Posted on: 28th Jun, 2010 12:15 pm
My husband's ex-wife violated the terms of their divorce agreement by not allowing their home to be sold. She has not paid the mortgage in over 2 years, the house is about to be foreclosed on, and she is attempting to get a loan modification but I understand that won't take my husband off the note. Because she hasnt paid the mortgage in so long, I doubt she will be eligible for refinancing (and she can't afford the home on her salary alone). She refuses to sell the house and now in today's real estate market, they may not be able to sell the home and my husband was already told the bank would not accept a short sale. Is there any way to get his name off of the note without going through foreclosure?
hi guest!
welcome to forums!
it is true that a loan modification won't remove your husband from the mortgage docs and the ex-wife won't be able to refinance the home loan as she is past due on her mortgage payments. in this situation, there is no way to remove your husband from the mortgage.
your husband and his ex-wife can apply for a deed in lieu of foreclosure with the lender which will help both of them to get rid of the property and none of them will be liable for the deficient balance resulting from the sale of the property. however, your husband's credit will get ruined by around 250 points.
feel free to ask if you've further queries.
sussane
welcome to forums!
it is true that a loan modification won't remove your husband from the mortgage docs and the ex-wife won't be able to refinance the home loan as she is past due on her mortgage payments. in this situation, there is no way to remove your husband from the mortgage.
your husband and his ex-wife can apply for a deed in lieu of foreclosure with the lender which will help both of them to get rid of the property and none of them will be liable for the deficient balance resulting from the sale of the property. however, your husband's credit will get ruined by around 250 points.
feel free to ask if you've further queries.
sussane