Question
Signed for a loan with ex's mom?
In 1992 my mother in law and husband whom I've since divorced could not qualify for an SBA loan for monies she wanted to repair her property. I could qualify with my income & credit, so I signed for the loan along with her. The loan company put me on the 'deed of trust' but failed to put me on the actualy 'deed'.She has since died and my ex now owns the land and chronically makes late payments,even let it go into default a few times,, and this is all on my credit! I would sell the land to pay the loan if I could,but as previously mentioned, the originationg loan company ( it's now with another) failed to put me on the deed. What can I do? I almost feel my ex is doing this out of spite. He was physically abusive and could not hold down a job.Thank-you.
2 months ago - 1 answers
Best Answer
Chosen by Asker
Lawyer. Do not pass GO. Do not collect $200. Next stop... lawyer, well versed in real estate. If you are on the loan but not the property and you SHOULD be, then it is time to get the court involved to get your half share of the equity gained in the property. During the time you were married, you gained equity in the form of community property, and you are OWED that equity. From what you say, when you divorced, that equity was NOT part of the settlement agreement, and it SHOULD have been. Yes, your credit is going to be hurt for as long as your name is on the documents. Live with it. Maybe later, you can get it all fixed after the fact. I was married and then divorced. After the divorce, my ex filed bankruptcy and I was denied credit because HER stuff was in MY credit. I was contacted a year or so later by a lawyer with a class action suit to get the credit companies to exclude exactly that kind of mistake which happened to ME, my damaged credit AFTER a divorce by the ex. It all got fixed for ME but for you, YOU are STILL on the loan, so married or NOT, it counts against YOUR credit! What you are after, and what you need a lawyer FOR, is to get your name OFF the loan and get your half of the earned equity from when you WERE married. And THEN you can work on getting your credit fixed.
by rowlfe
2 months ago
Asker's Rating: 