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pisces26 · Joined: 03 Apr 2009 Posts: 1 1.00 Dollars($)

I bought a house with a now X boyfriend three years ago. Long story short the relationship did not last and he moved out of state and left me responsible for the entire mortgage and he quick claim deeded the house to me. I have been paying the mortgage by myself for the last two years.

I have been able to make ends meet till recently when my hours have been cut back at work.

I hate the house and I have tried selling it but we bought it at the height of the market and all the offers came in too low for me to except. Also, now the house in valued at $8,000 less then when we bought it.

Here is the problem. There are two mortgages for the house. The 2nd mortgage is a line of credit. My x boyfriend is the primary on the loan and I am the secondary. If the house forecloses how will the bank go after us? Will the debit be split between us if there is short sale?

Basically I need to know how I will be effect if I let the house go into foreclosure.

I am trying to get a loan modification currently but the mortgage company still has not told me if they will help.

Any advice or help would be greatly appreciated.

smckaybiz · Posted: Sat Apr 04, 2009 4:50 am Post subject:

Welcome to the forums pisces26,

Sorry to hear about your problem. First just a thought: is there any way you could possibly rent the home out to someone and charge enough in rent to cover your mort, taxes, and insurance for the property? Then you could find a smaller, less expensive place to live in the meantime and try to ride out the slumping housing market for a few years until you can sell the house for enough to pay off both of your mortgages.

As far as being affected by the foreclosure. I'm sure the 2nd mortgage holder will go after your X first but if he avoids or dodges them then they will surely turn to you for repayment. I would try to avoid foreclosure if at all possible.

It may be possible to do a "deed in lieu" and xfer the deed back to the original mortgage company but then you would still be stuck paying back the 2nd mortgage with nothing to show for it. Someone else may be around to let you know if its possible.

Have you tried any of the government assistance programs available?

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How will I be affected if I let my house go into foreclosure?