Mortgages after Divorce

I am writing this blog because it is very close to my heart. To quote Robin Williams,
"Ah yes, divorce, from the Latin word meaning to rip out a man's genitals through his wallet." Ouch! He couldn't be more correct. My divorce was just finalized last May, and I certainly felt as though some things were ripped out with it. I gave everything to the ex, my kids hate me, my credit stinks, and of course the mortgage biz is in the toilet. So, no house, no equity, no kids, no credit, and no money. That pretty sums up our "family law system". I hope the judge that did my case reads this. All in all some day again I will be on top again (at least that is what everybody keeps telling me). Now, believe it or not, there is life after divorce. There are two things you should know. If the ex doesn't refinance the house and take your name off of it, that is okay, as long as they supply you with 12 months cancelled checks showing they are making the payment, mortgage companies won't count that debt against you. For credit cards, the same thing goes, except all that you have to show is the divorce decree and we won't care about the debt. HOWEVER, there is one area we run into problems. Even though you have a divorce decree, if they stop making payments on the mortgage or the joint credit cards, the creditors don't care who is supposed to pay what. They will come after you. The creditors were not party to the divorce and you are liable. If the accounts go into collection, it will affect your credit and thus your ability to get it. My advice to you is put a time limit in the divorce decree of 2 years or less for the house to either refinance or sell the home, and require your ex to refinance their credit cards. Just some common sense tips to help you get a mortgage after divorce.