<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sccrplyr16:
My ex-boyfriend and I bought a house in 95. Currently he lives their w/ a roommate. He is 4 months behind on the mortgage and the mortgage has gone to collection. He's unable to make the payment or take over the mortgage due credit history. My credit is going into the toilet because of this. Should I let mortgage company foreclose on the house. I don't want to put any money into the house while his name is on the mortgage because it only benefits him. Or what other options do I have???<HR></BLOCKQUOTE>
Your logic is a bit off. Payments you make do not only benefit him, it also benefits you since you are also on the mortgage. If you paid the loan current, your credit would not be in the toilet. So what if he is living there and you are not. The mortgage lender does not care about your living arrangements and domestic situation.
Options: pay the loan current or work out a payment schedule to avoid foreclosure action. List the property for sale with a Realtor experienced and with a tract record of selling distressed property quickly. Contact the mortgage company and discuss various workout options such as a deed-in-lieu of foreclosure. Once foreclosure action is commenced, you will be paying several thousands of dollars in legal fees and court costs. In addition, the foreclosure action and deficiency judgement (if any) will be on your credit report for years. If there is a judgement against you, the lender creditor can garnishee your wages and foreclose on your assets. If you think your credit is in the toilet now, do nothing and you will soon find it in the sewer.
