Hi:

I just have a quick question for you all. We live in Florida. My ex and I bought a house while we were married. Later we separated, and we got a divorce. He left town for the proceeding so nothing was decided on who was keeping the house. (When he came back I told him that I would not sue for child support in order for him to able to pay the mortgage). I am not in the mortgage, I am only in the deed of the property. Now he is behind payments and is telling me that if I don't help him, the house will go to foreclosure and my credit will be ruined along with his, because it was a debt we acquired while married.

Is that true? This guy was financially abusive while married, and does not help me financially with our 4 year old, eventually I would like to be able to buy at least a two bedroom apartment.

Thanks for all your help.

Dorys M

Hello Dorys:

No, even though you are married, you both maintain your individual credit files. You need to keep an eye on it though, because a bank might try to collect from you anyway.

excon

Is Florida a joint property state?

No it is not.

OK, then excon is correct. Whatever you obtain during a marriage is yours. If your not on the mortgage, then the mortgage would be his responsibility. If you are on title, that may be a different story. You may want to call a real estate attorney and ask.

I am on the title of the property only.

Thanks so much for helping me out. Deed and title is not the same?

Hello again, Dory:

Most banks won't enter into a lending situation like yours for the very reasons you present.

When a bank loans money on a house, they want ALL the owners on the loan. Because, if they have to foreclose, they want to be able to TAKE the house and sell it without any problems. IF there's an owner (you) who isn't on the loan, the bank is going to have a hard time foreclosing on you, and take your house, because you didn't default on the loan.

Banks aren't stupid. Therefore, it would be surprising to me if your bank made such an arrangement. So, before you take anything we say here as gospel, check into what I'm saying. I'd consult with a real estate attorney. An hour will cost a couple hundred bucks. I think it will be money WELL invested.

excon

You are not on the mortgage so you are not on the obligation and the bank should not have ANY credit information on you at all. Ex-husband's credit will be ruined.

Now, if you are in a position to pay the mortgage; then ask that EX quit claim any equity to YOU and you pay the mortgage and the property EQUITY will be yours and the mortgage obligation will remain in his name... that's the offer you should make.