Posted on: 02nd Feb, 2010 03:39 pm
I went through a drawn out divorce that took 5 years to finalize. My ex and I owned 11 properties. I was awarded the properties in Nv. I was fortunate enough to be able to sell all and pay off lawyers except for 2 rentals. My mortgages are really high, renters are few and rents have dropped drastically. I have held on to these for over 9 years and put big deposits down. Thirty thousand on both. I now find I owe more than what they are worth. Both properties have changed loan owners that I quit counting at 6. Right now I have a property mortgage held by BAC and Indy Mac. Both of these companies are impossible to deal with. I rarely get a person, only machines that take me down an Alice In Wonderland venture with no results! I have nearly exhausted my retirement funds keeping these afloat. It does not look as if the market will readjust itself for many more years to come.
Here is the kicker...my ex kept all properties in his name. He was suppose to file papers, or his atty. and never did. I spent over 20,000.00 going after him for this purpose. The banks refuse to deal with me because I am not him. Even though I am the one paying the monthly mortgages since the divorce. Also the divorce decree states these are mine but the banks refuse to acknowledge this. So big question is, what would happen if I no longer paid on these 2 mortgages? Please help me as I am losing everything to keep these. My retirement is depleted. I am 57 years old and live in a town where GM closed. My only income was the rentals. Now I find I keep borrowing against them and I have no more to borrow.
Here is the kicker...my ex kept all properties in his name. He was suppose to file papers, or his atty. and never did. I spent over 20,000.00 going after him for this purpose. The banks refuse to deal with me because I am not him. Even though I am the one paying the monthly mortgages since the divorce. Also the divorce decree states these are mine but the banks refuse to acknowledge this. So big question is, what would happen if I no longer paid on these 2 mortgages? Please help me as I am losing everything to keep these. My retirement is depleted. I am 57 years old and live in a town where GM closed. My only income was the rentals. Now I find I keep borrowing against them and I have no more to borrow.
Hi deborah,
If both you and your ex-husband are on the mortgage docs and if you stop paying the dues, it would affect both of you. The lender will report the late payments to the bureau and both of you will get a hit on your credit reports. If the non-payment of dues continues, then the lender would foreclose the property. This will lower your credit score as well as your ex-husband's score by 250 points. Moreover the lender can sue both of you for the deficient balance resulting from the sale of the property.
If both you and your ex-husband are on the mortgage docs and if you stop paying the dues, it would affect both of you. The lender will report the late payments to the bureau and both of you will get a hit on your credit reports. If the non-payment of dues continues, then the lender would foreclose the property. This will lower your credit score as well as your ex-husband's score by 250 points. Moreover the lender can sue both of you for the deficient balance resulting from the sale of the property.
You were awarded the properties in the divorce, and the decree states that. They will deal with you. If they were in his name only, and they are not on your credit report, you may have simple options.
[E-mail address deleted as per forum rules. Thanks.]
[E-mail address deleted as per forum rules. Thanks.]
I'd take jwilliams up on his/her offer if i were you, it sounds like you need all the help you can get at this point.