What Happens To A Mortgage After Divorce

Performance Property Real Estate Question

Q: When my wife and I got divorced, she got the house. I just received a foreclosure notice–why would they send it to me? Eric, South Orange, NJ

A: The obligation that both previously married individuals had when they bought a property does not disappear regardless of what a divorce decree may say about ownership of a home. Previously married, working people often default on their jointly held mortgage after a divorce because their collective income which used to support one household now must support two households. Despite the fact that your wife is the sole owner of your previous marital residence, you unfortunately are still on the hook for the mortgage loan because you signed a promissory note promising to pay when the two of you purchased the house when you were married. Thanks for your question, Eric.

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