Legal Question in Family Law in New Hampshire
mortgage obligations
My husband wants to keep the house but
can't afford to buy me out. He wants to
have me take a second mortgage (?)
where I would have a lien on the house
for a specified amount of money, plus
interest. My name would come off the
deed. Would my name still be on the
mortgage? If the house was foreclosed
on, would my credit suffer?
Asked on 9/01/07, 10:36 am
1 Answer from Attorneys
Bruce L. Dorner
Dorner Law Office
Re: mortgage obligations
The short answer is "yes," you do have credit exposure. These types of arrangements can be beneficial, but, remember, there's a reason you are getting divorced. To continue joint credit risks is often questionable. You should consult with an attorney to review all of the facts and circumstances of your case.
Answered on 9/01/07, 12:46 pm