Do I have to pay half the mortgage if I move out?

Do I have to pay half the mortgage if I move out?

You’re equally liable for the mortgage, even if the loan is based on one party’s income or one of you moves out. Your lender can pursue both of you either jointly or individually for the payment – plus any costs, legal fees or loss made upon any possible repossession.

Can my ex force me to pay half the mortgage?

Yes, your ex will have to pay half of the mortgage if they are listed on the mortgage as you will be both equally liable to the mortgage lender and in the case of the mortgage being defaulted then the mortgage lender will come after the both of you for the mortgage balance plus any costs.

What happens to the mortgage if we split up?

Many couples who have a joint mortgage and who split up, usually try and separate the mortgage so only one partner has their name on it. The partner whose name is taken off the mortgage should be able to borrow more to buy themselves a home than if their name was still on their ex-partner’s mortgage.

What happens if my ex stops paying the mortgage?

If you stop paying your mortgage repayments in full then your home could be repossessed by your mortgage lender. The other implications are that your credit score could be negatively affected that will have an impact on any future mortgage application, mobile phone contract or loan approval.

Can a joint mortgage be transferred to one person?

The process of moving from a joint mortgage to a sole name mortgage is commonly known as a ‘transfer of equity’. “If partners agree and the lender is agreeable there is a process called transfer of equity in which one of the partner’s rights and obligations as owners and mortgagors is transferred to the other.

Can I sue my ex husband for damaging my credit?

Bottom line– no. There is no such tort as intentional ruining credit. Your family law attorney should have explained to you that an allocation of a community debt to one spouse does not change the liability for that debt to the creditor.

When your ex does not comply with your divorce decree?

If your spouse fails to abide by the divorce decree after your divorce is final, you could wind up without your rightful properties, child support funds, or alimony payments. Not only is this inconvenient and frustrating, but it could lead to serious financial hardship or issues with your children.

What happens if I don’t pay my divorce settlement?

If your ex fails to pay child or spousal support he/she can be held in contempt and even thrown into jail. When it comes to paying debts, though, a judge can’t throw someone in jail for failure to do what they were ordered to do.