Legal Question in Family Law in Minnesota
Unable to refinance mortgage after divorce
My ex and I agreed that I would get the house in our divorce. I was supposed to refi it within a year after the divorce and if I was late more than 30 days on a payment he was to be able to take the houes back over. Well we have been divorced for 3 yrs now & I have not been able to obtain financing on my own and wont be able to because I dont have enough equity in my home due to the current economy and housing crisis. I have been current on all payments but once my variable rate changes in 2 yrs I wont be able to afford to live here any longer. My ex hasnt made a stink out of my not refinancing yet but once I am not able to afford the house pmt Im sure he will. He doesnt want the house back because he cannot afford it either and recently lost his new house due to not being able to afford it after the contstruction industry went downhill as he does contstruction for a living. What will happen in this kind of a situation if I have to let the house go, does he get it back and Im financially not responsible for it, do I need to go back to court? Does or will it effect my credit? The mortgage is in his name only but the deed is in my name at the courthouse. I just dont know what to do and I dont want to hurt him either if possible.
2 Answers from Attorneys
Re: Unable to refinance mortgage after divorce
If your decree indicates he can take the home back over, he has that option.
If his name is on the mortgage, he would likely exercise that option since his credit suffers if you make a late payment or allow the home to fall into foreclosure. Your credit would suffer as well.
If you can come to some other agreement with your ex, you may wish to modify your decree by having a stipulation and order drafted.
For Minnesota isses call 612.240.8005 or visit online at divorceprofessionals.com
Re: Unable to refinance mortgage after divorce
If your decree indicates he can take the home back over, he has that option.
If his name is on the mortgage, he would likely exercise that option since his credit suffers if you make a late payment or allow the home to fall into foreclosure. Your credit would suffer as well.
If you can come to some other agreement with your ex, you may wish to modify your decree by having a stipulation and order drafted.
For Minnesota isses call 612.240.8005 or visit online at divorceprofessionals.com
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.
