A Divorce Deal Gone Wrong
You’ve divorced and agreed to share custody of kids with your wife. If you’ve got the financial means, it might seem like a good idea to purchase a house for the wife and kids to live in, with your ex-wife making the payments from the alimony she gets from you and with the mortgage in your name.
It also made total sense to the man coming to MarketWatch’s Quentin Fottrell for advice. Unfortunately for him, the ex-wife contacted the lender, changed the contact information to prevent any calls from being received, and stopped making payments. More than that, she bought medications, applied and took out credit cards in her ex-husband’s name and got a payday loan.
Although the man tried to get rid of the debt by filing police reports and giving up the house for a deed in lieu of foreclosure, his attempts were unsuccessful. “They all continue to say the debt is mine,” the man told Fottrell. “It makes it almost impossible to get a loan and, if I do, the interest rate is terrible.”
