Posted on: 10th Dec, 2007 08:38 am
My now ex-wife who is still onthe mortgage refuses to help make the payments. Refuses to give financial information. The bank will not give me any assistance without her information. They won't do deed in lieu of or any thing. I do not my credit destroyed. Do I need to take her to court? How do I keep the house or is foreclosure the only way out. I haven't any money left.
there are too many questions yet to answer. did you have a lawyer involved in your divorce? why is that your divorce settlement kept the title to your property in both names? contact your counsel and see if he or she can contact your former wife's counsel and negotiate a reasonable solution.
also, foreclosure is not a realistic option - why not simply sell the home and cut your losses?
also, foreclosure is not a realistic option - why not simply sell the home and cut your losses?
Hi brokeinaz,
Welcome to this forum.
Foreclosure should be your last option to choose. I completely agree with George M. Akerley that you can simply try to sell the house and shorten your losses.
Now let's compare if you go for foreclosure what can happen and if you go for short sale what can happen to your credit score?
If you choose foreclosure, your credit score will drop 300 to 400 points and it will be shown on your credit report for almost 10 years. In addition to that you will have to pay deficiency amount.
But if you go for short sale, your credit score will drop only 50 to 80 points. And you can be approved for another mortgage after 18 months of the short sale proceeding. At least the lender will see here that you have tried to pay out the debt.
Feel free to ask if you have any further questions.
Thanks,
Larry
Welcome to this forum.
Foreclosure should be your last option to choose. I completely agree with George M. Akerley that you can simply try to sell the house and shorten your losses.
Now let's compare if you go for foreclosure what can happen and if you go for short sale what can happen to your credit score?
If you choose foreclosure, your credit score will drop 300 to 400 points and it will be shown on your credit report for almost 10 years. In addition to that you will have to pay deficiency amount.
But if you go for short sale, your credit score will drop only 50 to 80 points. And you can be approved for another mortgage after 18 months of the short sale proceeding. At least the lender will see here that you have tried to pay out the debt.
Feel free to ask if you have any further questions.
Thanks,
Larry
If you just went through a divorce, check with your divorce attorney to see if there is a judgment regarding the property.
If not, see if you can re-finance: pay off the old loan with your wife on it, and get a new loan in your name only. Is she on the title?
You could sue her for "contribution" for not paying her share of the mortgage, but you would have to wait until the mortgage is all paid off, so it probably would not help your situation. You may have damages, though, if the lender foreclosed.
If not, see if you can re-finance: pay off the old loan with your wife on it, and get a new loan in your name only. Is she on the title?
You could sue her for "contribution" for not paying her share of the mortgage, but you would have to wait until the mortgage is all paid off, so it probably would not help your situation. You may have damages, though, if the lender foreclosed.
If the bank will not give you any info then you may not be on the mortgage. If you are not on the mortgage, then I woulnt worry about this. I would call the lender, find out if this is the case. Again, if you are not on the mortgage, then it should not matter to you.