Can I walk away without financial or credit implications if I am not on the loan docs in Colorado?
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Can I walk away without financial or credit implications if I am not on the loan docs in Colorado?
My ex and I bought a home for me and my young children to live in. He helped because I was a SAHM without income. I am on the title but not on the loan. He is threatening to put the house up for sale since he does not want financial obligation and I cannot refinance in my name as of yet. We obviously need a place to live – Can I walk away and find my family and I a place to rent without financial or credit implications? What are my obligations (if any) if my name is on the title but not the loan?
Asked on May 15, 2009 under Real Estate Law, Colorado
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
There are no credit issues if you are only on he title as that has nothing to do with your obligations under the loan with the bank. Are you a 1/2 interest owner of the house? If you are, you should be entitled to 50% of the proceeds. You can move to another house with your family and not worry about credit issues. You also want to make sure than you are going to get 50% of the house proceeds. I would hire a lawyer and explain this to him/her. Nevertheless, to answer your question, you should not have credit issues here.
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