Posted on: 30th Sep, 2008 10:08 am
help, my husband and i are going thru a divorce. i moved out of the marital home with my 2 children from a previous marriage and purchased another home with inheritance i received when my mother passed away in july 08. my estranged spouse is currently residing in the marital home. i paid the mortgage pmts every month of $1250.00 until august 08 when i began paying 1/2. he paid the other half in aug & sept, but no longer wants to make any future payments on the 1st or 2nd. i cannot afford 2 mortgage pmts along with credit card debt and utility bills i am paying on monthly. i also have my mothers house to deal with along with her utility bills. the marital home is in need of approx. $10,000 - $13,000 in repairs. he has done nothing to get the house ready to put up for sale and the property is going down hill fast. he will not consider listing the property with a realtor until the repairs have been made and i cannot afford those repairs and he definately can't, nor do i want to put that kind of money into the house and risk not get it back. he does not work and draws social security for a supposed disability. i have a full time job. he is expecting me to pay for the repairs, the pmt on the 1st mort. and the 2nd and i don't even live there. the balance on the 1st mortgage is $160,000 with a balance on the 2nd of $9,425. with the amount of repairs to be done i do not feel like there is much equity in the home and would like to look into doing a short sale or deed in lieu of foreclosure. my husband does not want to stay in the home. i don't know what to do. we both have good credit and are not behind on any payments yet. please help me.
hi carlabenincasa!
if you do not want to take the burden of the loan, then you can simply ask your husband to refinance the loan after you transfer the property to him by a quit claim deed. but as you have mentioned that he will be unable to pay the debts, it will be better if you could rent to house to someone else. with the money you get from renting the house, you can pay off the debts.
your last resort will be either a short sale or a deed in lieu.
thanks,
jerry
if you do not want to take the burden of the loan, then you can simply ask your husband to refinance the loan after you transfer the property to him by a quit claim deed. but as you have mentioned that he will be unable to pay the debts, it will be better if you could rent to house to someone else. with the money you get from renting the house, you can pay off the debts.
your last resort will be either a short sale or a deed in lieu.
thanks,
jerry
Thanks for your replys, however I do not think renting the property is an option as the property is in need to too much work. I know I wouldn't want to live in it or pay someone rent in the condition it is in. He has let it run down since he has been solely occupying the property.
Hi Carla!
Welcome back to the Forums!
As you cannot rent the property, you can then either go for a short sale or a deed-in-lieu.
Feel free to ask if you have further queries.
Sussane
Welcome back to the Forums!
As you cannot rent the property, you can then either go for a short sale or a deed-in-lieu.
Feel free to ask if you have further queries.
Sussane