“Sometimes the regulations just SUCK”

“Sometimes the regulations just SUCK”

Hello Eric,

Good Afternoon, see email from Joe. Per his email, I have to wait 3 or 5 years before I can buy a place for the kids and me. This is so disheartening.

I thought once the divorce was complete, I would be done with my ex, but not the case. Is there anything you can do?

Divorce isn’t easy. It can be very tough when there is real estate holdings involved. In this situation the wife deeded her interest in three properties and the divorce decree indicated that it “holds her harmless” as to the debt (the mortgage). There is only one problem with these “hold harmless” clauses, the note holder didn’t agree to the agreement.

Unfortunately, one of the properties went into default for non-payment of the mortgage and that will show up on her credit report and it will continue to report, really hurting the credit scores. The mortgage is now 180 days late and viewed as in foreclosure even if the formal action has not gotten started.

This person was not even aware that all this was going on and the mortgage is now in default and she cannot obtain a mortgage to purchase a home for her family.