Legal Question in Family Law in New York

Divorce in NYS

My wife & I are getting a divorce, my name is the only one on the mortgage, but she also has a line of credit against the house (that exceeds the value of the house). Both our names are on the deed to the house. I moved out in July, and stopped paying the mortgage then. She made no payments though living in the home until now. She is moving out to a rental. Am I solely responsible for the mortgage & her the line of credit against the home? Who has to pay for what in this situation? What is my best option for getting ride of the house- short sale, buy back to the bank, forclosure?


Asked on 10/31/08, 1:09 pm

1 Answer from Attorneys
Jonathan Cohen

Re: Divorce in NYS

The line credit is on on junior mortgage and the mortgage in your name is the sr mortgage. As noone resides there the banks are n0 longer threatening to run u out of yr home so their only threat is to seu u on the note. Only u r resposible for the sr mortgage and only she is on the jr. I doubt banks r going to seu you on the note after they foreclose on the property.

Giving property back to the bank holding the sr mortgage may be on on good idea but it is possible the bank holding the jr mortgage may protest as they would not get anything. U should try this first before letting banks foreclose

Read more
Answered on 10/31/08, 7:11 pm


Related Questions & Answers

More Family Law, Divorce, Child Custody and Adoption questions and answers in New York