new home and divorce

[dawkeye]

What is the name of your state? Texas

Hello Im from Texas. My wife and I have decided to call it quits. It will be a mutual separation and divorce. No legal battles to insue. Our problem is that we just started buying a house one year ago. Neither one of us can pay the mortage on one salary. Neither one of us wants the property. I will be moving 500 miles away. The house is a double wide on 1 acre of property. The house and property is being bought as one. I dont think it will bring what we are paying for it. Our credit is not that good and wasnt that good to start with. That is why we were paying about $90,000 for a doublewide. Do we have any options? I dont want to file bankruptcy. I have agreed with the wife to keep the house if her family will move in and rent half from her until we can find a better option.
Any advice would be greatly appreciated. Thanks

 

[Boxcarbill]

You have covered your option: Sell it or file bankruptcy. If you owe more than you can sell it for, the property will eventually go to foreclosure. Then one or both you will file bankruptcy. If one of you doesn't file bankruptcy, the creditor will look to that spouse for the difference remaining on the note.