My husband owns a property/condo with his ex-wife. She has been out of the property for 3 months. She didn't pay the mortgage, it is behind a couple of months. Right after she moved out she filed bankruptcy. We can't rent the property out to anyone. The condo association doesn't allow rentals.
Obviously, we don't want to live in the condo. What would happen if we allow the condo to go into foreclosure? The condo is valued at 110k and there is 86k owed on the mortgage.
My credit is clean and we don't have any joint debts. We make a combined 140k annually. He can't file bankruptcy because we will still have to pay back the debts he owes.
Our goal is to just get out of the place.
2007-02-08 07:04:18 · 5 answers · asked by Vernita B 3 in Business & Finance ➔ Renting & Real Estate
We offered the condo to the condo association and they have no interest in purchasing the property. We have checked his credit and HER bankruptcy is not on HIS report. It just shows the mortgage as being behind.
We have no joint credit ventures. We share money but not debt. I have my accounts and he has his. We file taxes seperately.
2007-02-08 07:29:57 · update #1
If your goal is to just dump it then that is what you need to do. If you allow the home to be foreclosed it will ruin your credit. You may still be able to purchase things on credit but your rate will jump 10 points for 7 years until it drops off. What I suggest is to contact everyone in the complex by mail or at a complex meeting. Tell them they can buy it at a greatly reduced rate. I know for a fact there has got to be a little old lady with a friend that she wants to be her neighbor. The goal is to not lose money just make it go away. Price it where it just covers your closing cost. Then if that doesn't work hire an agent to represent you. Tell him that all you want to do is get out of it. So what ever it takes to walk away plus the commission will be the sales price. You don't have much time to accomplish this it sounds like, so get to work. You are at a close margin between value and owed money on the condo, so your best bet is to try and get someone else in the complex to help you find your buyer, fast. Also remember that if you let it go back to the bank you will be paying much more over the long run in higher interest rates. So if it costs you 5 thousand to make the deal happen it's worth it, don't pass up the deal because it's not a wash money wise. Good Luck Pat
2007-02-08 07:18:46 · answer #1 · answered by Patrick J 2 · 0⤊ 0⤋
Your husband has a problem. ONLY he has a right to find out about the details of the bankruptcy and the mortgage company foreclosure.
His credit is at risk because he still owns the property - partially.
Her filing bankruptcy has a direct effect on his credit.
Your credit - is at risk because you are married to him.
HE MUST (AND YOU CANNOT) Get ahold of the mortgage company. Only he can find out what he can do, since you have no right to the information.
He needs to find out his rights from the mortgage company directly and try to alleviate the problem by any means that the mortgage company has.
Your credit is not clean anymore - so get a real estate attorney if all else fails.
GOD bless us always.
CPA retired
MBA-Boston Univ.
2007-02-08 07:12:52 · answer #2 · answered by May I help You? 6 · 0⤊ 1⤋
Depends on what "out" means. IF you mean she is still in title but not living there you are at the mercy of the bankruptcy judge for the time being; her 1/2 is under his control.
Also keep in mind; he's also behind in the mortgage !
You'd be better off to try and sell it and get the bankruptcy judge's blessing. Even if you have to sell at a loss you're better off than being foreclosed on (credit wise).
2007-02-08 07:10:19 · answer #3 · answered by wizjp 7 · 0⤊ 1⤋
If my ex wife filed bankruptcy, does she have any claims to the property?
2015-03-22 14:19:15 · answer #4 · answered by Deardra 1 · 0⤊ 0⤋
sell it for 86K
2007-02-08 07:10:22 · answer #5 · answered by Anonymous · 0⤊ 1⤋