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Help with Real Estate Problem

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M

m_masseyfan2

Junior Member
What is the name of your state?TN
My wife and I bought a house together in June 2004. I had a chapter 7 bankruptcy which was discharged in July 2005. The house that we purchased together was NOT included in the chapter 7. At the end of June, or 1st week of July, 2005 my wife moved out and filed divorce papers with the court for a no fault divorce. In the divorce papers it just states that we are planning to sell the house and will split any proceeds from the sale. My question is can I hold her responsible for part of the house payment until it sells? Because of the chapter 7, I cannot get credit anywhere and I am having a hard time paying the $1200 mortgage each month. Since she moved out in June she is not helping with the house payment and is not intending to help. The payoff on the house is 139,000 and 6% commission is $8,000. I don't know that it will be easy to sell it for $147,000. But with my bankruptcy I do not have access to cover the closing costs and must include it in the selling price. Any suggestions? Is it possible to surrender the house? Thank you in advance for any help.
 


H

HomeGuru

Senior Member
m_masseyfan2 said:
What is the name of your state?TN
My wife and I bought a house together in June 2004. I had a chapter 7 bankruptcy which was discharged in July 2005. The house that we purchased together was NOT included in the chapter 7. At the end of June, or 1st week of July, 2005 my wife moved out and filed divorce papers with the court for a no fault divorce. In the divorce papers it just states that we are planning to sell the house and will split any proceeds from the sale. My question is can I hold her responsible for part of the house payment until it sells? Because of the chapter 7, I cannot get credit anywhere and I am having a hard time paying the $1200 mortgage each month. Since she moved out in June she is not helping with the house payment and is not intending to help. The payoff on the house is 139,000 and 6% commission is $8,000. I don't know that it will be easy to sell it for $147,000. But with my bankruptcy I do not have access to cover the closing costs and must include it in the selling price. Any suggestions? Is it possible to surrender the house? Thank you in advance for any help.
Click to expand...
**A: what is the value of the property?
 
J

JETX

Senior Member
m_masseyfan2 said:
My question is can I hold her responsible for part of the house payment until it sells?
Click to expand...
Yep.... but not until it sells. The loan agreement doesn't specify which party pays what part of the monthly payment... so each of you are liable. If she is not willing to pay 'her part', then you will have to make the payments in full.... and try to factor them into any settlement agreement.

Is it possible to surrender the house?
Click to expand...
Depends on whether your lender is willing to accept...

Have you contacted your ex in WRITING and advised her of the damage the foreclosure will have on HER credit history?? She might offer to help to prevent that.
 
T

to_nice

Junior Member
Tell your wife this will ruin her credit too.
Call the lender and tell them your situation.
They might do a short sale if the sales price will not cover sales price and closing costs, commisssion etc. They will work with you??? ,if your upfront with them.

But first look for roommates to help with the payments.
If you have to sell
Look for a discount Realtor that will list in MLS.

You have to live somewhere so do the best you can.

Cut out all unnessasary monthly expenses, eat beans for dinner.
No cable...etc...Get a second job...ask family and friends for help.The
The foreclosure will be worse then the bankrupcy so JUST DO IT.

Talk to your divorce attorney and let him direct you.
If there is no equity in the house, what does the wife think she is going to get?

There are lenders that will finance you just out of bankrupcy, but the rates are high. Which is want is going to have to happen since her attorney is going to want her name off the mortgage.

Good luck

Keep precise records on all phone calls etc...
 
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