Legal Question in Real Estate Law in Georgia

mortgage

My husband divorced his first wife 3 years ago. The mortgage to their home is in his name, but the home was deeded to her in the settlement agreement. According to the settlement agreement, ''Wife shall make all payments in connection with the existing mortgages as and when due, and shall hold the husband harmless therefrom. Wife specifically agrees to refinance the current mortgage within 10 years of this date in order to assume sole responsibility for the financing of the property and to remove Husband�s name from the mortgage obligation.�

However, we discovered from his credit report that she has missed the last two payments and is facing foreclosure. Our question is, if the house is foreclosed on, would the mortgage company come after him, since the loan is in his name? Does the settlement agreement protect him? What are our legal obligations?


Asked on 11/14/08, 4:39 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: mortgage

If the debt is still in his name, he is liable for the debt, and any derrogatory information that is placed on his creddit report for the payments not being made. The mortage company was not part of the divorce proceeding or settlement agreement and not bound by it. This was the risk in not asking that the property be sold or refinanced at the time of the divorce.

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Answered on 11/14/08, 5:19 pm


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