Posted on: 15th Jul, 2010 11:03 am
Hi all, I haven't introduced myself but I am new to this forum. My husband and I are contemplating divorce. We are living as roommates, as we are upside down in our house, because of the HELOC. Our mortgage is about $162k, the HELOC is about $50k. Our credit is good, we are up to date on all our payments. If we split up, neither of us can afford the mortgage/home individually. I am looking for the most up-to-date info I can find regarding home sales in our area, but it's bleak. We haven't done anything - tried to sell our home, rent it out, etc. We are trying to see if we can split up and save our credit, or if not, what our options are. I am seeing an attorney myself in a week or so but I am still looking for information. Any info would be greatly appreciated. Thanks!
Hi grobey,
You can list the property in the market and check out if you can get buyers for your property. If you get a suitable buyer, you can sell it off. If there results a deficient balance after the sale, you and your husband will have to pay it off from your pocket. If you don't do so, then the lender will charge off the account and assign it to a collection agency. This will have a negative affect on the credit scores of both of you.
You can list the property in the market and check out if you can get buyers for your property. If you get a suitable buyer, you can sell it off. If there results a deficient balance after the sale, you and your husband will have to pay it off from your pocket. If you don't do so, then the lender will charge off the account and assign it to a collection agency. This will have a negative affect on the credit scores of both of you.