Please HELP! FORECLOSURE/EX/PROPERTY QUESTIONS!

[Zeb1]

What is the name of your state? GA.
What is the name of your state? Georgia
Any advice is greatly appreciated! Here is the situation, my ex wife and I have been divorced for 3 years, but both of our names are on the mortgage of the home she lives in...
In the divorce decree, in states that if she stops payments on the house, and it goes into foreclosure, then it is to be turned over to me..
Well, I have found out that she has missed 5 payments, and just recently made a payment...because she worked something out with the mortgage co. I think she will not be able to pay as she is unemployed, and would rather spend (child support etc..)money on other things besides bills...
The house was purchased for 110,00 4 years ago, and 106,000 is still owed, so not much equity... not sure what it would appraise for , but the tax assesment is only 110,000 so I wouldn't make much if any profit if I had to take it over and sell it
My questions are...
1.Will I have to stop the house from going into foreclosure BEFORE it does? Or since she is responsible for payment, can I negotiate with the bank once it has been foreclosed...?
2. I am assuming it is better to take over the property and try and sell, even though I may lose money...?
3. Or is it better to just let the house go into foreclosure and declare bankruptcy, since it is worth little or nothing, or worse I will end up owing on it. The only thing I have on my own is some land, which I dont live on, so can the bank sue me for money if I go bankrupt?
4. If I do take over the payments and try to sell the house, what do I need to do to get her out? How long should it take to make her move out, as I am sure she will stay as long as she possibly can! And I will ned to sell ASAP
5. Can anything be done about my credit, which is now bad, since she stopped making payments?

Thanks for any help!

[LdiJ]

These really aren't family law questions, and this probably isn't the best forum for the questions, but I can help with some of them.

Originally Posted by Zeb1

1.Will I have to stop the house from going into foreclosure BEFORE it does? Or since she is responsible for payment, can I negotiate with the bank once it has been foreclosed...?

Yes, you need to deal with things BEFORE the house goes into foreclosure, or at least at the beginning of the foreclosure process.

2. I am assuming it is better to take over the property and try and sell, even though I may lose money...?

In terms of your credit, yes, a sale (even a short sale) is better than a foreclosure

3. Or is it better to just let the house go into foreclosure and declare bankruptcy, since it is worth little or nothing, or worse I will end up owing on it. The only thing I have on my own is some land, which I dont live on, so can the bank sue me for money if I go bankrupt?

You will most likely lose the land in a bankruptcy. It would most likely to taken to pay part of your debts. Whether or not a bankruptcy is a logical choice for you is a matter to take up with a bankruptcy attorney. Get a consult.

4. If I do take over the payments and try to sell the house, what do I need to do to get her out? How long should it take to make her move out, as I am sure she will stay as long as she possibly can! And I will ned to sell ASAP

If she won't cooperate in getting out, as specified by the property settlement, then you would have to take it back to court and have the judge order her to move out.

5. Can anything be done about my credit, which is now bad, since she stopped making payments?

Thanks for any help!

No, the "dings" on your credit report are there to stay. The only thing you can do is prevent it from getting worse. You can have a note added to your credit report to explain the situation, but that won't help your score.

[mom428]

My husband faced this exact issue with his ex and has lived through it....but there were many things he wished he would have done differently. So here's the short list of nonlegal advice of things he would have done differently...

1. Get back into court ASAP and request to have possession of the house since she is not keeping the mortgage paid and request the court order the house sold.

2. Do everything you can to keep the payments up until it does sell.

3. IF you negotiate a short sell...her name is still on the property...she will have to agree and sign all the paperwork.

4. IF you negotiate a short sell... any monies not paid may very well be considered taxable income to you and your ex.

5. Once foreclosure has started, it's had done serious damage to your credit....do everything possible to keep it out of foreclosure (my husband's house sold (short) 1 week before the sheriff's sale....but his credit is still shot, in his case he wishes he had filed bankruptcy)