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Current on mortage in joint ownership right now but divorce decree will state home ownership and financial responsbility will become mine. I will be filing for bankruptcy after divorce due to credit problems and will not be able to refinance mortage to just myself. Soon to be ex-spouse has credit problems of their own and will no longer be contributing to house expense per divorce decree. Will deed in lieu of foreclosure be an option? I understand that the mortage company can deny your request if they feel you dont 'qualify' due to financial situation. thanks

elnoralittle · Posted: Mon May 04, 2009 5:49 pm Post subject:

You have a few options, a deed in lieu, but also a shortsale.
A shortsale will prevent you from purchasing a home for 2 years, a foreclosure will be 4.
If you are filing bankruptsy, speak with your lawyer first. If you file a chapter 13, the court may stay foreclosure proceedings for about 5 years.
This may be enough time to get back on track.
Also, contact the loss mitigation department of the mortgage company and see what options they can offer you. I don't see how your spouse can walk cleanly away from the home unless it is soley in your name.

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