Divorce decree and a 1st and 2nd mortgage?

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Getting a divorce. This is non-contested. My husband lives in our house currently, but he has defaulted on the loan. He is supposed to currently be paying the 1st mortgage, and I’m paying the 2nd. Because the house is in default, does it matter what the divorce decree says?

I’ve been told that regardless of what the decree says, the banks are going to come after the both of us. He can’t buy me out and I can’t buy him out.

Does it make a difference what the decree says to the banks? I don’t want to quit claim my responsibilities on the first, and then he walk away free and clear, and me be 100% responsible for the 2nd because it’s listed as such in the decree.

Any assistance would be helpful on wording it properly in the decree.

  1. Reply
    May 2, 2011 at 5:21 am

    I work in finance, but not in home loans. However, when we have customers defaulting on one of their loans here, no matter what the decree says, somebody is paying or we are reposessing.

    The decrees are worthless to the finance companys. You are both still obligated to pay the loan as agreed when you signed.

  2. Reply
    craig b
    May 2, 2011 at 6:07 am

    First, the bank doesn’t care about your personal problems. They want the loans paid! Decree or no decree, they will do EXACTLY what they said they would do when the loan defaults. They will go after everyone and anyone that is on that note. This is called “boundaries”.
    The decree will not save you anything. This has NOTHING to do with your divorce!

    Second, you are asking a financially deep question and a legal one at that and you’re staking $ thousands if not hundreds of $ thousands on a few words.
    You are moving into a LAW SUIT whether you like it or not. Why do you not think it proper to get legal advice (and financial advice) for what is going to be with you for the rest of your life?

    Your husband said he would do certain things which he has now failed to do. Which btw, is this not the entire purpose of marriage in the first place? To do all those things you BOTH said you would do in this marriage and have failed to do? This entire property thing is the mirror image of your marriage. Pack it in and move on to the next failure(s) you will surely create.
    You currently know nothing (which is why you’re on here) and don’t even think it wise to get PROFESSIONAL advice.


  3. Reply
    May 2, 2011 at 6:27 am

    The mortgage contract with the bank must be honored by whomever signed it, regardless of what is written in your divorce decree.

    If he can’t/won’t make payment, sell it.

    You really should be discussing this with your lawyer.

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