Posted on: 18th Apr, 2010 07:00 pm
my wife and i are separated and both live in florida. she's claiming chapter 7 bankruptcy. i make too much to claim chapter 7 bankruptcy. i can no longer afford our 2 mortgage payments. if i let the house go back to forclosure, i can be sued later for the difference in what was owed on the house and what the bank sells it for. what are my options?
While your wife files bankruptcy, she will have to list the asset as well as the mortgage in her filing. In that case, if the foreclosure takes place the lender will be able to come after you for the deficient balance resulting from the sale of the property. You're in a tough situation. It would be better if you could take the opinion of an attorney in this regard.
Hi underwater,
If your wife files bankruptcy she will get discharged from the responsibility of the mortgage. But since your name is on the mortgage, you are as much responsible for the loan as she is. In case the property goes into foreclosure, the lender can come after you to recover the deficiency on the loan.
If your wife files bankruptcy she will get discharged from the responsibility of the mortgage. But since your name is on the mortgage, you are as much responsible for the loan as she is. In case the property goes into foreclosure, the lender can come after you to recover the deficiency on the loan.