Posted on: 10th Dec, 2007 10:15 am
My divorce was final June 2007. Ex wouldn't take me off the mortgage. Now he is not making payments and it's going into foreclosure. My credit score is in the mid 700's. My friend wants to buy a small house together but I am scared there might be a lien against it and hurt him.
Hi cyndieclause,
Welcome to this forum.
Your name is on the mortgage. So are you on the deed also?
If your name is on the mortgage, then it is both you and you ex's duty to repay the mortgage. If you do not pay the mortgage and let the house go for the foreclosure, then your credit score report will be affected and the lender can even place a lien on your other properties.
You can try to negotiate with you ex and request him to remove your name from the mortgage and for that you can quitclaim your share of property to him. If you can remove your mane from the mortgage, that will be the best. So try to negotiate with you ex-husband.
Hope that will help you. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to this forum.
Your name is on the mortgage. So are you on the deed also?
If your name is on the mortgage, then it is both you and you ex's duty to repay the mortgage. If you do not pay the mortgage and let the house go for the foreclosure, then your credit score report will be affected and the lender can even place a lien on your other properties.
You can try to negotiate with you ex and request him to remove your name from the mortgage and for that you can quitclaim your share of property to him. If you can remove your mane from the mortgage, that will be the best. So try to negotiate with you ex-husband.
Hope that will help you. Feel free to ask if you have any further questions.
Best of luck,
Larry
cyndi, im sorry but negotiating with your former spouse isnt going to do any good now.
even if he would/could assume ownership in his name only, the mortgage lender would invalidate it in court during the foreclosure process.
in your divorce, your lawyer should have taken care of the situation; it appears that didnt happen.
yes, that lender could file for a deficiency against you and affect the purchase of another home (probably - depends on local laws, etc. of course).
you are, indeed, legally obligated to pay the mortgage on your old home if you signed the note.
if your former spouse can work out an arrangement to sell the home prior to the foreclosure of course, all this will be moot.
check your documentation from the divorce and see if any mention was made of the home (you ought to know about it, anyway). needless to say, you need to protect yourself as much as possible.
get some good legal advice from a local attorney.
even if he would/could assume ownership in his name only, the mortgage lender would invalidate it in court during the foreclosure process.
in your divorce, your lawyer should have taken care of the situation; it appears that didnt happen.
yes, that lender could file for a deficiency against you and affect the purchase of another home (probably - depends on local laws, etc. of course).
you are, indeed, legally obligated to pay the mortgage on your old home if you signed the note.
if your former spouse can work out an arrangement to sell the home prior to the foreclosure of course, all this will be moot.
check your documentation from the divorce and see if any mention was made of the home (you ought to know about it, anyway). needless to say, you need to protect yourself as much as possible.
get some good legal advice from a local attorney.
You say he wouldn't take your name off the mortgage, was this part of the divorce? If so, you can get a court order to get your name off the mortgage and title. This should solve your problem. Contact your divorce attorney.
If not, as a co-borrower, you are fully liable for the foreclosure. Your best bet may be do a short sale with the lender and take title to the house. You could then evict your ex-husband. Contact the mortgage lender and see what they can do in this regard.
If not, as a co-borrower, you are fully liable for the foreclosure. Your best bet may be do a short sale with the lender and take title to the house. You could then evict your ex-husband. Contact the mortgage lender and see what they can do in this regard.
I would venture a guess and say if you are currently on a mortgage that is going into foreclosure then your credit score is nowhere near 700. (more likely under 600)
As far as buying another home is concerned this foreclosure is pertaining to that property only and should no affect your new peoperty.
The catch is that it will not be easy to get a new home loan with foreclosure on your credit report.
As far as buying another home is concerned this foreclosure is pertaining to that property only and should no affect your new peoperty.
The catch is that it will not be easy to get a new home loan with foreclosure on your credit report.
having your name taken off a mortgage is impossible. in a divorce settlement, however; it is possible to have your obligation terminated.
taylor and i have both suggested you consult with your attorney to resolve this mess. if you have not yet done so, please take the time before it is simply too late.
as an aside to eugene - i have seen cases in which borrowers such as cyndie were able to obtain a new mortgage for a home despite the foreclosure action appearing on the credit report. with proper documentation, and assuming that she was removed from responsibility in the divorce, she might readily claim that she wasn't involved in the delinquency that led up to the foreclosure.
we don't, unfortunately, know enough of the circumstances here to come to any real conclusion.
taylor and i have both suggested you consult with your attorney to resolve this mess. if you have not yet done so, please take the time before it is simply too late.
as an aside to eugene - i have seen cases in which borrowers such as cyndie were able to obtain a new mortgage for a home despite the foreclosure action appearing on the credit report. with proper documentation, and assuming that she was removed from responsibility in the divorce, she might readily claim that she wasn't involved in the delinquency that led up to the foreclosure.
we don't, unfortunately, know enough of the circumstances here to come to any real conclusion.
Your best bet in this situation is to show your new lender your divorce decree. Your divorce decree should state who was the left with the responsibility to pay the mortgage. If your divorce states that the obligation belonged to him then you have some options.
Let me know if I can be of further assitance
Let me know if I can be of further assitance
The foreclosure on your credit report is not going to allow you borrow for a long time. Hopefully its not on their yet. I get a copy of your credit report as soon as possible and work with your attorney on the matter of removing your name from the mortgage and title if this was a part of the divorce decree.
I put my sister-in-laws name on my mortgage, and she filed a quick claim deed. Now she has moved out and will not sign another quick clain deed. How can i get her name off my house?
Hi DEdwards!
If both of you have your names on the property deed, then you can file a partition law suit. The court will sell off the property and divide the sale proceeds accordingly. However, you should note that in that case, the mortgage will become due and both of you will have to pay it off first.
You can also "buyout co-owner". In this process, you can offer a certain sum of money to your sister in law and ask her to quitclaim the property in your name.
Thanks,
Jerry
If both of you have your names on the property deed, then you can file a partition law suit. The court will sell off the property and divide the sale proceeds accordingly. However, you should note that in that case, the mortgage will become due and both of you will have to pay it off first.
You can also "buyout co-owner". In this process, you can offer a certain sum of money to your sister in law and ask her to quitclaim the property in your name.
Thanks,
Jerry