Mortgage foreclosure

[lynnehorse]

My ex has the house but has not been making the mortgage payments. He was supposed to refinance the house (not a court order) to remove my name from the deed and the mortgage. He never did. Now I find out that he has not been making the mortgage payments and the mortgage company is foreclosing. Since my name is still on the property, this is affecting me and my credit. It is my understanding that the only way to get my name off of the property and the mortgage was for him to refinance. He, for unknownreasons, did not do that. What am I supposed to do in this kind of situation? I have not lived in that house for six years, have been divorced for three years, and have no access to his financial information until this happened. He didn't tell me anything. I had a sherriff come to my door and deliver papers telling me they were foreclosing on the house. Thy have already started proceedings. I received a letterstatingthat a judgement has been filed.

 

[dorenephilpot]

Your situation happens again and again in divorces.

That's why you ALWAYS want either your settlement agreement or the decree issued by the court to state that the party who stays w/the house has to refinance it within a certain period of time or sell it. This gets the other person's name off the mortgage. You do NOT want a joint debt with someone you're no longer married to. In fact, having a joint debt with someone you are married to isn't all that great of an idea either. Nothing good can come of it -- and a lot of bad can come of it.

Of course, banks never tell you that co-signing a loan, even for married couples, isn't required. It's optional. They like having two people on the hook. They also don't tell you what can happen if one of you defaults.

Now, as to your situation. It's true -- if your name is on the mortgage, you are on the hook, just as much as he is.

Here are some of your options:
1. File bankruptcy, which will relieve you of the mortgage debt.
2. Pay any arrearage due on the house yourself.
3. Become a fugitive and move to an island somewhere to dodge the mortgage company.
4. Fail to pay the bill and watch your wages get garnished, your new home (if you have one) have a lien put against it, etc.

Sorry I don't have a more pleasant answer for you, but this is the reality of the situation....