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Dear Scott,
I am currently divorced and took possession of our home of which I
am in the beginning stages of foreclosure. However, even though his
name has been removed from the deed, it still remains on the
mortgage. Could I file bankruptcy with his name on the loan? If not
, what other alternatives do I have to save my home for my children
and myself?
--Crystal
Answer
Crystal,
Sorry to hear about your situation. Finances and divorce are always
difficult to resolve for the reasons you mentioned.
You can certainly claim bankruptcy and all the loans that you share
with you ex will be his responsibility. However, you should consult
a bankruptcy attorney in your state about the details concerning
your specific situation. Your bankruptcy attorney may also have some
legal suggestions for keeping your home.
Financially speaking, you could contact your mortgage company and
explain your situation and ask them what you can do to work with
them to keep your home. Maybe they can reduce your payments for a
year until you're able to pay in full again. Of course, your loan
will not be getting paid down, it may even increase, but it's a
strategy that may save your home. These situations aren't new to
mortgage companies so call them and ask what they can do.
Good luck and please let me know what happens.
Scott
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