My divorce papers read I am harmless if a bankrupcy is filed. How can I get the late payments and foreclosure off of my credit report my score has dropped alot. I am not legally responsible for the house payment
2006-09-19 02:26:44 · 7 answers · asked by SURGL 1 in Business & Finance ➔ Renting & Real Estate
You're divorce papers have no affect on your obligation to the mortgage holder as your contract with them is still valid.
Your best option is probably to just pay the obligation and sue your ex wife for the money.
2006-09-19 02:54:13 · answer #1 · answered by Jim R 5 · 0⤊ 0⤋
Your "ex" is in contempt of court, take her back for restitution. No judge will totally, nor can they remove your liability for the debt, except if you too file bankruptcy. You are also responsible. You are legally7 responsible, that is a fallacy of the court system.
Since you DO have a "dog in the hunt", see what the current value is, what the loan balance is and what to do to get it current. You can then rent it out and have it quit claimed back to you, getting her off the deed, perhaps refi the loan to a lower interest rate, or sell it for a profit and she'll not get a dime. You may also qualify for the cap gain tax exemption but ask your accountant regarding the time lines for residency, you may or may not meet them.
You may be able to come out on top if you have the financial resources to work with. Otherwise you will suffer the negative rating on your credit report, and again the recourse is back to court with a "turnip" that you want blood from.
2006-09-22 01:53:05 · answer #2 · answered by tnbroker1 3 · 0⤊ 0⤋
A few years back, there was a civil suit against the credit agencies because they were putting "foreclosure" and bankruptcy on a co -signers credit. They lost the case and are NOT suppose to put bankruptcy on your credit report if you did not file it. I'd look into that part of it (credit reports) as well.
If your name was still on the mortgage loan it seems to me that you are still binding to that agreement; a good lawyer would have made the ex buy your half of the house mortgage (imo).
Find another lawyer in your area, bring your divorce papers and get his/her advice on this.
2006-09-19 09:40:48 · answer #3 · answered by Mairee R 2 · 0⤊ 0⤋
Unfortunately, you are. You need to sue your divorce attorney. In your divorce decree a stipulation stating that your ex was required to refinance the mortgages within a certain period of time should have also been added. Legally, you're on the mortgage, you're responsible.
This is just like people that co-sign...
Contact the lender, your attorney and your ex's bankruptcy attorney and see what you can do...
Good luck.
2006-09-19 09:30:33 · answer #4 · answered by KL 5 · 3⤊ 0⤋
You better check with a lawyer or banker. I don't believe you are correct. Signing a quit claim simply takes you off of the title. The loan is probably still with your name on it. Check with a professional, not here.
2006-09-19 09:28:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You no longer have rights to the house BUT you still owe on the loan payment which she defaulted on.
2006-09-19 09:32:29 · answer #6 · answered by JoeP 5 · 0⤊ 0⤋
sorry you are stuck with it cause you signed the papers too
2006-09-19 09:29:51 · answer #7 · answered by seilygirl 4 · 0⤊ 0⤋