Separated Under one roof

iVillage Member
Registered: 06-14-2007
Separated Under one roof
6
Thu, 01-24-2008 - 7:23pm

Hi,


I have a question regarding living situations after discussing separation.

Avatar for iladyja
iVillage Member
Registered: 03-26-2003
Thu, 01-24-2008 - 9:02pm

I'm currently in this situation.

iVillage Member
Registered: 12-18-2007
Mon, 02-18-2008 - 11:34pm

DITTO...


Although I am telling H tonight its over, and I would like to stay in the house together until the market improves...


He drives truck, so I think it will be ok for now.


The house is upside down also, and i talked to the morgage co just today about what ifs...


they told me this:


1) foeclosure....start proceedings after 120 days late, late fees, lawyer fees and all the costs, PLUS the late payments themselves will be due upon foreclosure...


2) Loan Restructure...you can apply for this by telling them your income and expenses and they will offer you a lower interest rate...


3) Sell Short....the difference, the loss amt, the bank will eat, BUT you will get a 1099 in the mail and have to claim that loss as income on the next tax period, AND your credit with have a 'settled' amount on your report for 3 years.


SO< that was informational for me, thought I could share.

iVillage Member
Registered: 06-14-2007
Tue, 02-19-2008 - 3:05pm

Thank you so much for that info, being!


I am glad it looks like there are other financial options other than bankruptcy or foreclosure.

iVillage Member
Registered: 02-20-2008
Wed, 02-20-2008 - 11:39am

Hi, I have some experience with the living together, but separated plan.

iVillage Member
Registered: 02-13-2008
Wed, 02-20-2008 - 5:42pm

I had

iVillage Member
Registered: 03-26-2003
Wed, 02-20-2008 - 5:51pm
Many who are in the process of a break up/divorce will go through some period like this.