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Guest
Help!
My new wife just informed me that she purchased a property several years back with an exboyfriend (in Illinois) She has told me that both their names were on the loan. We just received notice that the property is being forclosed.
He's an unstable alchoholic and potentially physically abusive. (Almost killed her in a DUI related incident) She informed me that they had worked out an agreement where he would stay in the property and pay her rent until he could refinance the property and remove her name from the loan. He not only didn't pay her, or make any attempt to refinance but also defaulted on the mortgage payments.
She is afraid to do anything about this and I'd rather they not come in contact again. I'm not sure what the best path to take.
Is their any way to save my wife's credit rating, my sanity and our marriage?
As her new husband do I bear a legal responsibility to assume the loan?
What happens if the property is forclosed upon?
What can we do?
T
My new wife just informed me that she purchased a property several years back with an exboyfriend (in Illinois) She has told me that both their names were on the loan. We just received notice that the property is being forclosed.
He's an unstable alchoholic and potentially physically abusive. (Almost killed her in a DUI related incident) She informed me that they had worked out an agreement where he would stay in the property and pay her rent until he could refinance the property and remove her name from the loan. He not only didn't pay her, or make any attempt to refinance but also defaulted on the mortgage payments.
She is afraid to do anything about this and I'd rather they not come in contact again. I'm not sure what the best path to take.
Is their any way to save my wife's credit rating, my sanity and our marriage?
As her new husband do I bear a legal responsibility to assume the loan?
What happens if the property is forclosed upon?
What can we do?
T
I think you should consult with a real estate attorney who knows foreclosure laws. It might be possible for her to deed her interest in the house to the bank in lieu of foreclosure. OTOH, this might require the ex's signature.