Posted on: 15th Oct, 2009 08:03 pm
my ex husband was suppose to refinance the house in 60 days or sell. he lost job in that time and the house has been on the market for a year. his parents have helped him make payments, pay off he loan and do some house rehab. they are now not going to keep helping. my ex is still not working (having recovery problems - the rest of the story you can guess). i rent a home and barely manage on my income. i want to protect my only asset my ira. our divorce states he is responsible for the liability of the house since he was awarded the asset and to hold me harmless. what is going to happen to me credit rating wise and ability to protect my asset.
hi guest,
if your ex-husband is unable to refinance the loan in his name, then he can apply for a deed in lieu of foreclosure. if the property goes for a deed in lieu of foreclosure, then the deficient amount would be forgiven. thus, your ira or other assets would be safe. however, your credit would be badly affected. your score would get lowered by 250 points.
thanks
if your ex-husband is unable to refinance the loan in his name, then he can apply for a deed in lieu of foreclosure. if the property goes for a deed in lieu of foreclosure, then the deficient amount would be forgiven. thus, your ira or other assets would be safe. however, your credit would be badly affected. your score would get lowered by 250 points.
thanks