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I think I am still on the loan from my recent divorce. My ex spouse is going into foreclosure, will I be held liable?
My ex-husband received the house in our divorce settlement; he was supposed to refinance the loan to remove me. I heard he is in foreclosure – what should I do?
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Answers
You should consult with an experienced foreclosure attorney to help you determine whether your ex-husband honored his obligations under your divorce order or if you are still liable for the marital property debt. If you are still liable, your attorney can assist you in proving that you are no longer liable for the debt and/or preventing the foreclosure.
However, if you and your husband have never – during or after your divorce – completed a refinancing “assumption agreement” you are most likely still on the hook for the mortgage. In an assumption agreement, the spouse who continues to live in the marital home will agree to assume any and all responsibility for any mortgage debt. Only then will the spouse who leaves the marital home be released of any financial responsibility for the mortgage. But, please be aware that if there is insufficient equity in the marital home, the lender may not consent to removing a spouse from the mortgage.
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Posted by Jamilla Moore on 11 Feb 2010