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mickeymousin

Junior Member
What is the name of your state? Texas

I will make this as brief as possible.

I have been married 5 1/2 yrs. I have not worked one day since being married-at H request. I now have a 3 1/2 yr old daughter.

H owned our house outright before marriage. However, a loan was taken out on the house for 60,000. House is valuesd at 156,000.00. I was then added to the title. He was supposed to get a new sewer line and then I was told that the bulk of the loan was going to be immediatly be paid back. That didnt happen. We bought a new car and then he gambled about half of it on the internet.

He is expected to get a large sum of money from his grandmothers will in october and had planned to pay it then. I informed him that once the loan was paid-I was leaving. He now says he isnt going to pay it then and will stay on the 30 yr schedule.

If I file for divorce-what happens as faras the loan is concerned?
 


LdiJ

Senior Member
mickeymousin said:
What is the name of your state? Texas

I will make this as brief as possible.

I have been married 5 1/2 yrs. I have not worked one day since being married-at H request. I now have a 3 1/2 yr old daughter.

H owned our house outright before marriage. However, a loan was taken out on the house for 60,000. House is valuesd at 156,000.00. I was then added to the title. He was supposed to get a new sewer line and then I was told that the bulk of the loan was going to be immediatly be paid back. That didnt happen. We bought a new car and then he gambled about half of it on the internet.

He is expected to get a large sum of money from his grandmothers will in october and had planned to pay it then. I informed him that once the loan was paid-I was leaving. He now says he isnt going to pay it then and will stay on the 30 yr schedule.

If I file for divorce-what happens as faras the loan is concerned?
He will have to refinance the house and buy you out. You are a legal owner now and entitled to a share in the equity. Do not sign a quit claim deem (a deed to give full ownership back to him) unless its in conjunction with a closing that takes you off the loan.

If he can't refinance the house and buy you out, then the house will have to be sold and the proceeds split.
 

LdiJ

Senior Member
mickeymousin said:
what about if he let it forclose? either before or after I filed?
That could be a serious problem. The only way to protect your credit would be to make sure yourself that the payments are made.

However, that is the very reason why you ask the judge to order him to refinance or to sell the home. In order to get your name off the loan and to protect your credit. Anyway, hopefully he wouldn't be so stupid as to destroy his own credit that way.
 

LdiJ

Senior Member
mickeymousin said:
Doubt he cares. His credit already sucked which is why I was put on the loan in the first place....
Well...in that case don't even bother with the refinancing bit. Just ask the judge to order that the house be sold, since he obviously can't qualify to refinance the mortgage.

Make that a priority, get it requested right up front. If nothing else, that may motivate him to use the money that he will be recieving from his grandmother to pay off the mortgage and negotiate a buy out with you.
 

mickeymousin

Junior Member
"Make that a priority, get it requested right up front. If nothing else, that may motivate him to use the money that he will be recieving from his grandmother to pay off the mortgage and negotiate a buy out with you."
I am not sure if there is time for that.

I may have screwed myself when I informed his mother of his gambling problem, (after finding out he borrowed the money from her for our electric bill and daughters 1800.00 dental work, and then gambled all of it and electricity got turned off) she is trying to see if she can do something to limit his access of the $$ and has already said she will not help him save the house.

He is not aware of any of these plans....
 

LdiJ

Senior Member
mickeymousin said:
"Make that a priority, get it requested right up front. If nothing else, that may motivate him to use the money that he will be recieving from his grandmother to pay off the mortgage and negotiate a buy out with you."
I am not sure if there is time for that.

I may have screwed myself when I informed his mother of his gambling problem, (after finding out he borrowed the money from her for our electric bill and daughters 1800.00 dental work, and then gambled all of it and electricity got turned off) she is trying to see if she can do something to limit his access of the $$ and has already said she will not help him save the house.

He is not aware of any of these plans....
I doubt that there is anything that his mother can do to stop him recieving whatever he is entitled to recieve in his grandmother's will..........unless his mom is getting it all and was simply planning to share with him.

Push to get the house sold so that you are off the loan and get your fair share of the equity. Also ask that any and all marital debts be paid from the house proceeds before the equity is split.

Since he definitely has a problem, you want to make sure that you walk away from things without there being any potential debts to come back to bite you in the butt. He is a bankruptcy waiting to happen, and you don't want him dragging your credit down the tubes with him.

I would also recommend that you , right now, pull your credit report from all three agencies. You want to make sure that he hasn't run up any bills in your name that you are unaware exist.
 

mickeymousin

Junior Member
I ran my credit a couple of months ago and more recently his. I know he got another loan (my name mot on it)... how can I find out if he put our car up as collateral?


How long does it usually take the forclosure proceedure? We are behind 2 pmts-they call here 10 X a day and just sent a letter saying we are defaulting on the loan if not paid.

Being a SAHM with ZERO accress to $$$ makes it difficult to pick up and leave
 

LdiJ

Senior Member
mickeymousin said:
I ran my credit a couple of months ago and more recently his. I know he got another loan (my name mot on it)... how can I find out if he put our car up as collateral?


How long does it usually take the forclosure proceedure? We are behind 2 pmts-they call here 10 X a day and just sent a letter saying we are defaulting on the loan if not paid.

Being a SAHM with ZERO accress to $$$ makes it difficult to pick up and leave
Your signature should have been needed to put the car up as collateral.

Damn! You are already in a bad position. They are threatening foreclosure now. That means that your credit has already taken a big hit.

You need to sit his butt down and tell him that you are going to lose 150k plus in equity over a 60k loan if he doesn't get is ass in gear. The home needs to be put on the market NOW.
 

mickeymousin

Junior Member
"Your signature should have been needed to put the car up as collateral."


we were married when the car was bought but I dont think my name is on the title. He got the loan through his bank... would he be able to get it without my sig then?
 

LdiJ

Senior Member
mickeymousin said:
"Your signature should have been needed to put the car up as collateral."


we were married when the car was bought but I dont think my name is on the title. He got the loan through his bank... would he be able to get it without my sig then?
Yes...if your name isn't on the title then he was free to pledge it as collateral without your signature.
 

ahhhsolitude

Junior Member
I was in this boat about three years ago....file for at least a legal separation, with a stipulation on assets only being spent for items of necessity until a settelment is reached. Get your name off that title of the house....sell it or have him buy you out ASAP. If he won't, then start looking for a loan company who will buy you out. Save your butt...and your childs butt. If I would have done this I would have been about 180G better off in the books. Hindsight my friend. RUN!!!
 
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