Share post
member profile picture

Hello. My ex-husband is responsible for paying the mortgage which I am still on until the house gets sold. The mortgage is with bank of america. Recently he stated that he will not be making payments any longer because the bank is not willing to work with him. He is 90 days past due now and he expects that after some time the bank will want to work with him and make him a deal, like, consolidate the loans (3 mortgages) into one with a favorable interest rate. Im skeptical about this since i think it would just go to foreclosure and then short sale. Can you please advise me on that and what the consequences will be of his actions? Thank you.




I'm surprised the bank hasn't already started foreclosure proceedings. Since you are still on the loans, I would call the bank and talk to them. Sounds like he is totally ignoring the situation. The bank isn't going to call him and make arrangements, when he has been totally ignoring them. Protect your credit and interest in the home call the bank.

Sub: #1 posted on Tue, 01/04/2011 - 08:02

Buzzette Buzzette
Industry Expert
(Posts: 401 | Credits: )

Hi Buzette,

I did talk to the bank and there is no way i can get out of loan obligations. I am trying to figure out if his idiotic plan has a chance or whether it will just completely ruin me in the long run. Will the bank even offer him a consolidated loan option? That is my main question I suppose

Sub: #2 posted on Tue, 01/04/2011 - 08:10

Unregistered


You know I've heard a lot on the news about Bank of America and them not wanting to work with customers. Your ex is putting your credit at risk. I knew you couldn't get out of the obligation, and depending on your divorce documents depends on what you can do. Once the house is sold will you be splitting the proceeds? If yes, you need to call the bank, tell them what is going on and make arrangements with them before it's too late. If your not going to receive any funds from the sale, you need to either contact your attorney or his to let them know what is going on. Worst case if he ends up losing the house and your credit is ruined, you'll need to post a comment on your credit report in regards to this issue.

Sub: #3 posted on Tue, 01/04/2011 - 08:34

Buzzette Buzzette
Industry Expert
(Posts: 401 | Credits: )

By divorce decree my ex has a responsibility to pay everything related to the house until it sell. Well, its not selling. My lawyer suggested to file a motion requesting him to uphold his end of agreement. I just dont really see how the bank will work with someone who has a job, has income, can barely afford to pay for it, but, nevertheless, still can. Its not my fault he is not living in the house but with his girlfriend, who is actually a judge deciding on cases like that!!!!!!

My credit is awful to begin with, so its not really doing any extra extra damage. But im afraid that if the bank short sells, then the remainder they will still be coming after me and i will end up in collections anyway. I dont see why they would give him a deal after all. And, if this house sells, there will be no funds from it left regardless, since it is worth less then what we owe on it. Do you think if i file a motion he will actually uphold by the ruling and will the ruling be in my favor? Or if you dont, can you suggest some forum where I can get that sort of advice? I dont have a very good lawyer.

Sub: #4 posted on Tue, 01/04/2011 - 08:49

Unregistered


If your name is mentioned on the mortgage docs as one of the co-borrowers of the mortgage, then the lender will come after you to recover the deficient balance after short sale. As far as the lawsuit is concerned, it will depend upon the judge as to what ruling he or she will give. Nevertheless, you should contact a good lawyer who will fight your case and try to get a judgment in your favor.

Sub: #5 posted on Tue, 01/04/2011 - 22:53

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )


Page loaded in 0.239 seconds.