Divorce-What Not To Do

By
Real Estate Agent with Austin Texas Homes, LLC 548155

Divorce-What Not To Do

DivorceI have several women who want to purchase a home. They can afford it. But, because the EX kept the home in the divorce, and their name is still tied to the mortgage…they cannot purchase a home unless the EX sells the home or re-finances and gets their name off the loan.   And most can’t afford to do it or don’t want to do it.  

So, ladies….if you are in the process, or know of anyone going through the process…or even thinking about divorce.  Sell the home, or have the EX buy it.  But get your name OFF the Mortgage!  Yes, you will have legal paperwork stating the EX got the property in the divorce, but it doesn’t matter!  If they stop making payments, they are coming after you.  If they make a late payment…it goes on YOUR record!  Your name may be off the title, but it is still on the mortgage!

Yes, this can even follow you if you re-marry.  Your name is still on the mortgage, and as they say…when you marry, you become one.  So that mortgage will follow you into your new marriage and can stop you and your new spouse from purchasing a new home together.

This is not legal advice…this is a life lesson learned by many the hard way.  Don’t let it happen to you!

 

Sherry Scales, REALTOR®

CLHMS, GRI, SRES, ABR designations to serve you better.

Austin Texas Homes, LLC

3737 Executive Center Dr., Ste. 108

Austin, TX 78759

512.925.8928 Cell

sherry@sherryscales.com

 

Comments (2)

June Piper-Brandon
Houwzer Inc - Baltimore, MD
Piecing Dreams One Home at a Time

This is very useful information for would be divorcees, another item for contemplation is community property and what happens if you buy a house while separated before you get divorced?

Aug 22, 2015 01:55 PM
Sherry Scales
Austin Texas Homes, LLC - Leander, TX
Realtor, for Austin, TX and surrounding areas

Very true June!  If you buy it before divorce is final...they can claim it!

Aug 22, 2015 03:00 PM

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