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In my divorce in 2004 our home was to be quit claim deeded to me. This was never done. I now live in another state and asked the courts to quit claim deed home to me and was denied. I am stuck now because I cant sell the home. I am willing to quit claim deed home to xhusband, but I know he can't afford to refinance on his own. HELP! I'm stuck and trying to start a new life.

chrisgummerson · Posted: Tue May 24, 2011 9:44 am Post subject:

It is very unfortunate. The lender will not let you off the loan until sold or refinaced. Your ex cant "qualify" for a new loan, or he cant make the payments? If he cant make the payments, sell the property. If he cant qualify, make him get a co borrower. If you are not on the loan, then you can remove your self from title at anytime. If so, contact your local title company and have them prepare the deed.

Guest

I am the primary borrower on the mortgage. To my knowledge my xhusband is in jail so I know he can't qualify to refinance or make payments. Is my only hope a foreclosure? What are the repercutions of doing that?

chrisgummerson · Posted: Tue May 24, 2011 10:08 am Post subject:

Is the home upside down? Is there any hope to sell via regular equity sale? Your best option is to sell. If you cant because you are upside down, then you can try to rent it out. Even if you had to pay in a hundred or so each month, eventually the home will be paid off and now an asset to you, by someone else making the payments. You can draft an order that once the home has equity you will sell and each party gets X amount. If you go the last route, there are several options. You can short sell your home, give up and do a Deed In Lieu, basically keys for the deed. Or you can foreclose, by letting nothing happen. Each one of these is bad. Your credit will be ruined for a while and you wont be able to buy again for 3 years. If you live in a recourse state, then the lender can come after you for a defeciency judgement. In FL for expample, the lender after foreclosure, can obtain the judgment, which will follow you for 20 years...What state are you in, what type of loan security do you have, a "deed of trust" of a "mortgage"

Guest

Yes hous is upside down. I have had it for 10 years, its a mobile home, I owe 61,000 and it is only worth 30,000 maybe 35,000. I am trying to sell it but unless I pay mortgage down it wont sell anyway. With xhusbands name on it can I still sell it? He is refusing to help in any way. As in will not even sign to help sell he is adiment about get money out of it, and that I owe it to him. He has never made a payment or ever done any upkeep. I currently have someone in it and paying lot rent but I still make all mortgage payments, electric, gas, insurance, and it is sucking me dry. I am getting very desperate.
How does a short sale work? If it affects the same as a foreclosure what would the benifit be?
I currently live in Wyoming, but house is in Colorado.

chrisgummerson · Posted: Tue May 24, 2011 10:32 am Post subject:

Since the land is not part of the loan, only the MH, I dont know if your lender will offer a short sale, but you can ask. A short sale is selling the home for less than the loan amount. Generally under a short sale, the lender gets their collateral back, and they don't come after for deficiency. It would help you to get out of the liability, but hurt your credit. If your ex wont sign off on the loan, then you might be stuck. You would have to get a a court order to sell the house, if he wont participate. They work similar to a foreclosure, the part you need to be concerned about is if the lender can file the deficiency against you. Contact your lender and ask about a short sale and go from there. There is no money in the home, and your ex needs to know this. There is no payment owed to him. period. No value = no money.

gmakerley · Posted: Tue May 24, 2011 11:31 am Post subject:

Well said, Chris; ex-husband can't get paid when there's no money available.

In this situation, given the circumstances, I'd either simply let the home go or try to negotiate the short sale alluded to. Being sucked dry for a property that isn't worth what it once was is a waste of time, energy, etc. in addition to the money lost.

You ought to discuss the short sale possibility with the lender right away and go that route if possible. Continuing to pay won't do anything for you.

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