Posted on: 07th Jul, 2010 08:00 am
problem:
my husband and i have been separated for three years. he lives in the marital home and i live in a condo i purchased after the separation (he signed away dower rights on it).
my husband lost his job and can't make the mortgage payment on the marital home. i can't afford to make two mortgage payments. we own more on the marital home than it's worth.
proposed solution (can this work?)
i own, free and clear, 14 acres adjacent to the marital home. do you think the mortgage company would consider releasing us from the mortgage on the marital home if we turned both properties over to them (the 14 acres and the marital home). i want to avoid foreclosure.
my husband and i have been separated for three years. he lives in the marital home and i live in a condo i purchased after the separation (he signed away dower rights on it).
my husband lost his job and can't make the mortgage payment on the marital home. i can't afford to make two mortgage payments. we own more on the marital home than it's worth.
proposed solution (can this work?)
i own, free and clear, 14 acres adjacent to the marital home. do you think the mortgage company would consider releasing us from the mortgage on the marital home if we turned both properties over to them (the 14 acres and the marital home). i want to avoid foreclosure.
Tallblonde
I will advice you that do not sell the 14 acres land to the mortgage company.Because they will ask it for the cheaper rates as they know you are in trouble.Rather sell it to any other person/company but not the same company.
Secondly if you are able to get a fresh line of credit by mortgaging 14 acres of land,you will be in position to keep both,land as well as marital home.and from that money you can pay mortgage for some time and you will have enough time to settle down all the things and by that time you could either get a higher salary so that you will be able to afford both the payments.
In my opinion this idea of selling the land is really not that attractive.
dipa...........
I will advice you that do not sell the 14 acres land to the mortgage company.Because they will ask it for the cheaper rates as they know you are in trouble.Rather sell it to any other person/company but not the same company.
Secondly if you are able to get a fresh line of credit by mortgaging 14 acres of land,you will be in position to keep both,land as well as marital home.and from that money you can pay mortgage for some time and you will have enough time to settle down all the things and by that time you could either get a higher salary so that you will be able to afford both the payments.
In my opinion this idea of selling the land is really not that attractive.
dipa...........