Guest
|
Posted: Wed Apr 27, 2011 8:31 am Post subject:
|
 Like 0
 Dislike 0
|
|
| Thats a tough one. If you are on the loan, you are responsible, even with a divorce decree, the lender doesnt care. You need to know if your state is a non-judicial foreclosure state and if your note has a "right to sell" clause and if your state allows for defeciency judgements. If you lose the house to foreclosure, your credit is shot. Then you have to spend the next several years to repair your credit. If the house is modified, then atleast the loan is current. If you short sell the house, the lenders will also take that as a foreclosure against you for when you want to get your own home. If he is not paying and you want to be protected, go back to court and demand that the house be sold. Try to speak with the ex and see if you can do a deed in lieu. If you home is upside down, then you really cant get out from it cleanly. You need to find the quickest and easiest way to get out from it, foreclosure, deed in lieu, short sale, and then be prepared to have to rebuild your credit. Good luck |
|
Mortgage Forums 
