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Old 05-02-2009, 08:03 PM
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Join Date: May 2009
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Divorce and foreclosure

What is the name of your state (only U.S. law)? VA
My wife and I are separated and waiting the apart period until divorce. We own a home the primary loan is in her name only and the second mortgage is in both our names. She has decided to let the house foreclose because she can't sell it to cover what we owe. What are my options when it comes to the 2nd mortgage? I don't want the house and I don't really have the right to try and sell it because it isn't really mine.
  #2  
Old 05-03-2009, 08:07 AM
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Join Date: Feb 2007
Posts: 8,250
Who's name is on the deed? That tells you who owns it.

Your rights on the second is to make sure they get paid or deal with the consequences. If the foreclosure doesn't net enough to pay off the second fully, they can come after you for the balance. Your credit is going to be hosed.
  #3  
Old 05-03-2009, 02:06 PM
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Join Date: May 2009
Posts: 2
If there wasn't enough there to pay both off how would the two companies divide what the house goes for after foreclosure?
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