Legal Question in Credit and Debt Law in North Carolina

You ask two entirely different questions. Your fiance needs to speak with a family law attorney in Florida or in whatever state he was divorced and owns property in. I am not licensed in Florida and don't presume to give advice about Florida divorce law, but there has got to be some mechanism under Florida law that when couples divorce, there is a way to either compel the spouse who wants the home to refinance and buy the other spouse out or compel a sale.

The economics are what they are and I know Florida has been hit hard. It may be that your fiance and his ex-wife are underwater on the value of their home and could sell but will not bring in enough to satisfy the mortgage and the ex-wife may not be able to get a mortgage because of her credit. I don't have an answer to that. However, he needs to speak with the mortgage lender in that case to see if its possible to get his name off of the mortgage since you claim that he no longer is on the deed as the existence of the mortgage is affecting his credit and if his ex-wife is late with the mortgage payment, his credit will suffer.

Yes, you can have two mortgages ... or three or more. However, you have to be able to qualify for the mortgage and it will depend on the value of the collateral, how much you are borrowing and your and your fiance's income. I also do not have the answer to that. You and your fiance will need to sit down with a mortgage broker or an online calculator to see whether you can qualify for a mortgage on your own. If you can't, then see whether you can qualify together. The existence of thge mortgage is going to be a factor, but how much of a factor, I cannot say as I don't know the details. I know that since the economy has tanked, mortgage lending guidelines have tightened up and it may be that you can qualify for a mortgage but for a lot less than previously or with a substantial down payment.

Regarding the first question - while I do not know Florida law - if his ex-wife refinances the mortgage in her own name which would pay off the current mortgage, then that would take care of that specific issue.

You will need to speak with a lender about qualifying. It depends on a lot of factors - like credit, income, etc. - there may be different options. If you need a referral for a lender, please feel free to contact me (my office will be clsoed tomorrow and Friday though).

- Jeff