how do I go about getting DIL, re-married after refi

mekidsrk · Joined: 10 Nov 2008 Posts: 1 1.88 Dollars($)

Hello- As a single divorced mom, to keep our house, I refianced with an adjustable, I used the money from the refi to help make payments on the mortgage. My house at the time appraised @425k, I figured it would give me time to figure out other options,and I could always sell if it got really bad, I also have a private lein on my home(ex mother in law), its actually a promissary note stating on sale of home she gets her $ back, or if I die she gets her $ back. I'm permanetly disabled, recently re-married, and did try to sell my home from July 07 to December 07 with no takers that would give me enough to pay off the bank loan and ex mother in law. Now I live at my new husbands address, have had really bad renters who have trashed my home and you guessed it, my loan is going to adjust to about 3x's what I was paying. What is the best way to let the house go with out effecting my new husband(he in not on title and I'm not on the title to his house). I'm experiencing huge stress over this, please if anybody can guide me or recomend an attorney, I would be so Thankful!

smithsussane · Posted: Mon Nov 10, 2008 8:11 pm Post subject:

Hi mekidsrk!

Welcome to forums!

Whether your house goes in for a foreclosure or whether you declare a bankruptcy, your husband's credit will not be affected as he is not on the loan or on the mortgage.

You have mentioned that you have listed the property in the market for few months but did not get any buyer. In that case, I don't think that the lender will get ready for a DIL or a short sale.

You can contact the lender and try to convince him for a loan modification. If he agrees to it, check the terms and conditions of a the modification because many a times, the interest rates can increase.

Feel free to ask if you have further queries.

Sussane

jameshogg · Posted: Mon Nov 10, 2008 8:17 pm Post subject:

Hi mekidsrk!

You can even file Chapter 13 bankruptcy. This will help you in re-organizing the debts and you will also be able to save the property. In this process, the lender will give you a new plan which will help you in paying the debts within 3-5 years. Though a chapter 13 bankruptcy will affect your credit, as soon as you start the payments, your credit will also improve.

Thanks

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