What to do if my estranged husband is making mortgage payments late on a mortgage that is in my name?

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What to do if my estranged husband is making mortgage payments late on a mortgage that is in my name?

I’m married but haven’t lived with my husband in a few years. Approximately, 6 years ago, we purchased a house in another state. Not long after, I moved back to my former state of resience. My husband has been paying the mortgage since. The problem is, he’s not liable for the loan as I had to qualify without him because of his low credit score. Now, he chooses to keep making lpayments late, causing my good score to keep dropping. He grosses $2500 per month; the mortgage is $1053. Since there’s no equity in the house, selling is not an option. He wants to keep living there, which is fine. I just don’t want to be liable for the loan any more. I’m considering bakruptcy because of his constant late payments, my low income and my credit debt of $15,000. Do I have any recourse?

Asked on October 9, 2012 under Real Estate Law, Oklahoma

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have some rental agreement with your "ex" where he is to service the property's debt load that is solely in your name you need to make sure he makes the payments timely to you and then you pay the mortgage.

If you no longer want the home and you owe more on it per the loan than what it is worth, I suggest that you consult with a real estate attorney to see about a "short sale" option where you sell the home for less than you owe on the loan where the lender secured by the mortgage agrees to the short sale via a "short sale addendum".

As to your banktuptcy option and whether or not your loan for the home is recourse or non recourse, I suggest that you consult with a bankruptcy attorney to see what your legal options are.


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