Posted on: 04th May, 2009 05:32 pm
current on mortage in joint ownership right now but divorce decree will state home ownership and financial responsbility will become mine. i will be filing for bankruptcy after divorce due to credit problems and will not be able to refinance mortage to just myself. soon to be ex-spouse has credit problems of their own and will no longer be contributing to house expense per divorce decree. will deed in lieu of foreclosure be an option? i understand that the mortage company can deny your request if they feel you dont 'qualify' due to financial situation. thanks
you have a few options, a deed in lieu, but also a shortsale.
a shortsale will prevent you from purchasing a home for 2 years, a foreclosure will be 4.
if you are filing bankruptsy, speak with your lawyer first. if you file a chapter 13, the court may stay foreclosure proceedings for about 5 years.
this may be enough time to get back on track.
also, contact the loss mitigation department of the mortgage company and see what options they can offer you. i don't see how your spouse can walk cleanly away from the home unless it is soley in your name.
a shortsale will prevent you from purchasing a home for 2 years, a foreclosure will be 4.
if you are filing bankruptsy, speak with your lawyer first. if you file a chapter 13, the court may stay foreclosure proceedings for about 5 years.
this may be enough time to get back on track.
also, contact the loss mitigation department of the mortgage company and see what options they can offer you. i don't see how your spouse can walk cleanly away from the home unless it is soley in your name.