Legal Question in Real Estate Law in Connecticut
divorce and jointly held mortgage
i am divorcing. i own a home jointly with my husband. he's keeping the house and would not like to refinance to get me off the mortgage. he doens't want to lose a great mortgage rate and a low monthly payment. he wants to give me a cash payout for my equity and then establish a hold harmless indemnity doc.
is this a safe bet for me? will it impede my ability be granted a mortgage?
2 Answers from Attorneys
Re: divorce and jointly held mortgage
It may because you are still a party to the original mortgage agreement. If you need further help, you can email me at [email protected].
Re: divorce and jointly held mortgage
This is not a safe bet. You'll still be liable on the mortgage note if your ex doesn't pay. Even if the judgment makes him "hold you harmless" (i.e. pay), if he doesn't, the bank will still come after you.(You can divorce him, but you can't divorce the bank). And, yes, it would prevent you from getting another mortgage, or a car loan, for that matter. You should insist on a sale or a refinance, and if he can't (or won't) refinance within, say, six months, then the order should be that the house then be sold.
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