Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House
Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House and The Other Gets The Mortgage
When the divorce agreement awards the house to one spouse and the mortgage obligation to another, this could spell great peril. The spouse in the house often doesn’t know if the “mortgage spouse” stopped making the payments.
The billing address usually gets changed to the mortgage spouse’s new address. The spouse in the house does not get any late notices about non-payments until it’s too late.
Even though the house spouse can claim that the mortgage spouse is in contempt of the agreement, the damage is already done. The back payments and legal fees often make it too hard to catch up and cure the arrearage.
The house is now headed to short sale or foreclosure. Foreclosure often leads to bankruptcy.
So what should be done if you are a spouse that got the house?
- You still have the right to call the lender every month to confirm the payment was made.
- You have the ability to check the payment history online.
- You may also call your lender to determine what other early alert systems they have. Can they email you late notices? Can they mail you duplicate billing statement copies?
You don’t want to be totally blindsided about the arrearage when the sheriff knocks on your door to serve you with an unexpected foreclosure lawsuit.
Dave Halpern, Realtor
Dave Halpern Real Estate Group
Keller Williams Realty Louisville East
Cell (502) 664-7827
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