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Does hold a hold harmless agreement re Mortgage and HELC make the other party (ex spouse and guardesponsible for payment for bot

New York, NY |
Filed under: Divorce decree

Does hold a hold harmless agreement re Mortgage and HELC make the other party responsible for payment for joint mortgage and HELC loans once the settlement amt has been paid to bank by first party in divorce? If the guardian (ex is incompetent) fails to make payments and house (where ex lives) is foreclosed upon, how can my credit be protected? (does hold a hold harmless agreement re mortgage and heloc make the other party responsible for payment for joint mortgage and heloc loans once the settlement amt has been paid to bank by first party in divorce? if the guardian (ex is incompetent) fails to make payments and house (where ex lives) is foreclosed upon, how can my credit be protected?) . The house title as part of divorce was changed to guardian now, was supposed to go to ex.

Attorney Answers 4


  1. Best answer

    If the settlement agreement indicates that your spouse is responsible for those debts and he is to hold you harmless from those payments, if he defaults on those payments, your credit will reflect the failure to pay. The lender, is a third party and they have not relieved you of any responsibility from that debt. Your recourse would be to filed a motion for enforcement/contempt and request an award of counsel fees and any other damages resulting from his breach.


  2. Yes, it makes the other party responsible. No, it doesn't do anything for your credit if they fail. The divorce settlement is ineffective as to creditors of the couple...it merely gives you a right of recovery from the other party.

    Under the rules governing the conduct of attorneys in New York it may be necessary to remind you that this answer could be considered attorney advertising.


  3. Responsible to you, but a hold harmless does nothing to get you out from under the mortgage and responsibility to the bank. If there's a default the bank can still sue you.

    I am not your attorney and any posts/messages or responses to posts/messages can not establish an attorney-client relationship. www.PatchogueAttorney.com You should not rely upon free legal advice and I disclaim any liability for the results if you do.


  4. Your agreement with your ex is binding on you and your ex. It does not change any of your legal obligations to third parties. So, if your ex was to pay the mortgage and HELOC and did not, the bank can seek payment from you and your credit can be impacted. Your recourse will be to sue your ex and/or the guardian on the hold harmless obligation in the agreement. That may not help in the short run with your credit.

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