House in foreclosure--advice???

iVillage Member
Registered: 04-08-2003
House in foreclosure--advice???
1
Thu, 07-13-2006 - 7:48pm

Hi Everyone,

I'm hoping someone might have some advice for me. I'm in the middle of a divorce, and my STBX wanted to keep the house. I moved back in with my parents and my daughter, and my STBX agreed to pay the mortgage and bills associated with the house with the promise of eventually buying me out of my share of the house. Well, yesterday I was served with papers saying I was being named as a defendant by the mortgage company. Apparently he hasn't been making the payments. My STBX said he spoke with the mortgage company yesterday and let them know of the divorce, etc, and said they agreed to do a payment plan for him. Well, today he said that he spoke with them again and that they said he has 11 days to pay $7000 or the house will be taken and neither of us will get anything. Of course, I have let my attorney know about this, and he said he is in contact with my STBX's attorney. Does anyone have any advice on what can be done in this situation? Has anyone been through this? Thanks in advance everyone!

iVillage Member
Registered: 03-26-2003
Thu, 07-13-2006 - 8:29pm
Oh girl, I am so sorry. Your stbx has hosed both of you. If the foreclosure has been initiated and the mortgage company takes the house back neither of you will be able to obtain a new home mortgage for a minimum of three years. I wish more people understood real estate and divorce. Just because your stbx, ex or even the court mandates one spouse to make a mortgage payment, heck even credit card payments the lender/creditor does not recognize that. If your name is on it you are responsible. That is why you MUST have a spouse refinance a mortagage asap after a divorce is final or it is decided who will retain the property. I see people every month who think their credit is good and come in for a new mortgage. I pull credit and there is a auto repo or foreclosure or even just a mortgage late payment and their credit score is devastated by it. They thought that just because the divorce decree says "so and so" is responsible they are ok. Now, every now and then you might be able to fix it or get around it but not normally and sadly once the damage is done to the credit scores only time can fix that. Get your attorney involved asap and see what he or she can do to help you. Maybe you could bring the mortgage current and retain the property. Make sure he quitclaims it to you. Good luck!!!!