Posted on: 10th Dec, 2008 07:10 am
i divorced in april of 08 and my ex resumes to live at said property. both of our names remain on mortgage. he was supposed to refinance to remove my name but didnt and is now 2 months behind on payments. he is asking me to sign a quitclaim because he is wanting to do a deed in leau on property. because he is now 2 months behind on payments there is no hope of a refinance. divorce papers state he is responsible for payments. im in no position to take over payments and not sure what my options are.
Hi becky!
Welcome to forums!
In my opinion, you should immediately consult the lender and tell him that though your name is on the mortgage, it's he who is responsible for the payments. As your ex has not refinanced the mortgage in his name, your credit will be affected if the property is foreclosed upon or if he files for a deed in lieu. There are various options to avoid a foreclosure. Speak to the lender about a loan modification or a forbearance. To know more, you can even check out the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
In my opinion, you should immediately consult the lender and tell him that though your name is on the mortgage, it's he who is responsible for the payments. As your ex has not refinanced the mortgage in his name, your credit will be affected if the property is foreclosed upon or if he files for a deed in lieu. There are various options to avoid a foreclosure. Speak to the lender about a loan modification or a forbearance. To know more, you can even check out the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Feel free to ask if you have further queries.
Sussane