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 katieogorman
Joined: 21 Jul 2011
Posts: 1
1.55 Dollars($)
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Posted: Thu Jul 21, 2011 9:36 pm Post subject: New mortgage loan requiring primary borrower to live in home
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| My husband and I are in the process of divorce. We have no children but home mortgage. I moved out a year ago and am renting. At the time, due to economy and such, we started communication with the bank, but he has not made a mortgage payment in the last year. He has now a new loan, but my name is on the paperwork- per him, the loan would not be approved unless I was on it. I don't have the name for the type of loan, but my husband says since he is the primary on the loan, he HAS to claim the house as his primary residence. Since we are not divorced yet and not legally separated, the house is still community property (although under water). He tells me I could sign a quit claim if I can't, or don't want to, take over the mortgage (which he is telling me I'd have to get a new loan approved if I do that). I've also been told that until the divorce is final, the house is still 'community property' regardless of what type of loan. Does this make any sense? Also, is it in my best interest to keep the house as my primary residence as well, and move back in prior to final divorce? Not sure if this makes any sense to you, but I don't feel comfortable with the situation (so far, we have had a friendly cooperative arrangement to deal with the divorce- no lawyers), but I feel like I'm going to get burned on this, even after 22 years of marriage. Do I need a lawyer? Mediator? or just more education? Thank you so much for your time. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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katieodat
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Posted: Sun Jul 24, 2011 4:31 pm Post subject: HAMP loan with Aurora/assets and spousal support
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Thanks for all your advise. Been trying to keep attorneys out of the picture (financially and emotionally). Now my husband says that since this house issue seems to be a concern of mine, he is 99% sure he is not going to go ahead with trying to keep it (I told him I found out more about the HAMP loan and Aurora and the 'trial period' even if it is paid on time for three months, Aurora can still say the loan is not approved, so he would have paid 3 months for basically nothing) and we are going to quick sale, or whatever, to get the house off the table. We may not get anything out of it, except debt and a bad credit rating, but it will be one less thing to stress about. And even if I signed a quit claim, it does not take me off the mortgage, and he would get all rights to the house.
So now my question is with the house out of the equation for now, I think I'm eligible for spousal support after 22 years marriage. He says he's being more than fair giving me $600/mo (which goes to my rent of $975) and letting me come to him for help on big ticket items (car tires, bed, health coverage-although $5000 deductible until we're divorced then I'm on my own, I'm OK with that, but I take home $1700 under the table for nanny/caretaker job so he thinks I should be able to live on that. My concern is the longer term support. Can the judge assign that amount or do we need to come up with an amount we both agree on (ha ha) at judge time or still can we do it thru a mediator or do we need a lawyer. I'm feeling a lot better from the advise given, however, since we've been 'friendly' and would like to continue that way, I'm still confused as to when (and by whom) that amount should be determined. My goal is to not get W2's, back taxes, and my boss in trouble with the IRS, but I am aware of consequences.
Thank you again for your time and consideration!!!
KatieO |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Posted: Sun Jul 24, 2011 6:38 pm Post subject:
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In my opinion, the best advice I can give to you is what I've already repeated too many times. "The best laid plans of mice and men gang aft agley," as Robert Burns so succinctly put it ("oft go askew" is the translation for those last 3 words).
Katie, despite your commendable efforts to keep things friendly and calm, there are often bits and pieces of life that don't fit into that sort of scheme. Disposal of the house is apparently on its way to being a done deal, but your spousal support question (which virtually nobody on this site has any business addressing) is wrought with difficulty.
Without lawyers, you may feel that you're doing the best for yourselves and for each other, but you don't know the ramifications - legally - concerning those things.
When you appear in court before a judge, let's assume that you two sit down and write up an agreement (a good idea anyway). The judge is going to want to know how you two came up with the numbers. Now, my assumption at this point is that you're looking at your illegal money while considering how much support you'd need. You obviously can't tell the judge about that money, because that will open up the can of worms that you don't want opened. So how do you describe your negotiation process?
As I alluded to above, I certainly don't have the answers, but a competent attorney can help you navigate through the wide and the narrow paths on the way to your divorce decree, and also help in calculating what a fair amount of support is - presumably using what you have in legal income, which I gather is $Zero. That won't help your husband's case in trying to keep the support payments at a reasonable level.
You've posed a very difficult scenario for any of us to consider and attempt to answer. I won't say "get an attorney" again, but you ought to anyway (and so should your husband).
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