Legal Question in Banking Law in Iowa
I'm trying to get a mortgage loan and apparently I'm on an old mortgage loan that I had with an ex wife. The divorce stipulation clearly states that she is "solely responsible for the mortgage payments". She can't renegotiate or assume the loan because of her finances. The divorce was final in 2000. I signed the quit claim deed and have had nothing to do with her finances or the old loan since 2000. I am unable to secure an FHA loan because I'm on the old FHA loan. What are my options?
1 Answer from Attorneys
It never fails to amaze me why divorce courts permit two parties to a debt to allocate the rights of third parties. Your best bet is trying to find out what you can negotiate with the people who actually hold the mortgage because they're in the driver's seat. Having an attorney wouldn't hurt.
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