Could I be liable for Joint Mortgage Account after Ex-husband remarried?
The responsibility to co-handle the joint mortgages after the separation of the spouses through divorce has become a major issue faced by many people.
Most of the lenders are hesitant to let go-free the ex-spouses from the liability for joint loans and mortgages even after their legal divorce procedure. The divorce agreement clearly states that there will not be any responsibilities to be shouldered.
But the liability for joint loans and mortgages are not applicable for the exclusion of responsibility. The affected spouse is at the mercy of the lender to get relieved of this liability.
There are few options for getting off the liability for joint mortgage account. You can choose any one of them, whichever is applicable and suitable for your prevailing situation.
Sell the property:
When you feel that the liability for joint mortgage account after your ex-husband has remarried botheration, the best way to come out of the responsibility is to sell the property and share the outcome equally.
You need not be responsible for this anymore. In case one of the spouses finds it very sentimental to part with the property, there is no other way but to approach the lenders.
Explain to the lender:
Lenders of these days are more considerate when it is concerned with the divorced cases. So never hesitate to talk to your lender. If you speak to your lenders giving a detail description of your helpless situation, they may offer a temporary payment holiday.
You have to prove your plea to them so that they will understand your vulnerable circumstances. Only your lender has the privilege to liberate you from the liability for joint mortgage account after your ex-husband has remarried.
Transfer of mortgage:
In certain cases the mortgage can be transferred into of the spouse’s account. If this facility cannot be accessed, the only other possibility is to remortgage the property in one of the spouse’s account and so the other is relieved of the responsibility.
To avail this facility, the mortgage deal should be without any default in repayment charges or fee connected to the mortgage.
Opt for bankruptcy:
Most of the lenders are hesitant to let go-free the ex-spouses from the liability for joint loans and mortgages even after their legal divorce procedure. The divorce agreement clearly states that there will not be any responsibilities to be shouldered.
But the liability for joint loans and mortgages are not applicable for the exclusion of responsibility. The affected spouse is at the mercy of the lender to get relieved of this liability.
There are few options for getting off the liability for joint mortgage account. You can choose any one of them, whichever is applicable and suitable for your prevailing situation.
Sell the property:
When you feel that the liability for joint mortgage account after your ex-husband has remarried botheration, the best way to come out of the responsibility is to sell the property and share the outcome equally.
You need not be responsible for this anymore. In case one of the spouses finds it very sentimental to part with the property, there is no other way but to approach the lenders.
Explain to the lender:
Lenders of these days are more considerate when it is concerned with the divorced cases. So never hesitate to talk to your lender. If you speak to your lenders giving a detail description of your helpless situation, they may offer a temporary payment holiday.
You have to prove your plea to them so that they will understand your vulnerable circumstances. Only your lender has the privilege to liberate you from the liability for joint mortgage account after your ex-husband has remarried.
Transfer of mortgage:
In certain cases the mortgage can be transferred into of the spouse’s account. If this facility cannot be accessed, the only other possibility is to remortgage the property in one of the spouse’s account and so the other is relieved of the responsibility.
To avail this facility, the mortgage deal should be without any default in repayment charges or fee connected to the mortgage.
Opt for bankruptcy:
You can also file bankruptcy-chapter 7 to get relieved from the liability of the joint mortgage. This option may help you to remove only your liability but your name continues to remain on the joint mortgage loan with your ex-husband.
If your ex-husband is willing to finance the mortgage loan all by himself, it would be possible for the lender to remove your name from the loan deal and you would be set free.
But the bankruptcy chapter 7 involves many factors including your remarriage and all other accounts like your credit card accounts. Again it becomes a joint issue with complications.
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