Want a divorce but own a house w/2 mortgages not adequate equity HELP!?
I want to divorce my husband but we have 2 mortgages the house is not worth what we owe. How do you get out of this? I am told that if we sold the house we would still owe what's vanished, we don't have that money avail. I don't understand the short Dutch auction, I just want to divorce my husband and he can't afford the house himself. What is a person to do?
Answers:
Hire a appropriate Real Estate attorney with Foreclosure experience. Explain your situation, and have them request a short public sale. That is the process of offering your lender less money then what is owed on the house. A well brought-up attorney is best at this process. My experience with lenders is they aren't good at working beside the public on short sales, they often won't return your call, but they HAVE to legally answer an attorney, so find a good one that handle only real estate. If the lender think you are going to bail on the mortgage, then he might just hold a short sale. Or call your lender and explain the situation and I don`t know they will refinance the house with lesser payments because of the danger.
Other options, bancruptcy or foreclosure. Have you spoken with your divorce attorney? What does he recommend?
Vicki Watzlawick
Broker Owner
Exit Platinum Realty
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Home equity beside first year mortgage?
Ok so I bought my house this year in may, I put 13,000 down on loan. I have just taken out a loan to pay sour all my credit cards and it has a lofty rate 23apr. I seen rates are real low for home equity at my...
Answers:
Hire a appropriate Real Estate attorney with Foreclosure experience. Explain your situation, and have them request a short public sale. That is the process of offering your lender less money then what is owed on the house. A well brought-up attorney is best at this process. My experience with lenders is they aren't good at working beside the public on short sales, they often won't return your call, but they HAVE to legally answer an attorney, so find a good one that handle only real estate. If the lender think you are going to bail on the mortgage, then he might just hold a short sale. Or call your lender and explain the situation and I don`t know they will refinance the house with lesser payments because of the danger.
Other options, bancruptcy or foreclosure. Have you spoken with your divorce attorney? What does he recommend?
Vicki Watzlawick
Broker Owner
Exit Platinum Realty
Related Questions:
Home equity beside first year mortgage?
Ok so I bought my house this year in may, I put 13,000 down on loan. I have just taken out a loan to pay sour all my credit cards and it has a lofty rate 23apr. I seen rates are real low for home equity at my...