Would you pay your ex’s mortgage?
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When I got divorced he wanted to sell the house and split any money earned. I, however, did not want to pick up my kids and go through a move so I bought his sorry *kitten* out...that's right...I was the bread winner...however, he was ordered by the courts to contribute to the mortgage for a year. He didn't have to pay half of it, just a portion. I think that every state is different. In my state, I could have requested money toward the mortgage for up to 3 years. I didn't need his lousy money
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If I recall correctly, a quitclaim isn't going to do you any good. Basically all it does is give away your right to the 'good' part of the property-- ergo, if the other party decides to sell, you can't stop them. But, you're still on the mortgage, still on the hook for the debt.
Could be wrong, but I kinda went through all this already, with an ex-spouse who was willing to try to help me not get screwed in the process. Didn't matter.0 -
It depends on whether or not he would benefit at the time of the sale of the house. If he would be a beneficiary of the proceeds from the house if the house were sold then I don't think it's unreasonable that he continue to pay for that investment. Depending on when they purchased the house and where they live they will hopefully be able to sell the house within the next 2 years for a little profit thereby recouping some of the money that he's putting in.
However, if it really is an issue and he doesn't think he'll get his money out of it, then they should think about really making it an investment property by looking into her getting into a rental property she can afford and renting the out the house for an amount of money to cover expenses and possibly have a little income coming to both of them.0 -
honestly I read nothing in this thread except the question in the topic,and IMO the answer to that, regardless of back story, etc, is a big fat NO.0
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Why don't they just sell the house pay off the house and take whatever money is left (if there is any) and cut their losses?
Seriously sounds like they would both benefit from that.
I have never been married so I have never been divorced but a friend of mine is going through this and her and her ex just decided to sell the house, pay of what was owing and any money (if there is money) will be split between the 2 of them.0 -
If I recall correctly, a quitclaim isn't going to do you any good. Basically all it does is give away your right to the 'good' part of the property-- ergo, if the other party decides to sell, you can't stop them. But, you're still on the mortgage, still on the hook for the debt.
Could be wrong, but I kinda went through all this already, with an ex-spouse who was willing to try to help me not get screwed in the process. Didn't matter.
It doesn't protect you from still getting the foreclosure on your record, etc., but it can help you get a bank loan again despite the foreclosure.
Just look into it. Depends on the state!
In my case, I had to suck it up. Ex foreclosed on our house 1.5 years after our divorce... In my name. I'm just waiting the 3 years till I can buy again and dealing with my f*cked up credit *sigh*0 -
my brother paid his ex wifes morgate after divorce and after a point his wife was hollering he was behind on child support the judge looked at waht allhe was paying and said becasue he paid so much on the mortgage of her house so his kids could have a roof over their heads his child support was casght up for another 3 months. i dont think he pays it anymore now that the kids are grown though and a lady frommy churh and i used to work together andi know for a time her ex paid her morgatge (I think it may have been court ordered though)0
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Why don't they just sell the house pay off the house and take whatever money is left (if there is any) and cut their losses?
Seriously sounds like they would both benefit from that.
I have never been married so I have never been divorced but a friend of mine is going through this and her and her ex just decided to sell the house, pay of what was owing and any money (if there is money) will be split between the 2 of them.
If I'm following, there IS no money left. They would still OWE the bank if they sold b/c they're upside down.0 -
Do they have kids?0
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Me personally, would not happen. But then again mine isn't contributing to our daughter's college education so I am biased against it. I just think that to be in financial ties with someone who you are no longer married to is just asking for trouble. You are no longer married to them for a reason and eventually this could blow up in your face. Especially if one of the people get's a new husband or wife that is not too happy with the whole deal. I know I wouldn't marry a man who was still paying or tied into his exwife's mortgage. Too much drama for me.0
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A quit claim deed does not get him off the mortgage. A quit claim deed transfers his interest in the property, but does not release him from the obligations of the mortgage.Please advise him to contact a lawyer and get a quitclaim deed asap. Like... yesterday.
If she forecloses on it, this is his only saving grace. How the lawyers did not do this when they divorced is baffling.0 -
A quit claim deed does not get him off the mortgage. A quit claim deed transfers his interest in the property, but does not release him from the obligations of the mortgage.Please advise him to contact a lawyer and get a quitclaim deed asap. Like... yesterday.
If she forecloses on it, this is his only saving grace. How the lawyers did not do this when they divorced is baffling.
Correct. But it can help him get future financing if it forecloses. That's my understanding.0 -
Why don't they just sell the house pay off the house and take whatever money is left (if there is any) and cut their losses?
Seriously sounds like they would both benefit from that.
I have never been married so I have never been divorced but a friend of mine is going through this and her and her ex just decided to sell the house, pay of what was owing and any money (if there is money) will be split between the 2 of them.
If I'm following, there IS no money left. They would still OWE the bank if they sold b/c they're upside down.
The banks will negotiate short sales right now but it depends on the situation, and the ex is still going to need to agree.0 -
If I recall correctly, a quitclaim isn't going to do you any good. Basically all it does is give away your right to the 'good' part of the property-- ergo, if the other party decides to sell, you can't stop them. But, you're still on the mortgage, still on the hook for the debt.
Exactly.
No they don't have kids.
She is unwilling to move to something she can afford because this was her parent's home. They took out a home equity line to renovate after her parents passed. He is checking into whether there is something he can legally do to force her out of the house. He says his dad might be willing to help him cough up the money needed to make up for what's lost in selling the house.
He is leaving his name on the house until he is removed from the loan, but after reading some of the responses above, I will recommend he talk to a lawyer about what happens if it forecloses if he quit-claims it to her vs if he keeps his name on there. I was under the impresion there's no difference since it's a hit on the credit. But I'm not qualified to say..0 -
Yes, he should still pay the mortgage. Him and his ex borrowed the money and it is their obligation to pay it back.
Oh, I forgot. It is the evil bank's fault.0 -
What does their divorce decree state? If she kept the house and is responsible for the mortgage, wouldn't she be in breech of the judgement? I would think the Judge would have ordered her to refinance within a certain amount of time to remove the hubby's name from the mortgage and if she doesn't, then sale of the property would be forced. She had to have proven she could afford to stay in it if it was awarded to her, unless the judgement states the hubby is still responsible for the mortgage. If that's the case, he should just pay it himself.0
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Reason #23 to NEVER GET MARRIED!0
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If I recall correctly, a quitclaim isn't going to do you any good. Basically all it does is give away your right to the 'good' part of the property-- ergo, if the other party decides to sell, you can't stop them. But, you're still on the mortgage, still on the hook for the debt.
Exactly.
No they don't have kids.
She is unwilling to move to something she can afford because this was her parent's home. They took out a home equity line to renovate after her parents passed. He is checking into whether there is something he can legally do to force her out of the house. He says his dad might be willing to help him cough up the money needed to make up for what's lost in selling the house.
He is leaving his name on the house until he is removed from the loan, but after reading some of the responses above, I will recommend he talk to a lawyer about what happens if it forecloses if he quit-claims it to her vs if he keeps his name on there. I was under the impresion there's no difference since it's a hit on the credit. But I'm not qualified to say..
No matter what he can't get his name off the loan. It doesn't matter what the divorce decree says, and a quit-claim doesn't help that either. Unless she refi's it into her name (which it doesn't sound like she can or it would have already happened), he's kinda stuck. It's shocking how often this happens, sadly
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Yeah, he definitely needs to contact a lawyer to find out what his best course of action would be. What a mess. I think I mentioned it before but really, divorce sucks.0
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Yes, he should still pay the mortgage. Him and his ex borrowed the money and it is their obligation to pay it back.
Oh, I forgot. It is the evil bank's fault.
No. It's her fault for negotiating she keep the house in the divorce, not refinancing it, and then not paying on it. And it's his fault for allowing that to happen.0 -
If I recall correctly, a quitclaim isn't going to do you any good. Basically all it does is give away your right to the 'good' part of the property-- ergo, if the other party decides to sell, you can't stop them. But, you're still on the mortgage, still on the hook for the debt.
Exactly.
No they don't have kids.
She is unwilling to move to something she can afford because this was her parent's home. They took out a home equity line to renovate after her parents passed. He is checking into whether there is something he can legally do to force her out of the house. He says his dad might be willing to help him cough up the money needed to make up for what's lost in selling the house.
He is leaving his name on the house until he is removed from the loan, but after reading some of the responses above, I will recommend he talk to a lawyer about what happens if it forecloses if he quit-claims it to her vs if he keeps his name on there. I was under the impresion there's no difference since it's a hit on the credit. But I'm not qualified to say..
Maybe if he presents her with two options: 1) she can maintain ownership of the property by renting it out and move into a property she can afford until she can afford her parents property (if i were him I'd require that half of the proceeds go to him until he's repaid for his contribution from the time he left the property and the other half be applied to the loan to pay off the loan more quickly) or 2) she can lose the property while he chooses to take the hit of foreclosure and show his seriousness of this by having the quitclaim drawn up (but not yet signed). It may force her hand.0 -
Yup. My own lawyer has pretty much said nothing I can do at this point.when my parents split they sold the house and split the (not evenly, my mom got most of it) the money. If she got the house why is his name still on the loan. Did he sign over his "half" of the house?
Seems to me most of you responding have not been divorced in the aftermath of the real estate market crashing. The court can order you to pay for the loan. The court cannot, however, order the bank to put the loan entirely in your name.
Did you discuss a quitclaim deed, Gonzo?
I found this all very interesting so looked it up.
A quitclaim deed typically is executed when the property isn't sold -- when the owner dies and bequeaths it to someone, or when the owner gets married and wants to add the spouse's name to the title, or when a former spouse's name is removed as part of a divorce settlement or when the property is transferred to a living trust.
Looks like a good option to me.0 -
Hell no.. thats why she's an ex. believe me she tried to get me to pay her bills after.. begging and using her kid as leverage..0
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I used to work in real estate (re-fi with a title insurance company). When he got divorced, in his divorce decree didn't it talk about the mortgage? Most times it will state that within a certain amount of time a new deed will need to be done. I would have him check his divorce docs.0
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I used to work in real estate (re-fi with a title insurance company). When he got divorced, in his divorce decree didn't it talk about the mortgage? Most times it will state that within a certain amount of time a new deed will need to be done. I would have him check his divorce docs.
While that's all fine and good, the bank doesn't care what the divorce decree states. That doesn't change the loan docs.0 -
He needs to sit her down and let her know calmly yet firmly that the house will be put on the market and sold. If it's still in his name, he is within his rights to do this.
She can't afford the house. It's not his place to keep paying for her to stay there. Therefore, sell the house. He should get back the money that he spent to cover her failure. She gets the rest of the money to go buy something she can actually afford.
Problem solved.
EDIT:
Didn't see that this was an upside down property.
The ex needs to move out if she can't afford the place. The property needs to be rented. Or the ex can get a second job so she can pay her own mortgage. Or your buddy can just take the credit hit. A lawyer is a must, in any case.0 -
Get out and GET OUT QUICK!!! Hire a good lawyer and get your name off that house, otherwise her poor repsonsibility in money management will take you down. Good credit is like S3X some people get it and some people don't.0
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**** no0
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Tell him to sell it and finally finish that divorce. He already decided to cut her out, no reason to keep her in his life.
Or, he can just smile, bear it, and keep paying up until her house is paid off.0 -
I do agree with this generally, depending on what the debt ratio is. For the house my ex and I 'owned,' when it resold eventually, it for was less than a third of what we paid for it. I'm not the brightest crayon in the box, but I'd rather have a foreclosure on my record for what, 7? 9? Heck, 29 years! rather than spend the next 30 years ridiculously overpaying for something I don't even want. I accept that credit score ding punishment with a smile.Yes, he should still pay the mortgage. Him and his ex borrowed the money and it is their obligation to pay it back.0
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