can I get information on a second mortgage loan that is not in my name, but I hold the deed on the property?
Monday, 5. July 2010
When I was married my husband took a second mortage on the house. We are now divorced and I was awarded the house but with both mortgages. The bank holding the note for the second mortgage will not send me a payment book because my name is not on the loan. Any advice?
I should add that I have continued to make payments adding the account number to my checks.
Christian93 Says:
HoneySuite gives good advice. What I don’t understand is how the 2nd mortgage got put in just your husband’s name. Banks (and possibly federal laws) require federally insured mortgages to be in the name of both spouses. I would question the legality of the loan officer who approved this loan without your signature. You may want to look into getting an attorney, you may not even have to pay it back if it was done illegally.
HoneySuite Says:
Take the divorce decree, settlement agreement detailing the mortgage arrangement, and new deed to the bank. They may not let your husband off the hook for the mortgage, but they will make the proper arrangements for you to be able to pay it since he won’t be. You need to do this right away before the mortgage falls into default.
Alternatively, if he will, have your husband send you the payment booklet and just pay it. It doesn’t really matter that the loan is in his name. It is secured by the property and that is your concern.