What happens when you divorce and you own a home together?

What happens when you divorce and you own a home together?

In most cases, you and your spouse have owned the house jointly, and you owe money on the mortgage jointly. Usually one of you will be moving out, and the other will plan to stay in the house and continue making the payments.

Can an ex spouse enter your home?

Property rights: where both parties are on the lease or title. In either of these situations, if one partner attempts to exclude their spouse who has a right of occupancy, the excluded spouse may lawfully have the locks cut off or changed so that they can enter the residence.

Can spouse stay on mortgage after divorce?

You may be wondering can you hold a shared home loan account after divorce? After all, surely paying the loan repayments back equally would be the simplest option. Yes, it is indeed possible to take out a joint mortgage and both remain liable for the debt until it is paid off.

Can I get an FHA loan after divorce?

If you’re getting a government-backed loan (FHA, USDA, VA), your spouse’s debts are included in your DTI. This also doesn’t apply to conventional loans. Depending on the situation, it could be much easier to wait until after the divorce if it makes sense and you have concerns about the other person’s credit.

What happens if my husband stops paying the mortgage?

Not paying your mortgage will affect your ex-partner’s credit file in the same way it’ll affect yours. You’ll both go into arrears which will make it harder for either of you to obtain a mortgage in the future.

What happens if my ex stops paying the mortgage?

If you stop making the mortgage payments as a result of a relationship break-up, your lender will hold both of you liable and can pursue both of you for any arrears. The fact that one of you may have continued to pay ‘their’ share of the mortgage does not affect this principle.