How can you get out of a mortgage before getting divorced?
onlyinurdreams85 asked:
My friend is separated. He moved out of the house and told his wife she could have it. His wife is two payments behind on their mortgage. She told him that she is looking into filling bankruptcy. How can he get out of this mess?
My friend is separated. He moved out of the house and told his wife she could have it. His wife is two payments behind on their mortgage. She told him that she is looking into filling bankruptcy. How can he get out of this mess?
Tags: Bankruptcy, Mortgage
April 1st, 2010 at 4:39 am
He can’t - he co-signed the mortgage.
The only way out is for her to refinance - but that doesn’t look like it’s going to happen.
April 3rd, 2010 at 12:43 pm
He can’t. They are both equally responsible.
April 4th, 2010 at 1:18 am
Sell the house.
I assume that BOTH names are on the mortgage.
In order for her to file bankruptcy against the mortgage, she will need the mortgage company’s OK to release her from the debt, AND her husbands OK to assume the debt. The mortgage company will do EVERYTHING possible to get her half of the debt . . . .
So list the house for sale NOW.
April 6th, 2010 at 12:20 am
he can’t. once you co-sign they have you. the fact that they are seperated is not the bank’s problem…they want their money and if they don’t get it, everyone signed on that loan suffers.
April 6th, 2010 at 12:45 am
Sell the house! If they cant they are both scrwed
April 9th, 2010 at 8:00 am
Unless she accepts a “quit claim”…he’s responsible.
April 10th, 2010 at 4:31 pm
why dont they want to sell the house first , dont file bankruptcy..??
April 11th, 2010 at 5:24 pm
Hope the house “mysteriously” burns up while no one is home. Let the insurance pay for it.