Legal Question in Family Law in Michigan
Payment vs Ownership of house
If a couple is planning a divorce and own a home: Note was signed by husband only because wife has bad credit, but the mortgage and deed are in both names jointly. Who is responsible for payments? What can happen to home after divorce?
2 Answers from Attorneys
Re: Payment vs Ownership of house
Chances are, between the husband and wife, the house and mortgage are marital property making both responsible for the debt as between each other. Both would also potentially share in the proceeds from the sale of the house or one would have to buy the other out. As to the lender, the lender can only look to the one who signed the instrument but may have the right to foreclose. It sounds like they should go to a divorce mediator who can walk them through the issues and process. William S. Stern
Payment vs Ownership of house
The mortgage lender can only hold the signer responsible for mortgage payments. Many possibilities exist for a house after divorce.
See us at www.MidMichiganDivorce.com
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
