Can you still remain a co-borrower in a mortgage with your ex spouse and your credit not be affected?

Question by Deblynn: Can you still remain a co-borrower in a mortgage with your ex spouse and your credit not be affected?
The divorce settlement between these people allowed one spouse to keep their house, however the person is unable to refinance at this moment due to their current income. The spouse that left the home agreed to remain on the mortgage until the ex is able to refinance on her own. The spouse that left is in a relationship and would like to get married and buy a home with the new spouse. How would this affect the ability of the new couple to borrow money for a new home?
The spouse that is keeping the house is a credit counselor and told the ex that she would draft a document to “release” him from the responsiblity of the mortgage and that she would assist him in ensuring his credit is in proper condition for the purchase of his next home. I don’t think this will fly with any creditor and seems fishy to me, however he bought it and my concern is that will a have a huge impact in our ability to borrow money when we purchase a home together. I also don’t know once we are married, if in the case of default by the ex and they go after him, they can also go after me for collection. The home we will buy will be mostly bought with my divorce settlement which is 1/2 of the equity of my previous home with my ex.

Best answer:

Answer by marlita
Co-borrower = Co-debts, as with a co-signer. It is considered your responsibility until paid just as much as the other persons. It doesn’t matter who if anybody is living in the house. It coukld be empty or occupied by a renter.

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