Posted on: 18th Aug, 2010 10:28 am
I have been unsuccesful in finding helpful information, maybe someone else has ideas. My divorce to my ex-wife back was finalized in October of 2007. She got to keep the house as lump sum alimony. I executed a Quit Claim to release my interest in the property. The catch was that the mortgage is solely in my name. The divorce settlemet requires the ex-wife to make any and all household related payments including the mortgage in a timely manner. She is now 6 months behind in payments and my credit has been destroyed. I took her to court to have the divorce agreement enforced. The judge stated that since there were no terms in the settlement that indicated what recourse there would be if she was late on the mortgage, there was nothing to enforce. The bank has threatened foreclosure but somehow she has been able to stay one step ahead of the foreclosure process thus extending the negative monthly reports to my credit. How can I remedy this problem? She and her new husband have bad credit so assuming my mortgage or being approved for a new mortgage is probably unlikely. Does anyone know of someone else in a similar situation? Please help?
Hi rob!
Welcome to forums!
As your ex-wife is 6 months behind the loan payments, the lender can start off with the foreclosure process anytime. As the mortgage is in your name, the lender will come after you for the balance dues resulting from the sale.
I would suggest both of you to apply for a deed in lieu of foreclosure in order to get rid of the property. It will lower your credit score by 250 points but you won't be liable for paying the balance dues resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your ex-wife is 6 months behind the loan payments, the lender can start off with the foreclosure process anytime. As the mortgage is in your name, the lender will come after you for the balance dues resulting from the sale.
I would suggest both of you to apply for a deed in lieu of foreclosure in order to get rid of the property. It will lower your credit score by 250 points but you won't be liable for paying the balance dues resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Sussane,
I appreciate your your answer. The problem is that she needs the house to live in so a deed in lieu of foreclosure is not an option. Have you or anyone else heard of a similar situation to mine?
I appreciate your your answer. The problem is that she needs the house to live in so a deed in lieu of foreclosure is not an option. Have you or anyone else heard of a similar situation to mine?
Welcome back rob,
As your ex-wife wants to stay in the property, she might ask the lender for a loan modification. If the lender accepts the request, then she would get an affordable payment plan to pay off the dues.
As your ex-wife wants to stay in the property, she might ask the lender for a loan modification. If the lender accepts the request, then she would get an affordable payment plan to pay off the dues.
in my situation, my hubby is the deed only and deceased mother in law on the mortgage only as we had my mother in law taken off the deed when she passed away it was easy to do since the deed was with rights of survivor-ship.........however Chase will not talk to us I have been making payments on the loan since July 09 however the loan was 2 months behind when i started making payments and didn't know this due to a bankruptcy she filed before her death but did not include the home on the bankruptcy....so chase sent the assumption paperwork and I didn't have a high enough credit score to assume the conventional 30 year fixed mortgage she had already but I called chase last night and was told to ask for *non qualifying assumption paperwork* due to credit problems that i have which is not enough credit in my name and hubby has no job......no income so try asking for non qualifyin assumption paperwork will she agree to assume the mortgage if not ..........that is not good seems like she wants to live for free until she gets kicked out which could be along time...........................good luck to you