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Posted by kimberly Ann Kubalek on April 30, 2002 at 03:04:33:
Ok, someone please educate me!
My sister's ex purchased a home as a single man prior to divorce then after the divorce, signed the title over to her as the majority part of her settlement. Now, just a year after the divorce, we find out that the house is encumbered by tax liens (state income) which he incurred during their marraige and promised to take responsibilty for and cure solely as part of his responsibly in the divorce.
So, HE has the 180k mortgage, SHE has the title. He convinced her that the "equity" that she would have right away (Mr. Real Estate shyster says he got a great deal and assured her that she should see around 20k). Well, now she just wants OUT of this whole ordeal. Should she/can she sell? Is she responsible for the mortgage? If the mortgage company learns that he lied on the mortgage application and 1) was married at the time and 2) never intended to live in the house at all--she is terrified that they will forclose the loan (her ex put her through bankruptcy and they even had a HUGE forclosure less than 4 years ago--she knows she'd never qualify to take over the mortgage). CAN they forclose on the house even if the title is now in her name?? Will she will lose the house and her entire divorce "settlement?"
What should she do??? Please help!!
