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In my divorce settlement agree with my ex, the houses

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(together with the debts) went...
In my divorce settlement agree with my ex, the houses (together with the debts) went to her. But I'm still on the mortgage loans with her since she did not want to sell the houses, and her own income does not allow her to refinance the mortgages by herself. So in the foreseeable future, my name is ***** ***** the mortgages with her, but she's paying the monthly mortgages for all houses.What kind of liability and risks do I have? If she stops making mortgage payments and defaults on the loans, am I on the hook to pay the loans? Does the bank have the right to seize my own assets or my salary to pay for the mortgage loans of the houses that were assigned to her in the divorce?
Submitted: 9 months ago.Category: Real Estate Law
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Customer reply replied 9 months ago
Typo: "divorce settlement agree" should be "divorce settlement agreement".
Answered in 7 minutes by:
7/30/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 11,456
Experience: Licensed to practice before state and federal court
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Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

I’m sorry to hear about your situation. Unfortunately, if you are estill on the loan, then your creditworthiness is still at risk if she defaults on the loan. The bank would have the right to seize your assets or salary to pay for the mortgage. However, if there are assets that were assigned to her in the divorce, then they may attach a lien to those assets as well. Now, for any mortgage that you are not listed as a payor, then you will not have to worry. Therefore, if she has a mortgage with a home to which she was given in the divorce and you are not on the mortgage itself, then they would not come after you individually for any of your own assets or salary.

Follow up questions are free, so please feel free to ask away. You can also click here in the future to request me individually. If you don’t have any additional questions, were you satisfied with my service today?

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Customer reply replied 9 months ago
I understand the risks to my credit record. For other risks, I thought the mortgage loan is secured by the property as the collateral and the bank would take over the property to pay off the mortgage loan, instead of going after the mortgage holders personally. Currently, the properties are worth more than the loans.
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

I'm sorry for the delay. Yes, the loan is secured by the property, and if the property is worth more than the loan, then you should be okay. Otherwise, they may go after you personally if they can't satisfy it.

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Customer reply replied 9 months ago
That's good to know. I really want to get my name off the loan. What's the best approach to get her to get the loan to herself? She is not a calm and reasonable person to deal with, and has no incentive to do anything for my benefit.
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

Great question. The best approach is to either a) refinance in her name (i know you said this may not be possible) or b) pay off the loan yourself so you can maintain ownership in the home. Did you have any other questions for me?

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Customer reply replied 9 months ago
Option b may not work, since the properties are assigned to her in the divorce settlement. Even if I have the money to pay off the loans, I won't get any share of ownership in these properties assigned to her ownership.
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

I see what you mean. The best option would probably be option A. You could still pay off the loan to eliminate the mortgage, even if you don't have ownership though.

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Customer reply replied 9 months ago
Thanks for resolving this question, even though there's no easy solution. A related question:
Customer reply replied 9 months ago
If I remarry, I'd like to set up a financial / legal arrangement with my new wife, so that my new wife's asset will be protected if my ex goes after my asset (i.e., in the worst case, only my asset gained from the divorce and after divorce is at risk, not my new wife's assets gained before and after marrying me). Is such a legal arrangement possible?
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

that's a good question. If your new wife has property that she brings with her to the marriage, then that property would be Exempted from anything regarding your previous marriage anyway. However, you could still sign an agreement with your new wife that says that her property will be excluded from any issues regarding the previous marriage. The only thing that you and her would have to be concerned about is any property that you obtained during the course of your marriage. At that point, even though she would be part owner of the property, because it is property that you own too and it could be attached to any action related to your old marriage. Does that make any sense?

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Customer reply replied 9 months ago
makes sense. What about the non-real property assets my new wife gains during our marriage in her own name, e.g., her stock options?
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

if it's in her own name, then that'll maintain its separate property characteristics and be free from any attachments:-)

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Customer reply replied 9 months ago
That's great! Thanks!
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

You bet!

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Customer reply replied 9 months ago
My new wife feels that it is important that we set up an agreement or legal arrangement to shield her from my liability from my ex, can you help is set up something? Are you based in the SF Bay Area?
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

I'm actually down in San Diego, but I can still assist. Let me send you a premium service offer (just $5) so we can communicate offline.

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Customer reply replied 9 months ago
Sure. We could get on the phone with my wife to discuss how we can work on this.
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

Great. All you have to do is accept my offer and we can exchange information and set up a phone appointment.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

Hello, it’s been awhile since we connected so I wanted to check in with you to see if you had any further questions or if there is anything else I can assist you with today. Please reply here and let me know. Thank you.

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