I don’t know if this is the right place to ask this, but here it goes.
I am in the middle of divorce. Separation papers will be signed second half of June and I and kids are moving out of the house end June beginning of July. STBX got layed off from his job back in March. He got 9 weeks severance pay which ends next Monday. We cannot afford the mortgage on my pay alone. So this month, April, we did not send in the mortgage payment. Mortgage is in his name only and does not show up on my credit report. I am, however, on the deed to the house.
He is talking to the bank about putting mortgage in deferment. Bank is going through our joint bank account and is saying that even if I’m not on the mortgage, since I am contributing to the household (i.e. my paychecks are direct deposited into the joint account), they will not put mortgage in deferment. I told him to keep me out of this and his discussions with the bank, but I don't thing it is entirely possible.
Right now there are no money in the joint bank account, only the bare minimum to pay utility bills and for food, etc. So that is all the mortage bank sees, but they also see my pay going in. We have $50K in a bank account that is in different bank and my name only and is not showing on up on the mortgage bank inquires. This $50K is supposed to be split 50/50 upon separation and we each walk away with $25K.
At this point I am not willing to use this money to pay the mortgage for several reasons. One, this is the most, actually the only, savings we’ve ever had in our 16 years of marriage. It took me over a year to put together and is my safety net to move out and get myself and my kids settled. He is extremely bad with money and this is one of the reasons why we are divorcing. Two, he got layed off from his job back in March 2014. The company hasn’t been doing well for a long time. I’ve been telling him for at least 3 years before that that he needs to look for something else. When he got layed off last year, they kept him for another 4 weeks on consulting basis to go through transition, but offered him his job back after 3 weeks because they realized they were too short on people. Last year he started looking for new job right after layoff, but when he got rehired he said that now he will have time to calmly look for a new job. That was the last thing he said and hasn’t touched his resume till this March when he got layed off again for good. To say that I am little angry is an understatement.
I need to make it through the end of June till the school year ends. But there will be no mortgage June payment either. He is actively looking for a job since March, has interviews almost every week, sometimes two a week but so far nothing.
The way this all affects me is that he won’t be paying me child support as she should. He will not be contributing his half to our medical insurance premiums which are high since it is a high deductible plan, plus there other children related expenses that he is reponsible for half but obvously will not be paying, and now this craziness with the mortgage. He put his student loan in deferment as well, but I don’t care about that.
Anyway, I don’t know what to do about this mortgage. I am leaning towards keeping two month of mortgage payments left in that separate bank account after we divide everything else just in case we have to pay it and I have to contribute to it. I am also very concerned for my credit history as I will be renting apartment in about 6 weeks, and I just involved in the credit cards traveling game.