Can a person back out of a mortgage that they agreed to pay in a divorce?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a person back out of a mortgage that they agreed to pay in a divorce?
My boyfriend agreed to pay all bills on a house he and his ex own, including mortgage, until the house is sold. He would incur all losses or they would split the profit from the sale. They’re upside down on the mortgage and doubt the house will ever sell at this point. Finances have changed and he’d like to let the bank take the house but doesn’t want to be sued by his ex. What are his options?
Asked on March 6, 2012 under Family Law, New Mexico
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
He needs to get help from an attorney about modifying the agreement or asking the court to set aside that portion of the agreement due to a change in the finncial climate and circumstances with regard to the house. He should also speak with the attorney about negotiating a deed in lieu of foreclosure with a waiver of deficiency. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.