Posted on: 18th Jun, 2010 06:00 pm
recently divorced, a year, quit claim deed released me of my name on the title, that's it! still on the mortgage, after in the divorce decree he was to refinance after180days, but hasnt, found out that he's 16 months deliquent, so that means i am too! credit is ruined beyond repairs! i have a choice of pushing for the sale of the property as what was suppose to happen after refinance failure..but he is in the process of applying for a hardship payment plan which has suspended foreclosure..is there anything i can do? any ideas?
i dont live in that home, or that state for that matter, i notified my lawyer and we are motioning for sale of the property by court order..how do i rectify this situation? help!!
i dont live in that home, or that state for that matter, i notified my lawyer and we are motioning for sale of the property by court order..how do i rectify this situation? help!!
Unfortunately, you are one of many in this situation. Your lawyer is your best source of legal advice, but from the mortgage perspective, you are really stuck. Your credit will continue to suffer until this debt is satisfied and there is not a whole lot you can do about it. Sorry it's not what you would want to hear.
Best of luck to you.
Best of luck to you.
I hate to say this but you to get your name off the note, your ex-husband will have to refinance the loan in his name only or sell the property. Until he does that your credit will continue to take the brunt of bad credit reporting. Or if your ex is able to start making his payments on time. Either way the the damage has been done on your credit and it will take years to repair the damage. The best thing your can do is wait until he sells, refinance or starts to pay his mortgage on time. Hopefully he will sell or refinance it. So you are on the hook until them. I would suggest that you stay or begin to stay cash rich, because getting loan will be very difficult for your for years to come. Hang in there.
m trying to figure out the time line. Youe been divorced for 12 months. The mortgage is delinquent for 16 months. Ergo, you must have known the mortgage was behind at the time the separation agreement. How did you expect your to refinance in 180 days with a four-month delinquency? Since you went into this with your eyes wide open, its hard to have much sympathy. For those who treat their financial obligations seriously during marriage, safest way to handle is to stay in title while applies for refinance and then have deed in escrow to be filed right before the new mortgage in name of
Hi Tani,
It is really a tough situation to handle. As you mentioned that in the divorce decree it is mentioned that your ex will re-finance within 180 days after divorce, you can take legal step against him. Consult with your divorce lawyer and check out the options open for you. Until and unless your ex re-finances the loan you will remain responsible for the loan and your credit will hamper.
It is really a tough situation to handle. As you mentioned that in the divorce decree it is mentioned that your ex will re-finance within 180 days after divorce, you can take legal step against him. Consult with your divorce lawyer and check out the options open for you. Until and unless your ex re-finances the loan you will remain responsible for the loan and your credit will hamper.