Legal Question in Family Law in New York
''getting off a mortgage''
here is my question, a married couple signed a 30 year mortgage, then got legally separated. One party signed the separation papers stating that they were soley responsible for paying the mortgage for the next
10 years, and also quit claimed the deed to the house over to the second party on the mortgage.
The person that stated they would pay the mortgage for 10 years now is contesting it(stating the agreement is unconsionable)in court after 3 years. Is there any way a judge can legally allow this and also allow this person to get off the mortgage all together even if the deed was signed over and legal papers state that that person is to pay the mortgage for the next 10years( 7 years remaining)? Also,the couples' 13 year old child lives in the home with the person that has the home was deeded to. Please help, I have had different answers by a few different lawyers.
Thank you so much!!
3 Answers from Attorneys
Re: ''getting off a mortgage''
Once a year, on Christmas Eve, the BANK that holds the mortgage may let ONE of their customers off the hook. Otherwise, you can expect that the BANK will fight to hold you to that mortgage [regardless of the divorce agreement] until the last drop of your blood, a discharge in bankruptcy, or the sale of the house or refinance of the mortgage.
If the settlement was obtained by fraud, duress, disability, or is otherwise unconscionable, etc., then your former spouse may ask the Court have it vacated and set aside.
You need to consult with an experienced matrimonial attorney. For more information, please visit my web site:
www.BravermanLawFirm.com
Re: ''getting off a mortgage''
Anything is possible if you do not vigorously guard your rights.
Re: ''getting off a mortgage''
Now you will get yet another answer because
there is no set or fixed answer to any situation
in the law.
Logic dictates that a transfer of property
in return for the assumption of a mortgage
is not unconscionable. However, this
question cannot be properly answered in a
vaccum which is what you are asking. The
entire relationship, the interplay with
all other documents and transfers and
the present, past and future financial
status of all parties must be examined before
any prognostication can be made.