Paying Mortgage During Separation
REM #F759
By Ilyce R. Glink
Summary: A ThinkGlink reader is separated from his wife and is unable to cover the mortgage payment. Ilyce explains why both the reader and his soon to be ex-wife need to get together and sell the home or face a dip in their credit scores.
Q: My wife and I married on November 17, 2006. We bought our home at the end
of that month. We moved into the house in January and lived there together for
about 5 months.
We’ve been separated since May, and now no one lives in the house. It’s clear that we’re going to divorce. I can come up with my half of the mortgage payment, but my wife is not being cooperative.
She is on the deed and the mortgage. What can I do to protect my credit?
A: It’s unfortunate that after just a few months of what was apparently not-such-wedded bliss, you find yourself with a property that neither of you can afford.
You need to find a way to convince your wife to participate in fixing this problem. Both of you need to get together and work on selling the property, or you have to figure out a way to bring in more income so that the property is affordable with one income.
If she won’t sell (and the threat of ruining her own credit isn’t enough to make her see straight), then you need to find a second or third job on a temporary basis until the property is sold or she comes to her senses. Otherwise, both your credit history and hers will suffer.
Another option will be to work with your divorce attorney to settle the matter
of the house along with all of your other financial and legal matters.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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