Legal Question in Family Law in New York
mortgage and equity loan payments
When we get divorced and my wife and children stay in our home, who pays the mortgage and equity loan we have on the house?
1 Answer from Attorneys
Re: mortgage and equity loan payments
Depends on the terms of the divorce. Usually the party in the house wants to make sure the payments are made so they make the payments to the morgagor but that doesn't relieve you of your duty to pay. You just make the payments to your ex and she is expected to pay the mortgage. BE sure that if that is the case in your divorce that you are taken off the mortgage in case she messes up. You don't want it to effect your credit.
Also don't agree to do half and half, if she fails to pay her half to the co. you are still screwed even if you pay your half.
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Good luck.