Posted on: 11th Apr, 2013 12:32 pm
We got divorce almost two years ago. Court order and agreement we both agreed to says he lives in, pays for and maintains one home and some extra land he wanted, which has we used on the home I kept and pay for to buy that extra land, and was part of the down payment on the home he lives in. I have kept all my agreements and payments current. I just found out he's behind over two months and telling the mortgage co. he wants to do a short sale on his house (which of course still has my name on the mortgage). He also is two months behind on the LOC which is against my home equity. He's obviously in contempt of court, and for a couple other things as well, but this deal is much more serious. He has not discussed this at all with me, has not tried to sell the land or the house, he just wants to walk away from it all and leave me holding the bag! Which I can't afford!! I don't know what will happen if he lets the house go and quits paying the LOC. Well I mean I know, but what can I do??????
Hi RIVERJ,
If your ex walks away from the property, then the lender will foreclose it to recover the mortgage. This will have a negative impact on your credit as your name is still attached with the loan. It is same in case of short sale. I will suggest you to get in touch with your ex in this regard and try to sort it out. Both of you can sit together and try some way out.
If your ex walks away from the property, then the lender will foreclose it to recover the mortgage. This will have a negative impact on your credit as your name is still attached with the loan. It is same in case of short sale. I will suggest you to get in touch with your ex in this regard and try to sort it out. Both of you can sit together and try some way out.
Hi RIVERJ,
I agree with what Adonis has said. In order to recover the debts in full, the lender will have to foreclose the property as he is not receiving the payments on time. If your name is mentioned on the property deed, then you can file a partition lawsuit and try to sell off the property through court order.
Thanks
I agree with what Adonis has said. In order to recover the debts in full, the lender will have to foreclose the property as he is not receiving the payments on time. If your name is mentioned on the property deed, then you can file a partition lawsuit and try to sell off the property through court order.
Thanks