Posted on: 12th Sep, 2009 09:40 am
my ex remained in the house after our divorce, taking responsability for the mortgage until the house sold. three years have passed, the house has not been sold, and now he defaulted on the mortgage. he stopped making mortgage payments over a year ago, and is in foreclosure. being "primary" on the mortgage, can i still file a quit claim deed and cut my losses?
asil1,
welcome to mortgage forum.
it is good that you are still on deed. signing a quit claim deed will not help you as your name is still on mortgage. both of you need to speak with your mortgage lender. prepare a good hardship letter & try to refinance the loan.
i hoe it will definately help to both of you
welcome to mortgage forum.
it is good that you are still on deed. signing a quit claim deed will not help you as your name is still on mortgage. both of you need to speak with your mortgage lender. prepare a good hardship letter & try to refinance the loan.
i hoe it will definately help to both of you
you said that he has stopped paying one yr back. he must have received some letter/ notice from lender in last one yr.
also note you need to check your credit report as well as it may get some hit because of no mortgage payment
also note you need to check your credit report as well as it may get some hit because of no mortgage payment
Yes, there have been notices from the lender. My Ex has ignored them. I am the one who communicates with them by phone on a monthly basis. As for my formerly EXCELLENT credit... this situation has pretty much annihilated it! My Ex is willing to take on all liability and financial responsability for the note (i.e. let me off the hook). Does anyone know if there is a way to do this. So far the lender has refused to let me go.
you need to discuss with your ex 7 sort out. you can ask for compensation for your portion of payment.
your Ex is ready for it. also lender is giving you favour for last one yr. you are really lucky
your Ex is ready for it. also lender is giving you favour for last one yr. you are really lucky
Your credit is for sure goign to look bad due to this sutaiton
I dodnto know what kind of compnesation you can ask from yoru ex for this
I dodnto know what kind of compnesation you can ask from yoru ex for this
Hi Asil,
As the loan is in default, the lender will not allow your ex-husband to refinance the loan. If you want to save the property as well as your credit, it would be a better option to apply for a loan modification and check if the lender agrees to it.
As the loan is in default, the lender will not allow your ex-husband to refinance the loan. If you want to save the property as well as your credit, it would be a better option to apply for a loan modification and check if the lender agrees to it.