Title
REM #F787
By Ilyce R. Glink
Summary: A divorced man writes that his name remains on the title of a home he owns with his ex-wife but she can’t afford the mortgage. Ilyce asks why his ex-wife did not buy him out and remove him from the title.
Q: My ex-wife and I own property in Florida. She is the sole person on the mortgage but I am also on the title.
She is struggling with paying the mortgage each month. What are my options? Please, help me with this one.
A: Why are you still on the title if she is the sole person on the mortgage?
Was she unable to afford to give you your share of the property when you divorced?
If the property was paid off or nearly paid off when you two were together,
you might have been better off taking back the mortgage yourself and allowing
her to pay you each month. You could have secured the mortgage with a first
lien on the property.
Now, if she defaults on the mortgage, your share of the property could be at
risk. While you're not liable for the financial end, if the bank forecloses
and sells the property at a discount, your equity could evaporate.
You and your ex-wife should sit down and discuss the situation. If you can afford
to pay for the mortgage, you may want to do that until your ex-wife can sell
the property and find something more affordable.
NOTE: Ilyce R. Glink's latest ebooks are "Credit Scoring Secrets" and "How to Find a Great Real Estate Agent," which are available at her website, www.thinkglink.com.If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. You can also write to Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact her through her website, www.thinkglink.com © 2007 by Ilyce R. Glink. Distributed by Tribune Media Services
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