Separation & Foreclosure

[Urbanartiste]

What is the name of your state? IL

I have been separated for a while. I signed a paper and had it notarized that the house belongs to the other spouse. Recently I have been served with foreclosure papers on the property. What are my options? I have never dealt with nothing like this. Can I still save the house? Bankruptcy?
Since I owe a lot on my cc cards maybe that would be the right direction?
Help!!
Thanks to anyone with input.....

[nextwife]

You deeded away the house, but the legal agreemnet you entered into with the lender, when they agreed to give you a mortgage, cannot be removed until the mortgage is released (either via a refi or sale). That is why the process of deeding out an interest should ONLY be done in conjunction with removal of the debt obligation.

If you are not prepared to bring the mortgage current (and, this would only be to protect your creditb as you no longer own the house), you could end up with a default judgement against you. Seek the opinion of an attorney.

[HomeGuru]

Originally Posted by Urbanartiste

What is the name of your state? IL

I have been separated for a while. I signed a paper and had it notarized that the house belongs to the other spouse.

**A: what exact document did you sign? Was it an actual deed or was it an agreement in connection with your divorce.
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Recently I have been served with foreclosure papers on the property. What are my options? I have never dealt with nothing like this. Can I still save the house? Bankruptcy?
Since I owe a lot on my cc cards maybe that would be the right direction?
Help!!
Thanks to anyone with input.....

**A: you have very little options available.