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My ex husband was suppose to refinance the house in 60 days or sell. He lost job in that time and the house has been on the market for a year. His parents have helped him make payments, pay off HE loan and do some house rehab. They are now not going to keep helping. My ex is still not working (having recovery problems - the rest of the story you can guess). I rent a home and barely manage on my income. I want to protect my only asset my IRA. Our divorce states he is responsible for the liability of the house since he was awarded the asset and to hold me harmless. What is going to happen to me credit rating wise and ability to protect my asset.

jenkin7 · Posted: Thu Oct 15, 2009 10:30 pm Post subject:

Hi Guest,

Both a deed in lieu and a short sale affects your credit negatively. However, the damage a short sale does on your credit is less than that done by a deed in lieu. But since you have already been released from the liability by the court, there is no reason why you should take a hit on your credit just because your ex-husband failed to refinance the property. If the court had ordered him to refinance the house within 60 days or sell it, you can file a case against him for contempt of court order and force a sale of the house. Since you are still on the loan, there is a chance that the lender will come after your assets to recover the loan balance. However, they will never be able to go after your IRA account.

mgan9311 · Joined: 13 Oct 2009 Posts: 8 3.07 Dollars($)

Hi, it seems you are in a very similar situation as me except I have 30 days and not 60. Please look at the following links, they are my postings and some of the responses may help.

http://www.mortgagefit.com/foreclosure/bankruptcy-divorce.html

http://www.mortgagefit.com/problems/foreclosure-bankruptcy.html

Please note, that you probably should get an attorney to make a legal document for your ex-husband to sign so that the mortgage companies will not be able to sue you for their lost money after it is all over. It should probably include the terms of the divorce, that he releases you of all financial responsibility regarding the home and any accounts associated with it, and that you credit report is to not be marked in any way, shape, or form other than account closed in a positive way. I have contacted my attorney today and am waiting to hear back about this.

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which is better for divorced wife a deed in lieu or short sale