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Who is responsible for a joint home loan if the divorce decree designates one party to take ownership and after that person fails to do so the property is foreclosed? |
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Answer
Terms of a divorce decree are not legally binding for any lender.
If both names remained on the mortgage at the time of foreclosure then both parties are responsible for any deficit and penalties that might be assessed in relation to the join debt.
First answer by Macky. Last edit by Macky. Contributor trust: 3209 [recommend contributor]. Question popularity: 7 [recommend question]
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Joint mortgage ownership in texas divorce? What happens if both names are on a home loan the divorce settlement states one party will take ownership does not and then forecloses Whose liable? What were the customs regarding marriage divorce dating and ownership of property?
