Posted on: 30th May, 2010 11:10 am
Hi,
I was awarded the home in a divorce and my ex-wife's name is still on the mortgage. We've tried assumption and modification routes and neither do I qualify for to take over the loan and remove her name from it.
I tell her that the only way to allow both of us to move on and cut our ties, which is this house, is to sell it together, probably short sale. Is that our only option now?
I have a $700 deficit each month as it is and Wells Fargo said they can't modify the mortgage. They suggested I get a raise or decrease my expenses, which are already at the bare minimum for each service or bill I pay. Frustrated and want to move on , any help out there?
Thanks
I was awarded the home in a divorce and my ex-wife's name is still on the mortgage. We've tried assumption and modification routes and neither do I qualify for to take over the loan and remove her name from it.
I tell her that the only way to allow both of us to move on and cut our ties, which is this house, is to sell it together, probably short sale. Is that our only option now?
I have a $700 deficit each month as it is and Wells Fargo said they can't modify the mortgage. They suggested I get a raise or decrease my expenses, which are already at the bare minimum for each service or bill I pay. Frustrated and want to move on , any help out there?
Thanks
Hi FML,
If both you and your wife want to get rid of the property, then you can apply for a short sale with your lender. In this regard, you can write a hardship letter. Depending upon your financial situation, your request will be accepted. You will be able to get rid of the property but you will be responsible for paying off the deficient balance.
If both you and your wife want to get rid of the property, then you can apply for a short sale with your lender. In this regard, you can write a hardship letter. Depending upon your financial situation, your request will be accepted. You will be able to get rid of the property but you will be responsible for paying off the deficient balance.