Posted on: 20th Sep, 2008 01:14 pm
i recently was divorced from my husband of 20 years. in our divorce decree we agreed to keep the house in both of our names but i would keep it as my residence and attempt to refinance it in my name. because of the downturn in the housing market, i am upside-down in the mortgage, and have not been able to refinance. now, he is filing chapter 13 bankruptcy and i don't know what to do? i have a first and a second mortgage, should i try to contact the lenders to get them to write down the mortgage or should i try to get them to let me short sell it or should i try to get the bankruptcy judge to award the house to him as his primary residence? i asked the divorce judge to award the house to him or to award me enough alimony to make the house payments, but he refused to rule on our property division and did not award me enough money to be able to make the payments. i have exhausted all of my savings and can not afford to keep paying the mortgage. what can i do? should i show up at his bankruptcy hearing and plead with the judge? he is paying the same amount for rent as the mortgage costs. what options do i have?
hi azcoffeemama!
chapter 13 bankruptcy is also known as reorganization bankruptcy. this helps the debtors to reorganize their finances. suitable pay back plans are offered to the debtors so that they can pay off their debts and become debt free within 3 to 5 years. however, this will affect your credit score badly. you should also note that many a times, filing bankruptcy may also wipe off your second mortgage.
thus, you will get the scope of reorganizing your credits though it will affect your credit score. you can also speak to lender who can sometimes provide you with good suggestions
chapter 13 bankruptcy is also known as reorganization bankruptcy. this helps the debtors to reorganize their finances. suitable pay back plans are offered to the debtors so that they can pay off their debts and become debt free within 3 to 5 years. however, this will affect your credit score badly. you should also note that many a times, filing bankruptcy may also wipe off your second mortgage.
thus, you will get the scope of reorganizing your credits though it will affect your credit score. you can also speak to lender who can sometimes provide you with good suggestions
Hi Susanne,
I'm not the one filing bankruptcy, my ex-husband is. I called my lender and my loan is in "bankruptcy status" and they won't even talk to me, even though I have been making the payments faithfully since my ex and I separated in May of 2007, and have never been late.
I guess what I'm really wondering is if my ex-husband's bankruptcy judge can be persuaded to help in some way. My ex is asking that the judge strike his name from the mortgages. Should I try to persuade the judge not to absolve him of the debt?
I'm not the one filing bankruptcy, my ex-husband is. I called my lender and my loan is in "bankruptcy status" and they won't even talk to me, even though I have been making the payments faithfully since my ex and I separated in May of 2007, and have never been late.
I guess what I'm really wondering is if my ex-husband's bankruptcy judge can be persuaded to help in some way. My ex is asking that the judge strike his name from the mortgages. Should I try to persuade the judge not to absolve him of the debt?
Hi azcoffeemama!
In my opinion you should consult an attorney dealing with such type of cases. He/she will be able to tell you what steps you need to take.
In my opinion you should consult an attorney dealing with such type of cases. He/she will be able to tell you what steps you need to take.