Your divorce agreement or judgment needs to spell out what happens to the house. Ownership is separate from the note. Generally one ex quit claims ownership to the other. But both would remain legally obligated to pay on the note, assuming both signed, if it is not refinanced. This would be true even if your divorce agreement says that one spouse would be making payments. If the one defaults, the bank could sue the other if foreclosure didn't cover the amount due.
Statistics: Posted by bberris — Thu Jul 11, 2024 5:36 am