Loan documents requirements

[Andrea Beasley]

Welcome back, Andrea. After you deleted three threads last night, I wasn’t sure if you would return to post your question again.

For others, a quick summary of what you said to LdiJ and me last night:

You divorced in 2009 and your ex kept the house but he stopped paying on it in 2013 and abandoned it. The lender pursued you for payments and you paid on the house for 4 years, trying to refinance but being told you couldn’t because you did not own the house.

The house was foreclosed on in 2019 and sold at auction for $17,000. The balance on the mortgage loan was $64,000. The judgment against you is for $120,000.

Correct

 

[Andrea Beasley]

Please clarify for me:
What was the court order for the marital home in the divorce decree? ie...Who was awarded the home? Was there a court order for the mtg to be refinanced in the name of the party who was awarded the marital home?

Yes he kept the house and was ordered to refinance within one year but failed to do so

 

[quincy]

Who paid the property taxes on the house? Did you ever receive property tax information in the mail?

The $17,000 auction sale price makes it sound like a tax sale as a sheriff’s sale by the lender will generally have as a starting bid as the balance owing on the loan.

 

[Andrea Beasley]

Correct

The lender has held me in a guarantor obligation instead if co borrower but never disclosed the rights of either. In addition I did not qualify for a guarantor and certainly would have not bypassed my wife co borrower status to volunteer to a debt without ownership. The lender and or the ex husband acted in concert to stick it to me

 

[Zigner]

Have you considered filing for bankruptcy?

 

[Andrea Beasley]

Who paid the property taxes on the house? Did you ever receive property tax information in the mail?

The $17,000 auction sale price makes it sound like a tax sale as a sheriff’s sale by the lender will generally have as a starting bid as the balance owing on the loan.

That's odd I realize but it wasn't worth anything close to the amount owed. Im surprised it brought 17. It sat empty for a while and a garage had to be torn down. Ex husband rented it to tenants between 2010 and 2013 when he ghosted it

 

[Just Blue]

Yes he kept the house and was ordered to refinance within one year but failed to do so

Did you ever file for contempt?

 

[quincy]

You have copies of all the documents (mortgage, civil judgment, etc)?

 

[quincy]

You mentioned previously that bankruptcy was not an option - but you never said why. That DOES seem to be a good thing to consider unless you filed recently.

Is the lender the one who holds the judgment? I can’t figure out from where the $121,000 is coming.

 

[Andrea Beasley]

Have you considered filing for bankruptcy?

Yes I have spoken to an attorney. It's probably the only relief in my future. I know I can't set aside a judgement and have no desire to reverse anything that's done. However I want answers to why this happened and I want to exercise my rights if any for the detriment I suffered because I didn't know my rights and responsibility.

 

[Andrea Beasley]

You have copies of all the documents (mortgage, civil judgment, etc)?

Yes I have all that and more

 

[Zigner]

As was alluded to above, you should have or should now file for contempt against your ex.

 

[Andrea Beasley]

You mentioned previously that bankruptcy was not an option - but you never said why. That DOES seem to be a good thing to consider unless you filed recently.

Is the lender the one who holds the judgment? I can’t figure out from where the $121,000 is coming.

Bankruptcy has always been an option that I never wanted because I didn't need it until this happened. Refinance or loan modification or selling the house was NOT an option during this nightmare.. if I said bankruptcy I misspoke.

 

[Zigner]

Bankruptcy has always been an option that I never wanted because I didn't need it until this happened. Refinance or loan modification or selling the house was NOT an option during this nightmare.. if I said bankruptcy I misspoke.

It sounds as if it may be wise to give serious consideration to filing bankruptcy.

 

[quincy]

The “why” this happened is a mystery - and I still am not clear what exactly it was that did happen or why - but sometimes spouses trust each other and assume that what the other one is doing is in the couple’s best interest.

Apparently your spouse was not entirely honest with you when you purchased the house together.