Posted on: 27th Sep, 2010 11:22 am
me ex wife and i are divorced (9/7/10) i was awarded the family home and i assumed the entire first mortgage (still in both names) we agreed to split the second mortgage responsibilities.... the first mortgage exceeds the value of the home and the second has been sent to collections... can i strip the second mortgage and what will happen to my ex wife? can they go after her for the balance owed even though there would be nothing securing the loan???
hi stonecad!
welcome to forums!
you will be able to strip off the second mortgage only if you file chapter 13 bankruptcy. you've mentioned that your lender has send your second mortgage to collections. you and your ex-wife can contact the collection agency, negotiate with them and then pay off the dues. the mortgage has now become an unsecured loan. if your wife's name was mentioned in the mortgage, then the collection agency can come after her to recover the balance amount.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will be able to strip off the second mortgage only if you file chapter 13 bankruptcy. you've mentioned that your lender has send your second mortgage to collections. you and your ex-wife can contact the collection agency, negotiate with them and then pay off the dues. the mortgage has now become an unsecured loan. if your wife's name was mentioned in the mortgage, then the collection agency can come after her to recover the balance amount.
feel free to ask if you've further queries.
sussane