Divorce/reconcilliation and the deed

aapl4theteacher · Joined: 16 Mar 2008 Posts: 7 3.60 Dollars($)

My husband and I were in the middle of a divorce when I purchased a condo in early 2006. The deed was recorded in my name as "a single woman" and the loans were drawn up accordingly. This was my primary residence for close to two years.

Now we've reconcilled and it looks like the home is going to go into foreclosure with a purchase money first and second on the line Embarassed

. Will our reconcilliation have any bearing on the how the debt is treated?

jameshogg · Posted: Sun Mar 16, 2008 10:15 pm Post subject:

No I don't think your reconciliation will have any bearing on the way the debt is treated except that if your husband pays along with you, then perhaps you can save your home from being foreclosed. This is the easiest way I suppose.

Guest 0.10 Dollars($)

Thank you James; I appreciate your time.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi,

If you are the only one in the mortgage and also on the deed still now then foreclosure will not affect your husband.

But I shall suggest you to avoid foreclosure if you can. It will have a huge negative effect on your credit report and will be shown for 10 years. You should try out short sale or DIL.

If you cannot short sale then try out DIL. Request your lender to go for DIL. If your lender approves DIL then you need not to pay the deficiency judgment.

Check out this article to know how you can avoid foreclosure with DIL at http://www.mortgagefit.com/deed-lieu.html

Hope that helps you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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