Posted on: 19th Jan, 2010 02:54 pm
ok so this is my problem my exwife was in trouble she couldn't get a home loan so i helped her by taking the loan out myself now she lost her job and hasn't paid the mortgage in six months i recieved a foreclosure notice on monday i thought she was paying it she wasn't now i own my own home which i have a mortgage on small but on i have a good job and have a few bucks in assets not much but a few her home is worth way more then what she owes she recently got a new job two in fact she will be working 6 days a week now since the loan is on me can we still get help she pays but yes i know being a nice guy does not pay the note is on me what can we do if i let the house go she and my daugthers lose there house i can't afford two homes i'm lost what can we do
Hi Guest!
Welcome to forums!
As your name is on the mortgage document, the lender will sue you for the loan. If the property is foreclosed by the lender, then your credit report would get affected due to this.
It would be better if your ex-wife can pay off the deficient amount and bring the loan current. Then she can refinance the loan in her name if there is equity in the property and pay off the dues. Once she refinances the loan, she would become solely responsible for the mortgage dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your name is on the mortgage document, the lender will sue you for the loan. If the property is foreclosed by the lender, then your credit report would get affected due to this.
It would be better if your ex-wife can pay off the deficient amount and bring the loan current. Then she can refinance the loan in her name if there is equity in the property and pay off the dues. Once she refinances the loan, she would become solely responsible for the mortgage dues.
Feel free to ask if you've further queries.
Sussane