File a motion for contempt: You can file a motion with the court that handled your divorce to enforce the terms of the divorce decree. This may involve requesting that your ex-wife be held in contempt of court for failing to comply with the order to refinance the home or obtain a new loan.
Both spouses remain liable to the lender. In addition to the risk of the ex-spouse defaulting on the loan, the liability for that loan will remain on the other spouse's credit report making it difficult if not impossible to obtain financing for another home.
Divorce decrees are issued by the courts at the end of divorce proceedings and state the division of community property. However, your lender is not legally required to take any action as a result of your divorce agreement.
There are two ways to remove an ex-spouse from a loan: Release and refinance. A lender may release the ex-spouse from the loan. If presented with a divorce decree and a quitclaim deed, many lenders will remove the ex-spouse and leave the loan in the name of one spouse only.
Communicate responsibly
To reduce the incidence of conflict, try to avoid face-to-face meetings as much as possible. Communicating via email or text can help to take the heat out of personal exchanges. Try not to react to nasty messages straightaway.
Harassment can come in many forms, from verbal abuse to physical violence to stalking. Some of these acts are clearly illegal, while others might be illegal, such as verbal threats.
Malicious Parent Syndrome refers to situations in which a divorced or divorcing parent deliberately aims to harm the other parent. In some extreme cases, the offending parent may even mistreat their children to tarnish the reputation of the other parent.
However, you can petition the court to find your ex in contempt for failure to pay the mortgage as ordered by the court, and ask the court to order the sale of the property by auction if she fails to pay the mortgage up immediately.
Luckily, you don't have to refinance immediately after a divorce and divorcing couples sometimes reach other agreements that don't require refinancing at all. Keep in mind, in order to refinance, the spouse keeping the home will have to qualify for the new loan based on factors like their own income and credit score.
While the name on the mortgage can influence who is responsible for the debt, it doesn't necessarily dictate how the property is divided.
If the house is owned jointly after a divorce, and both former spouses are still paying the mortgage interest, then the deduction can still be split equally. If the house is in the name of only one ex-spouse, then only that individual has the right to claim the deduction.
Refinancing Before a Divorce
Since you are still legally married, no special conditions apply to the refinance, which makes it easier to remove one spouse from the loan. It also can make the divorce easier if you and your spouse decide how to split your assets, including your home, before initiating the legal process.
If for some reason you can't pay the mortgage, your ex could refuse to pay it, damaging both of your credit scores and making it harder for you both to qualify for another loan. It'll also be much more challenging to sell, gift or bequeath the home because your ex could claim some ownership of the property.
Yes. If one spouse is uncooperative, or if there is a threat that the house will be lost through foreclosure, you can request a judge to issue an order to start the sales process. Another reason to compel a sale is if you need funds to survive on during and after the divorce. This could include paying for legal fees.
One of the first reasons to avoid refinancing is that it takes too much time for you to recoup the new loan's closing costs. This time is known as the break-even period or the number of months to reach the point when you start saving. At the end of the break-even period, you fully offset the costs of refinancing.
Calculating the cost of a mortgage buyout
If you're buying out an ex-partner, you'll usually need to pay them half of the equity that you share in the home. However, things can get a bit more complicated if you've contributed very different amounts towards the deposit or mortgage repayments.
When the amount of the equity is calculated, you and your ex can figure out how to divide the equity. For example, if both of you were employed during the marriage and contributed equally to the mortgage you acquired after you were married, the equity would typically be split 50/50.
One easy way to keep the home without refinancing is through a mortgage assumption, where your lender allows you to transfer the mortgage to your name. Lenders are not required to grant mortgage assumptions, even if you and your former spouse agree to one.
Until the divorce is officially finalized, both spouses may still have shared financial obligations, but temporary agreements or court orders may determine the specific financial arrangements.
The answer to your question is “Yes”. You may sue your ex-husband for acts and omissions during the marriage and PERHAPS even after the marriage (or date of legal separation) which led to credit damage of your personal name. This type of case has been sued upon over and over again.
Refinancing after a divorce isn't required. Many couples decide that neither of them can afford the home and choose to sell it. Their lender might also allow the partner keeping the house to assume the mortgage, relieving the other partner from obligation.
Even if you are only short a minimal amount on your payment, the lender will not recognize that you've made a payment at all. Instead, one of two things will happen, they will either return your check to you or place the money into a "suspense account".
Don't abuse alcohol or drugs
Substance abuse is a major mark against a parent in a custody battle. When you're under the influence, you can't be the parent your child needs — especially if you're dependent on that substance to get through the day. Make responsible choices to show the court you're fit to parent.
Narcissistic Parental Alienation syndrome refers to the process of psychological manipulation of a child by a parent to show fear, disrespect, or hostility towards the other parent. Very often, the child can't provide logical reasoning for the difference in their behaviour towards both parents.