Is there anything I can do to avoid a foreclosure todestroy my credit?

smlord71 · Joined: 13 May 2009 Posts: 1 1.28 Dollars($)

My husband and I divorced in February of 2009 in Florida. The Marital Settlement gave him the condo we owned. We are both on the loan. He stopped paying the mortgage at that time and we are now looking at a foreclosure. Is there any way to save my credit? Should I file a Quitclaim Deed?

smithsussane · Posted: Wed May 13, 2009 8:42 pm Post subject:

Hi smlord!

Welcome to forums!

Filing a quitclaim deed will not serve your purpose. As your name is on mortgage, you will still be liable for the mortgage dues. It would have been better if your husband would have refinanced the mortgage in your name.

As the mortgage is past due, the lender won't let your husband refinance the loan. I would suggest that you and your husband should apply for a loan modification immediately. This will help your husband to save the property and your credit will also not be ruined.

Feel free to ask if you have further queries.

Sussane

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