Foreclosure And Divorce
First Issue in foreclosure and divorces: who is the borrower? In NY, a divorced couple whose real estate is in foreclosure has to first determine whether the debt owed on a NY mortgage is solely the responsibility of one spouse or if both parties are jointly responsible for the loan balance. If either party is deemed solely liable for a portion of the loan, that party will be ordered to pay the balance of the loan plus interest by the NY courts. If the balance of the loan is evenly divided between the parties, an order of foreclosure is filed by the court. If the parties share the liability for a portion of the loan, an order of foreclosure and divorce can be filed.
by Gwen Johnson on 2021-01-21 09:10:02