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Mortgage Default?

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hobochef

Junior Member
What is the name of your state?new jersey

I am living seperate from my wife for almost two years now. We want to refinance the house to help her save money so she does not have to move out of the house. I have to be involved because she does not make enough money to qualify, and we are technically still married. I have to sign a document stating that it is my intent to occupy the house as my primary residence for at least one year, but I have not lived there for the past 2 years, and I do not have any intention of living there. We are amicable, and want to do this so the kids do not have to be uprooted. The mortgage company nor the underwriter are aware of our situation, as far as they are concerned, I am still living there. We would like to get the divorce finalized within the next few months. I am concerned that when the divorce is final, we will be forced to sell the house by the bank because we were not 100% truthful on the application How will this affect the mortgage? Will it default? Will the bank be notified of our divorce? Any info would be appreciated.
 


LdiJ

Senior Member
hobochef said:
What is the name of your state?new jersey

I am living seperate from my wife for almost two years now. We want to refinance the house to help her save money so she does not have to move out of the house. I have to be involved because she does not make enough money to qualify, and we are technically still married. I have to sign a document stating that it is my intent to occupy the house as my primary residence for at least one year, but I have not lived there for the past 2 years, and I do not have any intention of living there. We are amicable, and want to do this so the kids do not have to be uprooted. The mortgage company nor the underwriter are aware of our situation, as far as they are concerned, I am still living there. We would like to get the divorce finalized within the next few months. I am concerned that when the divorce is final, we will be forced to sell the house by the bank because we were not 100% truthful on the application How will this affect the mortgage? Will it default? Will the bank be notified of our divorce? Any info would be appreciated.
Reality check here.....

Unless you are prepared to have your credit tied up for the next XXX years this really isn't the way to go. It would be wiser to either sell the house or have the party keeping the house refinance and buy they other one out.

The bank cannot force you to sell the house if the payments are being made on time....nor would they even care to do so. The bank won't be notified of your divorce unless one of you informs them.
 

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