If my wife and I won’t be able to afford our mortgage soon and may be headed towards divorce, what would be the best course of action for me to take?

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If my wife and I won’t be able to afford our mortgage soon and may be headed towards divorce, what would be the best course of action for me to take?

I have $8,000 in credit card bills.

Asked on January 18, 2012 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you and your wife cannot afford your mortgage and may be divorcing, I suggest that both of you consult with a real estate attorney to discuss the type of loan that you have for your home. Meaning, is the loan the original loan when you purchased it or a refinanced loan? If it is a refinanced loan, you do not get the benefits of a purchase money loan where if there is a deficiency on the sale, you would not be obligated for the shortfall.

Possibly you and your wife would be able to qualify for a loan modification with respect to the home that you are living in. Another option is to consult with a bankruptcy attorney to see if a bankruptcy filing may assist your situation and allow you to keep your home.


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