can sign it over to you.
Really depends on the state...these were my options per my lawyer in GA

Answer 5

I say that he could seem into how plenty fairness is interior the homestead and attempt to purchase her out if he can. i be conscious of he made the common public of the money, yet we are egocentric human beings. in the event that they have youngsters mutually then i say supply her the homestead through fact the newborn will want someplace to stay, yet while not decide for what's his. If she is a gold digger then she would be able to easily want the money besides.