Posted on: 08th Apr, 2012 07:16 pm
my wife and I divorced recently, during our separation she was able to buy her own house thru the property we sold in Hawaii. our agreement was she keeps the money from the sale and i get to keep the house I'm now living in. during the hearing my lawyer adviced me that the house I'm living in became a problem because it is a community property. This property has since been borrowed on while wife and I were still together. i now face the problem of having to buy my own house but now it is underwater if the Judge allows her to add on our second loan (equity line of credit) any advice?
hi maylani,
rather than adding your ex wife to the property or the second mortgage again, i will suggest you to sell off the property by listing it in the market and then you can buy a new property on your own.
thanks
rather than adding your ex wife to the property or the second mortgage again, i will suggest you to sell off the property by listing it in the market and then you can buy a new property on your own.
thanks
hi maylani!
welcome to forums!
you can sell off the property and pay off the loan. if you sell off the property through a deed in lieu of foreclosure or through a short sale, then it will have a negative affect on your credit report and you may not be able to get a mortgage soon. you may have to rent a property for the time being, improve your credit and then apply for a loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can sell off the property and pay off the loan. if you sell off the property through a deed in lieu of foreclosure or through a short sale, then it will have a negative affect on your credit report and you may not be able to get a mortgage soon. you may have to rent a property for the time being, improve your credit and then apply for a loan.
feel free to ask if you've further queries.
sussane