Posted on: 25th May, 2010 06:38 am
Hi,
I'm in separation with my husband right now. I moved out of the house and he lives there. However, he can't pay the morgage, and the loan for the house is in my name. I can't sell the house without his agreement and he's being living in it for the past 8 moths. I've being paying to the bank every month. We have the house for sale for over a year now, but had only 2 offers (in last one we could brake even and sell it), but he refused to do so. He feels really comfortable living there at my expense. I'm about to be let go from work and he refuses to do anything untill divorce (in October 2010). I'm considering to walk away from the house or do the deed in lieu of forclosure. But I'm afraid to be sued by the bank for the fees and etc. My credit is excellent, but I'm ready to damage it so I could have a relief. What should I do? I'm about to contact the bank. I live in NC. My soon to be ex is perfectly fine with forclosure or whatever. I'm lucky enough to have my Mom supporting me and I live with her for free. But, it's so unfair that I can't even afford to rent my own place because I have to pay this morgage.
Thank you very much
Ksenia
I'm in separation with my husband right now. I moved out of the house and he lives there. However, he can't pay the morgage, and the loan for the house is in my name. I can't sell the house without his agreement and he's being living in it for the past 8 moths. I've being paying to the bank every month. We have the house for sale for over a year now, but had only 2 offers (in last one we could brake even and sell it), but he refused to do so. He feels really comfortable living there at my expense. I'm about to be let go from work and he refuses to do anything untill divorce (in October 2010). I'm considering to walk away from the house or do the deed in lieu of forclosure. But I'm afraid to be sued by the bank for the fees and etc. My credit is excellent, but I'm ready to damage it so I could have a relief. What should I do? I'm about to contact the bank. I live in NC. My soon to be ex is perfectly fine with forclosure or whatever. I'm lucky enough to have my Mom supporting me and I live with her for free. But, it's so unfair that I can't even afford to rent my own place because I have to pay this morgage.
Thank you very much
Ksenia
hi ksenia,
rather than going for a deed in lieu of foreclosure, i would suggest you to contact an attorney and file a partition lawsuit. this will also help you in getting rid of the property and your credit will also not be affected. after the property sale takes place as per the court order, the loan would be paid off. if there is an excess amount, then that amount will be divided amongst both of you.
thanks.
rather than going for a deed in lieu of foreclosure, i would suggest you to contact an attorney and file a partition lawsuit. this will also help you in getting rid of the property and your credit will also not be affected. after the property sale takes place as per the court order, the loan would be paid off. if there is an excess amount, then that amount will be divided amongst both of you.
thanks.
Thank you very much for the info. It's very helpful.