Divorce Mortgage Question: Loan not in my name NM?

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I am divorcing and am not on the mortgage loan b/c of bad credit I just signed that I am living there as a spouse. What is my committment after divorce? Or, how do I make sure I don’t have a committment after the divorce? He wants to keep the house, but needs my help to pay half the first year, to which I’ve agreed and plan on living in the other wing for one year. But I would like my “mortgage” payment to him to be considered rent and have any other mortgage comittment be gone. How do I make this happen and what legally should happen? Live in new mexico / community property state.

  1. Reply
    Miss Scarlett
    April 30, 2011 at 12:56 am

    Why don’t you ask your lawyer? Each state has very different laws, and I highly doubt you’re going to find someone on Y!A that knows NM laws well enough to give you a definitive answer. But if you aren’t on the loan, I doubt you have any financial obligation to it.

  2. Reply
    April 30, 2011 at 1:53 am

    Call the mortgage company. There may be a form you can sign to release yourself- that would be the best scenario.
    Good luck to you!

  3. Reply
    April 30, 2011 at 2:32 am

    I am in CA, community prop as well.

    There are two parts, the LOAN (what you owe) and the TITLE (what is recorded with your county) so most likely you are not on either (confirm this).

    If you want him to claim the mortgage income as rent income you need to 1099 him (like you would receive if you worked for someone and did not pay income tax) and he will have to claim the income, but he can write off the interest/prop tax/etc.

    If you are not on anything, I THINK you can walk away, BUT an attorney will do a free one hour consult, check your yellow pages.

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