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    hjkiutyu's Avatar
    hjkiutyu Posts: 3, Reputation: 1
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    #1

    Jun 9, 2008, 12:20 PM
    Debt and divorce
    My ex husband and I took out a 2nd mortgage in 2000. We have since divorced (2002) and the house went into foreclosure from him. I was recently contacted in regards to the balance on the second mortgage and how they were going to collect it. What is the worst case scenario if I don't pay? Won't they just write it off? I am remarried--does this affect him and our new house (in his name?)
    charlotte234s's Avatar
    charlotte234s Posts: 1,903, Reputation: 143
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    #2

    Jun 9, 2008, 12:22 PM
    If the house is in his name it will not affect the house, but it can affect YOUR credit.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jun 9, 2008, 12:25 PM
    This seems to be a common misconception. Writeoffs have NOTHING to do with your obligation to pay. The loan may have already been written off, but that has no affect on you. As a signer of that loan, you are obligated to pay. The creditor can then get a judgement against you and attech any assets in your name even as a partial owner of the asset..
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #4

    Jun 9, 2008, 12:29 PM
    Just curious: what does your divorce decree/property settlement say about payment of the note secured by the second mortgage?
    hjkiutyu's Avatar
    hjkiutyu Posts: 3, Reputation: 1
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    #5

    Jun 9, 2008, 12:43 PM
    So my best bet is to take the settlement and pay it?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #6

    Jun 9, 2008, 01:30 PM
    Quote Originally Posted by hjkiutyu
    So my best bet is to take the settlement and pay it?
    Of what settlement are you describing?
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