but I recently divorced my husband and he left me in a lot of debt with no way to pay.I intend to pay these debts off when I can get a job but can my house be taken away for any of these debts, I owe nothing on my house.
Thank you in advance for your help.
2007-06-17 13:35:45 · 12 answers · asked by ncgirl 6 in Business & Finance ➔ Credit
No I dont have my house as collateral anywhere and yes my ex did leave me in pretty bbad shape financially. If i can make payments I wont be so worried about losing my mothers home.
2007-06-17 13:51:19 · update #1
Take everything you owe...write down on a slip of paper.
Write each a note and tell what you just told and send what you can..I don't care if it's 10.00.
You will be ok...and NO your house will not be touched.
{Best of Luck}
2007-06-17 17:15:29 · answer #1 · answered by Mustbe 6 · 1⤊ 1⤋
If you own the house and there is no mortgage to pay, there are no leans on the house and you are able to pay your property taxes, the answer is No.
If you are behind in credit cards, car notes, store charge cards, etc. You should find a way to work with each of those creditors on paying down the debt.
If the home you are in has equity, you could take out an Equity Line of Credit or a Home Equity Loan to pay off all your debt, but then you would now have a payment to make every month for your house. So that's a decision for you only. There are other options, but you should continue to look for work and hopefully you won't need to use any equity in your house.
2007-06-17 20:47:17 · answer #2 · answered by styymy_2000 4 · 0⤊ 0⤋
Very difficult to give an advice without knowing the details.
Unless you find a job soon, you might lose your house because of the debts unless you can get some kind of social protection.
You could take a loan on the house to repay the debts, but that also is dangerous without a job.
If there is a market for your house you could sell it, repay the debts and keep the difference, if any, to sustain yourself until you get a job.
Probably you are too young for that, but some banks offer a "reverse mortgage" which is selling your house for a monthly amount for a number of years. Careful anyway with the terms of the contract they tell you to sign!
I wish you to solve your problems soon.
2007-06-17 20:59:21 · answer #3 · answered by NaughtyBoy 3 · 0⤊ 0⤋
Do not take out a home equity loan to pay off the debts that would require your home becomes the collateral.
Before placing your home in jeopardy, speak to a financial advisor that specializes in bankruptcy law. If you are behind in debt possibly most of your debt may be late fees and interest accumulated.
Your ex-husband may be responsible for the full debt if you had no income when married. Speak to the person helping with your divorce before allowing any loans be placed on your home.
2007-06-17 20:45:10 · answer #4 · answered by Traveler 4 · 0⤊ 0⤋
First let the lender's know there is a divorce pending and the debits will be resolved as a negotiation of the divorce settlement. Assuming that at least some of the debits will bve yours, you need to advise the lenders that you will be resolving them as you can and work out and stick to a payment scehdule. Worst case, they will obtain judgements agains the both of you for the unpaid balances which may attach as liens against the property; but in almost every state, they won't result in a foreclosure; just debits that will have to be paid before you can sell or finance.
2007-06-17 20:40:18 · answer #5 · answered by wizjp 7 · 1⤊ 1⤋
No, they will not and can not force you to sell your house to pay off debts unless you have a mortgage you've fallen behind on.
You should also be able to get out of some of the debt he left you in if you can prove it is entirely his debt. i'm surprised your lawyer or the divorce judge didn't inform you of these things...
2007-06-17 20:41:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If the debt is taken by your husband or under his name or account, you don't have to worry.
Otherwise talk to the creditors your predicament and to work out a payment plan like you suggested. You don't have to tell them you have a house (lest they may go for it).
Pray n hope you'll get thru this.
2007-06-17 20:45:38 · answer #7 · answered by limrichie 2 · 0⤊ 0⤋
Have you used the house as collateral on anything?? If so, yes, it can be taken. Just to be on the safe said, talk with a credit counselor
2007-06-17 20:38:31 · answer #8 · answered by kat k 5 · 0⤊ 1⤋
Your husband is also responsible, i don't believe you can lose your home but i would talk to creditors to work something out with them even if its paying them 5.00 dollars a week.
2007-06-17 20:38:50 · answer #9 · answered by Mary O 6 · 0⤊ 0⤋
I live in Texas an so have a homestead exemption on my house and only the IRS can take it. Others will come after anything you have of value.
2007-06-17 20:40:39 · answer #10 · answered by towanda 7 · 1⤊ 1⤋