irc333 Posted October 8, 2010 Posted October 8, 2010 Man, heard this horrible story from a female friend of mine, apparently she's been divorced 2 years, in their divorce there was an agreement made between them that if she moved out of the house, he'd stay in said house and take care of the mortgage on it. Fastfwd to now, she'sdoing pretty well financially, has her own apt,etc, etc. Well, turns out the past week, she was called toa hearing with a judge and her ex....apparently he can't make the mortgage payments on the home, and he filed bankruptcy , and the judge order she better pay the mortgage on the house (yes, her name is on the deed)...and if she doesn't the govt could garnish her wages, take crap from her, etc etc....also, she can file for bankruptcy as another option (which she doesn't want to do, because she has good credit and has always been frugal) she's just had an financially irresponsible ex-husband. Im just hearing these stories, and it makes me wonder if I should even get married. lol Anyone have ex's financial burdens come back to haunt you YEARS later?
PegNosePete Posted October 8, 2010 Posted October 8, 2010 Assuming they have no kids, she should have got a clean break consent order. She should have got her name taken off the mortgage and house deeds. This would never have happened if she had done that. Any decent solicitor would have advised this. If you decide to do a DIY divorce (which I assume she did!) then you have to either know all the pitfalls, or be prepared to get stung!
TaurusTerp Posted October 8, 2010 Posted October 8, 2010 If your name is on a mortgage, you're responsible for it. Divorce doesn't change that as it's totally separate. She should've gotten herself taken off. And not like she can sue the husband - he's broke. Can't squeeze blood from a rock. Unfortunate situation, though. I feel very bad for her.
Untouchable_Fire Posted October 8, 2010 Posted October 8, 2010 If your name is on a mortgage, you're responsible for it. Divorce doesn't change that as it's totally separate. She should've gotten herself taken off. And not like she can sue the husband - he's broke. Can't squeeze blood from a rock. Unfortunate situation, though. I feel very bad for her. How? Most houses are under water right now. It's near impossible to refinance with negative equity. Her best option is to pay for a while and shortsell the house. Which is one reason the market sucks so bad. Government has the banks so freaked they won't give out loans anymore, and when people need to sell quick they have to drop price really low.... it screws everyones value.
Recommended Posts