Posted on: 06th Nov, 2008 05:15 am
My husband and I have been divorced for two years. In the divorce settlement the house was awarded to me even though the mortgage is in both our names. My ex-husband has managed to get himself into extreme financial difficulties. He has not paid his taxes for two years and owes the IRS a lot of money. He has filed for bankruptcy, and in another unrelated crisis, has a civil suit pending against him.
My concern is that the house may be used in either one of these situations. Will it be considered one of his assets? I am considering having him sign a quit claim, but I don't want to rush into it without knowing the ramifications. I have been paying the mortgage myself on this house for five years, since we separated. I tried to re-finance after our divorce, but I could not get the loan approved on my income alone. I am at the point where I am ready to sell the house, but I don't know what to do first. Any advice would be greatly appreciated
My concern is that the house may be used in either one of these situations. Will it be considered one of his assets? I am considering having him sign a quit claim, but I don't want to rush into it without knowing the ramifications. I have been paying the mortgage myself on this house for five years, since we separated. I tried to re-finance after our divorce, but I could not get the loan approved on my income alone. I am at the point where I am ready to sell the house, but I don't know what to do first. Any advice would be greatly appreciated
Do you think that Obama is going to win because the Republicans have such a bad candidate?
Why did John McCain make his final argument against Obama... coal?
That's his closing argument? William Ayers, Rev. Wright, spreading the wealth, Born Alive, meeting dictators without preconditions, etc. all have to take a back seat so that McCain can go to Colorado and New Mexico to talk about coal? Does this more or less explain why he's going to get his clock cleaned Tuesday?
Why did John McCain make his final argument against Obama... coal?
That's his closing argument? William Ayers, Rev. Wright, spreading the wealth, Born Alive, meeting dictators without preconditions, etc. all have to take a back seat so that McCain can go to Colorado and New Mexico to talk about coal? Does this more or less explain why he's going to get his clock cleaned Tuesday?
hi mc virginia!
welcome to forums!
is the property deed in your name? i can understand that mortgage has both of your names. i would suggest you to try and refinance the loan once again now. may be you will get approved for it. once your husband's name is out of the mortgage and deed, his bankruptcy won't affect you.
if the property and the mortgage is solely in your name, then you can easily sell the property. you can even go in for a short sale and hand over the property to the lender. the lender will sell the property and if there is a deficient amount (loan amount - amount recovered from the sale), you will have to pay it to the lender.
feel free to ask if you have further queries.
sussane
welcome to forums!
is the property deed in your name? i can understand that mortgage has both of your names. i would suggest you to try and refinance the loan once again now. may be you will get approved for it. once your husband's name is out of the mortgage and deed, his bankruptcy won't affect you.
if the property and the mortgage is solely in your name, then you can easily sell the property. you can even go in for a short sale and hand over the property to the lender. the lender will sell the property and if there is a deficient amount (loan amount - amount recovered from the sale), you will have to pay it to the lender.
feel free to ask if you have further queries.
sussane