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Contingent mortgage liability

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tera Joined: 05 Jul 2011 Posts: 2 1.45 Dollars($)	Posted: Tue Jul 05, 2011 1:03 pm    Post subject: Contingent mortgage liability Like 0 Dislike 0 Is there any law in Florida that prevents a lender from counting a contingent mortgage liability against a borrower. In other words, I am divorced and my ex-spouse retained the home and the mortgage payment. The dissolution decree states my ex-spouse is responsible for the mortgage debt; not me. Is this sufficent to prevent a lender from charging that mtg payment against me in qualification? The property is located in Florida, so I want to know if FL protects a homebuyer from this type of liability being used in their qualifying ratios.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue Jul 05, 2011 2:06 pm    Post subject: Like 0 Dislike 0 If you are on the loan, there is no court order that can eliminate the repayment agreement you signed with the bank. There are two ways off a home loan, sell or refinance. If you want to be protected from future judgements from creditors, you should have the X refi the property in his name. Removing your self from title or having a divorce decree will not change the fact that the bank is entitled to repayment or foreclosure. Call your lender and see if you can refinance. Good luck! _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
tera Joined: 05 Jul 2011 Posts: 2 1.45 Dollars($)	Posted: Tue Jul 05, 2011 2:12 pm    Post subject: Like 0 Dislike 0 Thank you for your reply

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