Don't talk to your STBX about stuff like this anymore.
So how was a family judge able to break a contract between a couple and a bank and outright award you a house with basically no assurance of payment?
My ex got ALL the freaking money, but he lost his rights to the house. I got the house, but I have no freaking money.
If this part of the divorce is ever settled I will share about it here!
And I don't mean to pry about this... the reason it is hard to understand is because it is absolutely impossible to just give a mortgage loan to someone without refinancing. A quick internet search can tell you that. You CAN take over the note, but your credit has to be impeccable and you have to have the income to support it. No family judge can make a bank give a mortgage to someone, that is way outside of his power.
Now quitclaims are common, and they happen all the time, but that is a transfer of the deed, not the actual loan.
[This message edited by Dark Inertia at 7:18 PM, March 15th (Saturday)]
This thread only, the husband said she has to refinance. When you come on here and say "I get the house, and I don't have to refinance" of course people are going to say "HOW?! And how can I make that happen for me??!" The fact is this: The Judge can award the house to whoever. THE BANK is the one who decides who gets the mortgage. The Judge cannot compel the bank to hand over the mortgage to someone else, no way, no how.
You are correct, people get awarded the house all the time. But that usually comes with the stipulation of refinancing the home within X amount of years. Unless the ex spouse is kind (or foolish enough) to keep his name on the mortgage so the SAH does not have to refinance. That isn't necessarily ideal, though, because if that ex were to run into financial issues, then the house may be on the line as well.
I am sorry no one educated you on this, and I am not saying this callously, but with respect.
[This message edited by Dark Inertia at 8:50 PM, March 15th (Saturday)]
The banking/mortgage world is upside down right now, so my bank - BOA says they don't care who is staying in the house, as long as the payments are being made.
I, too, do not have to refinance the home. My name isn't even on the mortgage -- just the deed.
As long as I keep up with the payments, I'm good. It's in the divorce papers, and my mtg company doesn't care.
In your situation, NG, if you are saying the mortgage is in your ex's name... Then f you were unable to continue making the house payments the obligation is going to go to your ex, because it has always been his obligation. Hopefully he will prize his credit enough to make the payments in lieu of you... I would only worry about losing your home if you think he would trash his credit just to spite you.
And I believe the same goes for the property taxes, unless it is court ordered that you take care of it... And in that case it will still be his obligation.
[This message edited by Dark Inertia at 9:28 PM, March 15th (Saturday)]
Property taxes? I pay them. Even when the judge last year ordered my ex to pay them during the proceedings, he refused so I paid them to keep them from being delinquent. Now that we're divorced my ex does not have to keep paying the property taxes. They are my responsibility. Says so in the decree. How is that legal? I don't know, ask the judge.
I mean, if you wanted to get really picky then we could just go back to court and fight all over again about these very things. I could battle all over again to get a share of the money, he could battle to keep it and keep the house, and we'd just fight the same fight. Only we did this already. In court and out of court for almost two years. The battle has been fought. I got the house, he got the money. Legally I was entitled to half the money. The judge decided to get creative, giving the money to my ex and the house to me.
My ex doesn't give a shit about his credit rating or mine. Furthermore, if it could possibly hurt me, he'd trash his credit rating just to make life more difficult for me. He doesn't care about hurting the children, which is why he chose not to pay his full support amount. He does not care. Now that the divorce is final he'll never make a payment on this house again, not even if it means the children will be put out on the street (which he knows we are facing). He does not care.