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Name on Deed/ not mortgage

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nicfisher Joined: 18 Aug 2010 Posts: 1 1.33 Dollars($)	Posted: Wed Aug 18, 2010 8:32 pm    Post subject: Name on Deed/ not mortgage Like 0 Dislike 0 Live in NJ. Husband is on mortgage (my name is on deed). Going through divorce in 1 week he signed a new lease leaving our mortgage now 3 months behind. How can I save my house when I can afford the payments and have a full-time job. The problem is that I have horrible credit from a previous divorce. I have 3 kids and really want to stay in the house. He is holding the house over my head saying he is going to do a short sale. What are my options with bad credit?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Aug 18, 2010 10:54 pm    Post subject: Like 0 Dislike 0 Hi nicfisher Quote: How can I save my house when I can afford the payments and have a full-time job. Problem with this situation is not the affordability of the monthly payment rather a credit score is playing a big role in this case. Now, If you could found someone who is having good credit (either friend,relatives ) and ask them to refinance the mortgage and you will be paying the monthly bill on behalf of them. Now in this current situation you should consult a divorce attorney and ask them that how you can get hold of the house.Because in the divorce decree it should be mentioned about the property distribution. Feel free to ask any further query. DIPA
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Aug 19, 2010 2:12 am    Post subject: Like 0 Dislike 0 Hi nicfisher! Welcome to forums! As you have a bad credit, you won't be able to get a refinance in order to save the property. Moreover, as the loan is delinquent, you won't be able to refinance the loan in your name. In that case, I'm afraid, you'll have to short sale the property. Feel free to ask if you've further queries. Sussane

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