Should I elect to "surrender" or "retain" the home?

[monona]

What is the name of your state (only U.S. law)? AZ

I am still a joint owner of a home that my ex husband occupies (as well as joint holder of these mortgages). (The divorce court ordered my ex to sell the house by a date already past, but it is apparent that my ex has no intention of selling. Instead of selling, my ex continues to pressure me to sign a quitclaim deed over to him. This I have refused to do.) My ex is current in the 1st mortgage payments, but has not been paying the second mortgage (a home equity line of credit which amounts to roughly a third of the value of the home). The house is $2,000 to $5,000 underwater with regard to these two mortgages. I am now filling for BK. Should I elect to "surrender" or "retain" the home?

I would like to participate in any profit should the house ever be sold at a profit, but I would also like to protect myself against any future short sell of the home should my ex ultimately decide to bail. Can I do both?

 

[FlyingRon]

You're protected because he can not sell your interest (and no sane person would buy his share alone) without your consent. You are wise to not sign the quit claim without him refinancing you off the loans.

What is happening likely is your credit is being trashed.

 

[bigun]

You don't occupy the home nor, are you making payments.
You'd check the surrender option.
You have the best of both worlds with a discharged bk. You no longer have any liability for a deficiency balance and as long as you're on the deed you do have the right to share in any appreciation.

 

[monona]

Thank you for resolving so quickly my previous question. I will indeed elect to "surrender."