Divorce and foreclosure

[fgolden]

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

 

[fgolden]

South Carolina

I am in the mist of a divorce and my wife name is on the deed of the family home but not on the loan. The house is in foreclosure she does not want to be held liable for this being on her credit, however she doe not want to do a quick deed to release the deed to just me. I am trying to get it out of foreclosure and move back into the house. If the house stays in forclosure will this effect her credit as well and if not can I sue her later for half the amount to get it off my credit and show up as satisfied

 

[LdiJ]

South Carolina

I am in the mist of a divorce and my wife name is on the deed of the family home but not on the loan. The house is in foreclosure she does not want to be held liable for this being on her credit, however she doe not want to do a quick deed to release the deed to just me. I am trying to get it out of foreclosure and move back into the house. If the house stays in forclosure will this effect her credit as well and if not can I sue her later for half the amount to get it off my credit and show up as satisfied

Since she is not on the loan, her credit report will not be impacted at all.

Normally, whoever keeps an asset, such as a home, also is responsible for any debt associated with that asset. However there can be some exceptions to that, particularly in a situation where a loan is upside down.

If there is equity in an asset, generally the person keeping the asset must buy out the other party's share of the asset.

You need to settle any issues regarding the house as part of the divorce. You will not be able to go back later and sue her, otherwise.