Question : How does foreclosure affect my credit if a divorce follows?
My husband and I are looking at a possible forclosure. He wants to give the house up. I want to keep it. We have enough money to make payments now, but he wont agree to pay the mortgage company. Our relationship is already on very shakey ground and in danger of collapse. My concern is if we split, how will a foreclosure affect my ability to find a place to live, get a job, buy a car, or just get credit? He is the one with the income, I have been a stay-at-home mom for 22 years.
- asked by jen t
All Answers:
Answer #1
If you are on the mortgage note...it will affectyou in the same way it will affect yourhusband...very negatively.
- answered by reenzz
Answer #2
It WILL affect you. Did you know differences inways of dealing with money and financial mattersis the #1 cause of marital discord?
- answered by estielmo
Answer #3
WOW, are you in a pickle !!! Now, I am assumingyou and your husband are both on the note and youare in a community property state and haveco-mingled your funds without a prenuptialagreement. As most of us have done !!! In short,you and your husband are equally liable for anyand all debts and are entitled to half of any andall assets. (1) Call a Reputable Broker/Agent askfor a CMA or a Comparable Market Analysis. Mostdo this for FREE (hoping you list with them) (2)call your bank request a "30 day pay-off" and askthem to mail you a "hardship package" , (aknowledgeable agent can do this for you, but youcan do it yourself). You really need to know thesedetails and how much if any equity you have in thehouse before you can make a good decision!!NEGOTIATE with your bank/lender BEFORE its tooLATE! In addition, you may want to do what ittakes to STOP the foreclosure !! Contact aBankruptcy attorney, and maybe even adivorce/family attorney for a confidentialconsultation ----your husband may be in shock whenhe finds out that he MAY be "OBLIGATED" to pay youchild support and/or alimony maybe even equal toor MORE than the current house payment, for acertain period of time to allow you to get a jobor learn a trade or other means of producing yourown income.- Time is of the essence - Now is thetime to muster ALL your strength and take a stand-
- answered by Lori N
Answer #4
Do nothing until you talk with an attorney so thatyour interest in the property is protected. Ajudge may force a sale, so that at least you getsome of the equity. Or, the judge may award youthe home and make the spouse pay the note.
- answered by Miss V
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