Posted on: 21st Oct, 2010 04:16 pm
quick recap: in the divorce settlement, my exwife was to pay the first mortgage and i was to pay the second mortgage. however, she stopped paying the first mortgage and is letting the house foreclose, so she says. since she is letting it foreclose, should i cease making payments on the second mortgage (2nd mortgage is in my name)? or will that haunt me later on if the house doesn't sell for exactly what we owe? how likely are they to garnish my wages if i chose not to pay? (i only owe $13,000 on the 2nd mortgage)
Hi Guest,
If you cease making the payments on your second mortgage, then it will have a negative affect on your credit report. Moreover, your second mortgage account can be charged off and sold off to a collection agency.
If you cease making the payments on your second mortgage, then it will have a negative affect on your credit report. Moreover, your second mortgage account can be charged off and sold off to a collection agency.