Second Mortgage

There are times when you and your partner decide to go your own ways.

Suppose you getting a divorce and you are left to solely pay for the mortgage through your account. So you sign the Open End Mortgage documents and your name will get listed on the Assignment of Mortgage but the title is only on your partner’s name.

Suddenly you discover that you are not on the mortgage and your partner has been getting credit for your payments. And they have not reported on your credit report since your first payment.

If when you took the mortgage out it was sole in your ex’s name then that would be the reason. Unfortunately the mortgage company isn’t really bothered who’s paying as long as it is. The rest of the documents with your name on are good as this will mean if the property is ever sold you do have a share.

If you and your ex are getting on o.k. then talk to him or her about getting your name onto the mortgage, or even taking a mortgage out yourself to buy his or her proportion out, if you have been paying the mortgage for the last couple of years then you should be o.k. to buy him or her out. Or at least buy the debit from him or her.

Moreover, for someone to give really accurate advice they would need to see the same documents you are looking at. An attorney would be a good idea as they will also know the laws.

It could be that the wrong entries were made in the system at some point in the past. The lender can correct some of this though there are limited chances that they can go back multiple years and adjust two credit reports.

Your checking account records can be used as verification. Not as good as having the right entries on your credit report.

As you are getting a divorce this is also a natural time to get the court to stamp any agreements that document what has been taking place or to seek some sort of adjustment. Maybe your soon to be ex can be made to help if he or she has been benefiting.

Now is the time to work through the details, investigate what the options are and what impact the prior mistake has caused. Then get it settled and approved by the court.