Unhappily Ever After: Who Gets the Mortgage After a Divorce?

Dec. 17, 2014 — Breaking up may be hard to do. But what happens when a marriage is torn asunder, one of you wants to keep the condo, and the mortgage is in both your names? Well, transferring that loan to your name only may be even harder. This week, Brickunderground.com's Ask an Expert column tries to untangle the issue. Because the bank based its decision on the mortgage on two incomes, two credit scores, and two of everything, explains Brickunderground.com, it may not agree to transfer the loan to just the one person. Doesn't mean it's not worth a try, but the Brickunderground.com experts warn people in this situation to expect to have to qualify all on their own. Those who have an income that satisfies the bank's terms will probably get sole custody of the mortgage. Those who don't may be in for a "Kramer vs. Kramer" scenario, in which case a judge would have the final say on who gets the condo (and the mortgage) in the end.