Posted on: 20th May, 2010 11:37 am
hi, i am need of some advice. the property that i own jointly with my ex-husband has gone into foreclosure. we have been divorced for almost two years. at the time of the divorce, i gave him the house. he continued to make payments until the end of last year at which time he stopped and never once notified me. the problem is that i am still on the mortgage because he has failed to renew the mortgage contract in his name alone or refinance it. i have not signed a quit claim deed to him because of this fact.
i guess i am hoping for some advice on how to best handle this. there is no doubt that the property will be foreclosed on. he will not take responsibility and i am not in the position to pay for it. i am most worried about the mortgage company (whom i haven't heard too many good things about) filing for a deficiency judgment. will i be able to contest that if it happens?
thanks for you advice in advance!
i guess i am hoping for some advice on how to best handle this. there is no doubt that the property will be foreclosed on. he will not take responsibility and i am not in the position to pay for it. i am most worried about the mortgage company (whom i haven't heard too many good things about) filing for a deficiency judgment. will i be able to contest that if it happens?
thanks for you advice in advance!
Hi sharpesister!
Welcome to forums!
As your name is on the mortgage docs, the lender will be able to come after you for the deficient balance resulting from the sale of the property. As your name is on the property deed and the loan, I would suggest you to contact your lender and apply for a loan modification. This will help you in saving the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your name is on the mortgage docs, the lender will be able to come after you for the deficient balance resulting from the sale of the property. As your name is on the property deed and the loan, I would suggest you to contact your lender and apply for a loan modification. This will help you in saving the property.
Feel free to ask if you've further queries.
Sussane