Often in divorce settlements and in final orders decided by a judge, one party is awarded the marital residence. The party awarded the marital residence will also be liable for the mortgage associated with that house. But what happens if the mortgage doesn't get paid? One way you can be protected, is to have the spouse who is awarded the house and the debt associated with the property sign a Deed to Secure Assumption. A Deed to Secure Assumption is a document where the spouse who received the property promises to pay the debt on that property. If the party who retains the house fails to pay, there are remedies for the party who did not keep the house.
However, a Deed to Secure Assumption has its limitations. It will not protect you if your ex spouse pays the mortgage consistently late. This would be a situation where you could get bad credit.
If you have questions regarding deeds, schedule a strategy session with Anita K. Cutrer The first 30 minutes of this strategy session is free.
Jenny Hills Reply
Posted Sep 04, 2019 at 03:55:12
The dissolution of my marriage is a really stressful and highly emotional event for me. And I really needed help to hire an attorney for my divorce process. Thank you for sharing these helpful tips. I also read an article from https://www.williamstrachanfamilylaw.com/ about divorce and I hope it can add knowledge to my fellow is undergoing divorce.
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