Would you pay your ex’s mortgage?

24

Replies

  • odusgolp
    odusgolp Posts: 10,477 Member
    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.
  • SweetestLibby
    SweetestLibby Posts: 607 Member
    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.

    that's true. my parents had paid off the loan on the house so when it was sold there was no bank to pay off. It's a completely different setting when there is no bank involved.
  • oregonzoo
    oregonzoo Posts: 4,251 Member
    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.
    Yup. My own lawyer has pretty much said nothing I can do at this point.
  • odusgolp
    odusgolp Posts: 10,477 Member
    His paying it does NOT protect him from this continuing to happen again six months down the road... or even two.

    It's putting a bandaid on a gushing femoral artery.
  • Surfrider
    Surfrider Posts: 364 Member
    Is there an option to rent it out?

    If she cant make the payments, she cant afford it. As you said, you cant sell it due to being upside down, so... keep it in both their names and rent it out. Use the rental money to pay for the mortgage until its got some equity to sell and financially break ties with one another.

    My 2c.
  • odusgolp
    odusgolp Posts: 10,477 Member
    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.
    Yup. My own lawyer has pretty much said nothing I can do at this point.

    Did you discuss a quitclaim deed, Gonzo?
  • sunsnstatheart
    sunsnstatheart Posts: 2,544 Member
    He's pretty much screwed. She probably knows that he cares more about his credit she does about hers. Short of selling the house there is little he can do and my guess is that she will refuse.
  • BBinNC
    BBinNC Posts: 73 Member
    As someone who had an ex-spouse put a house into foreclosure on purpose and had their credit ruined, they need to get off the loan and off the deed of the property. This will mean that the other spouse/partner will have to refinance, but it's the only way to ensure that your own credit isn't irreparably damaged.

    In my case, which is an exception, my name was on the loan but not on the deed of the property (a fault of the lawyer) which meant that I owned the debt, but not the property, so even if I paid the mortgage, I still had not claim to the property. The absolute WORST situation to be in.
  • oregonzoo
    oregonzoo Posts: 4,251 Member
    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.
    Yup. My own lawyer has pretty much said nothing I can do at this point.

    Did you discuss a quitclaim deed, Gonzo?
    I will have to look into that.... It does not sound like something we have discussed..
  • BBinNC
    BBinNC Posts: 73 Member
    Be very careful with a quit claim. It has some ramifications that you need to know before doing it. I can't recall exactly what they are, so I'm not even going to guess. Additionally, each state may have different laws.
  • Momf3boys
    Momf3boys Posts: 1,637 Member
    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 :)
  • wikitbikit
    wikitbikit Posts: 518 Member
    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.
  • AlsDonkBoxSquat
    AlsDonkBoxSquat Posts: 6,128 Member
    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.
  • Jennloella
    Jennloella Posts: 2,287 Member
    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.
  • Pixi_Rex
    Pixi_Rex Posts: 1,676 Member
    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.
  • odusgolp
    odusgolp Posts: 10,477 Member
    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*
  • tigerlinly
    tigerlinly Posts: 219 Member
    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)
  • odusgolp
    odusgolp Posts: 10,477 Member
    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.
  • Christizzzle
    Christizzzle Posts: 454 Member
    Do they have kids?
  • nygrl4evr
    nygrl4evr Posts: 196 Member
    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.

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