You Can’t Divorce Our Mortgage ... It's Complicated
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
You Can’t Divorce Your Mortgage Going through a divorce is unpleasant at best, and when there’s a house to “split,” it can get even more unpleasant. You and your soon-to-be ex-spouse may agree on the property division and a court may assign ownership of the house to one of you, but if you have a mortgage and you both signed, you’re both still liable for the payments. As you might expect, the bank has no interest in your divorce, and no desire to simply let one of you “off the hook” for the payments. For them, the more people responsible, the better. That means you’re financially tied together until the house is either sold or refinanced by the person in possession. If it took two incomes to qualify in the first place, keeping the house may not be an option. More troubling to some is th...
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