Posted on: 17th Jan, 2010 06:42 pm
My aunt and her ex have a home in both their names and the mortgage company refuses to take one of their names off, what should she do. As of right now ex is unable to afford by himself and she doesn't wanna to pay for a home that's not hers alone. Should she file bankruptcy or foreclosure?
hi lady_lyonene,
your aunt can refinance the property in her name if she has equity in it. did the lender give her any reason for not removing one of the names from the mortgage?
rather than filing bankruptcy or applying for a foreclosure, i would suggest your aunt to negotiate with her ex and ask him to transfer the property to her. then she can refinance the loan in her name provided she has a good credit score and income.
your aunt can refinance the property in her name if she has equity in it. did the lender give her any reason for not removing one of the names from the mortgage?
rather than filing bankruptcy or applying for a foreclosure, i would suggest your aunt to negotiate with her ex and ask him to transfer the property to her. then she can refinance the loan in her name provided she has a good credit score and income.
>>and the mortgage company refuses to take one of their names off, what should she do.
Why would the Lender want to do that? It doesn't makes sense for them to do that - the mortgage is a legal contract they both entered into and all parties are bound to it until it's completed.
>>As of right now ex is unable to afford by himself and she doesn't wanna to pay for a home that's not hers alone.
>>Lots of families across the country are in that same situation. Most families support each other both financially and emotionally when that happens.
What's the full story? Has his employment been reduced? Is he working less hours? Or was his pay reduced? Is she employed? That's bring in extra money. Does she still love him or is she preparing for Divorce? Are they both living in the same house? Too many parts of theeir story are missing.
>>Should she file bankruptcy or foreclosure?
If she loves him they'll work together to resolve this. If she doesn't, she should sell the house and move on. Bankruptcy and Foreclosure are the last resort and will destroy both their credit.
Why would the Lender want to do that? It doesn't makes sense for them to do that - the mortgage is a legal contract they both entered into and all parties are bound to it until it's completed.
>>As of right now ex is unable to afford by himself and she doesn't wanna to pay for a home that's not hers alone.
>>Lots of families across the country are in that same situation. Most families support each other both financially and emotionally when that happens.
What's the full story? Has his employment been reduced? Is he working less hours? Or was his pay reduced? Is she employed? That's bring in extra money. Does she still love him or is she preparing for Divorce? Are they both living in the same house? Too many parts of theeir story are missing.
>>Should she file bankruptcy or foreclosure?
If she loves him they'll work together to resolve this. If she doesn't, she should sell the house and move on. Bankruptcy and Foreclosure are the last resort and will destroy both their credit.
