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drushepherd · Joined: 13 Nov 2008 Posts: 3 2.86 Dollars($)

I signed as co-borrower on a mortgage March 06 w/someone. We broke up June 06. We still lived together and they paid until I started dating someone else. They subsequently moved out of the house Aug 06, then out of the state Aug 07 and stopped paying Oct 07. Before they moved out they refused to sign a quitclaim deed, refused to sign the paperwork I had drawn up showing they were responsible for their half of the bills/mortgage and even refused to meet with an attorney of their choice to get all of our obligations on paper. I did not have enough money for an attorney, legal aid said I made a "little too much" to qualify for their services. The ex finally signed a release to put the house up for sale Oct 07, and even signed a lease agreement Feb 08 for someone else to lease the house. The lease rent payments JUST covered the mortgage. But now the mortgage has gone up because I didn't have enough money to pay the taxes (when I called the ex about the taxes they stated "i have no solution for you. the taxes do not compute into my budget. so sorry." and hung up), so the mortgage company paid the taxes and of course increased the mortgage by $415. The mortgage company reduced the amount to $390 after I cried. I'm scared to tell them the house is leased and I'm not in the property. Maybe it'll close June 2009 if the leasee's keep their half of the deal. You still with me? Where'd the "extra" money go after the leasee's took over? I started paying $43,000 in credit card debt that was coborrowed with the ex that they weren't paying, I lived with my sister and paid rent & utilities, after that I was on medical leave from a trauma & surgery (Jun-July 08). Now, I'm married to my husband (July 08); we relocated for his job (Aug 08), and I'm now unemployed (Aug 08). I can't cover the extra mortgage. I do not qualify for unemployment insurance. My ex has cut off all communication with me, even canceling a mediation meeting I had arranged before I left - when the ex canceled the mediation meeting they were charged a cancellation fee - they didn't care about the charge and they do not seem to care about their credit. I've told the mortgage company the coborrower has stopped paying and they can only offer me a plan to assist IF I was employed! What do I do? The ex was from a 4yr relationship, this behavior has been extreme.

carlpruitt · Posted: Thu Nov 13, 2008 8:58 pm Post subject:

As long as you lived in the property for a few months after you purchased it, leasing is no problem. There is no reason to lie about this.

It is so tough when things keep snowballing like this and it becomes almost impossible to recover. This advice won't help you, but for anyone else reading this, make sure that if you are not married that you have a written contract (beyond the loan documents) with anyone you have joint financial obligations with. Then you can easily take them to court and at least get a judgment.

I guess there is a reason that the people lease purchasing the home still can't get a loan? You at least may want to approach them and let them know that you are having trouble paying the taxes on the home and you need help with that or they may lose out on their purchase. If not, you may have very few options.

You may want to contact the Hope Now Alliance: http://www.hopenow.com/

jameshogg · Posted: Fri Nov 14, 2008 1:31 am Post subject:

Hi drushepherd!

As you have already relocated to another state, I think you should give away the property to the lender by a deed-in-lieu foreclosure. Though this will affect your credit to some extent, it will at least help you to come out of this mess. If your lender agrees and you file a deed in lieu foreclosure, then you will not have to pay the deficiency.

Thanks.

drushepherd · Joined: 13 Nov 2008 Posts: 3 2.86 Dollars($)

Thank you! I do not want to break the lease contract, as I understand I would be setting myself up for a lawsuit by them. But that's good information to pass on! Yes, a signed contract would have been great! What I was trying to get before the snowball turned into an avalanche! LOL Any way it goes, I appreciate the advice! This whole experience has just brought me closer to God..something good is happening here despite what I see. Thanks again to both of you!

carlpruitt · Posted: Sat Nov 15, 2008 5:27 am Post subject:

I hate giving essentially useless advice sometimes., Since other people read these threads looking for information I thought it necessary to make sure an important lesson got through to others. Never to mingle finances with anyone, ever, no matter what the relationship including family, without an agreement upfront. Marriage sort of creates the legal responsibility necessary for some degree of protection, but sadly even family members usually end up at each others' throats when financial arrangements go wrong.

In your case, the lease contract is the reason I believe bankruptcy may unfortunately turn out to be necessary rather than a deed in lieu of foreclosure. That way you can at least be protected from the lawsuit.

I hope you are able to work something out. Best of luck.

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