It was suggested on the tax board that I post this here:

I have been divorced for 25 years. A part of the settlement with my Ex was to get our townhouse, she would assume the loan, and I would guarantee the loan (30 yrs). I could trust her with money, and to the best of my knowledge she has never missed a payment on the loan. At least no one has ever come at me for money. Now I am told she is moving to a continuing care facility (We are both in our 80s) and selling the townhouse, which she is legally able to do, though it would be nice if she had given me first refusal. I want to make sure the loan on the townhouse is paid off and that I am absolved from any guarantee of it.

My thought is that when she sells the house, if it is on the up and up (and I have some suspicions), she will have to pay off the loan. But will I get any confirmation of this as guarantor?

Should I get a lawyer? I live 350 mi. away now with my second wife (We too are moving into a continuing care facility), but I think I can relocate a lawyer who wrote up my Virginia trust if she hasn't retired.

brucedoe - brucedoe | Date: 1/20/2013 12:22:39 PM | Number: 124576

You violated two of Life's critical rules: 1. NEVER, EVER get divorced, and Never, EVER cosign loans for someone else.

Kahuna, CFA
Venture Capital Limited
Partnership Founding
General Partner
Kailua-Kona 96745