Legal Question in Family Law in California
Mortgage after divorce
Assume a house is awarded to husband, and he gives a note for the wife's community half of the equity to the wife; what happens to the underlying mortgage? Must H refinance, or can he keep the mortgage? Can the W get off the mortgage if H keeps the mortgage?
3 Answers from Attorneys
Re: Mortgage after divorce
He would have to re-finance the house to remove you from the mortgage. It will show up on your credit unless he does (including any late payments). Also, you could still be ultimately liable if he defaults.
As far as affecting your credit, usually creditors will accept a copy of the MSA or court decree when considering your income:debt ratio. The best thing to do is to get him to re-fi. If he doesn't, you have to get him back into court to get the judge to order it.
Reply: Mortgage after divorce
You need the Court to order the mortgage refinanced - this is usually done at the time of Trial and or Stipulated Judgment when the house is awarded to him.
I suggest that you consult with an experienced family law lawyer. Experience is not expensive, it's priceless!
You will find some valuable information on various family law issues at my web site.
Good luck to you!
Brian Levy, Esq.
www.calattorney.com
Re: Mortgage after divorce
Unless court forced refinance with settlement order, she remains on the mortgage and responsible. Mortgage granted based on info from both husband and wife and their credit/ability to pay.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
