Posted on: 11th May, 2011 06:07 am
i have been divorced over 4 years from a 23 year marriage. the house we owned is in both his and mine name along with the loan. in the separation agreement he assumed the loan and the house. i do know he got behind one payment, but that is all. he is trying to refinance to get my name off the loan, but due to his credit he has been unable to do so. he also owes me a settlement of $20,000 for my share of the home which was due 2 years ago and has not made any effort to pay this. i am currently married and my name is on our present home. how does this affect my current husband and his asset like our current home, 401k, and bank accounts. i really don't know what to do at this point.
It depends on your state and what type of document is used in your loan. For example, in CA, we use the deed of trust, and the only recourse the lender has is the property in collateral. Some states allow for deficiency judgments, which would be attached to all parties on the loan. You would want to contact a RE attorney to review your scenario. Good Luck!
If you look at your note, if you see the power of sale clause, that is the right to waive judicial foreclosure, and only use a Trustee Sale Foreclosure. If you contact you state DRE, department of real estate, they should be able to answer if you are in a redemption state, or a deficiency judgment state.
I cannot conceive of any harm that would befall your current husband. The settlement was between you and your former spouse, and that's where all the debt obligations have been spelled out, as well as the distribution of buyout funds. Clearly, refinancing is the way in which he'd be able to provide you with the buyout, but if his credit is sufficiently impaired as to prevent him from obtaining approval for a refinance, then that's going to continue to be a lengthy process.
I'd think that there's little that you can do on your end to facilitate the process, since your former husband's credit is an issue here.
I'd think that there's little that you can do on your end to facilitate the process, since your former husband's credit is an issue here.
