Posted on: 15th Feb, 2010 11:36 am
i reside in pennsylvania and am in the midst of an ugly divorce.
we had 2 homes, both in pa.
while the divorce drags on, the courts awarded exclusivity of 1 home to each of us.
the home she was awarded has a mortgage, in my name only.
i am unable to pay it and the bank is planning on foreclosing.
i offered a deed in lieu of foreclosure, but 1 component of that is a signed 90 day listing agreement.
her attorney will not respond to this, so i can't list it, can't sell it and am watching it destroy my credit. note-she doesn't reside in this property.
someone mentioned using the assumptions process to compel the situation.
is this a viable option?
are there any others?
we had 2 homes, both in pa.
while the divorce drags on, the courts awarded exclusivity of 1 home to each of us.
the home she was awarded has a mortgage, in my name only.
i am unable to pay it and the bank is planning on foreclosing.
i offered a deed in lieu of foreclosure, but 1 component of that is a signed 90 day listing agreement.
her attorney will not respond to this, so i can't list it, can't sell it and am watching it destroy my credit. note-she doesn't reside in this property.
someone mentioned using the assumptions process to compel the situation.
is this a viable option?
are there any others?
Hi stanostrowski,
You can ask your spouse to assume the loan and pay off the mortgage. This will not only save the property but your credit report will also not get hampered. If she doesn't do so, then there's hardly anything that can be done. In order to go through a deed in lieu of foreclosure, she will have to list the property in the market.
You can ask your spouse to assume the loan and pay off the mortgage. This will not only save the property but your credit report will also not get hampered. If she doesn't do so, then there's hardly anything that can be done. In order to go through a deed in lieu of foreclosure, she will have to list the property in the market.
who is it that would be assuming this loan, and how would the defaulted loan be cured? needless to say, anyone assuming would need to cure that delinquency in order for an assumption to be remotely considered by a lender.
i don't quite get this quandary you're in - it would seem that your lawyers, her lawyers and the divorce court itself didn't pay much attention to who was responsible for paying that mortgage when they awarded the property to your ex-wife. that's a situation that would seem to be unsolvable at this juncture.
i don't quite get this quandary you're in - it would seem that your lawyers, her lawyers and the divorce court itself didn't pay much attention to who was responsible for paying that mortgage when they awarded the property to your ex-wife. that's a situation that would seem to be unsolvable at this juncture.
