QUESTION
My husband and I plan on separating should we continue to pay the mortgage or let the house foreclose?
Asked on Jan 30th, 2013 on Foreclosures - Nevada
More details to this question:
We are current on our payments. He does not agree to a short sale.
7 ANSWERS
The issue of whether to foreclose or not is complex. Foreclosure will adversely affect your credit and potentially subject you to future collection. I suggest you review your specific circumstance with an experienced lawyer. You have options other than foreclosure, including a loan modification. But a review of your documents, your financial situation and your goals is necessary to advise you moving forward.
Answered on Feb 07th, 2013 at 2:50 PM
Real Estate Attorney serving Farmington Hills, MI
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Rod A. Dunlap & Associates, PLC
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This is an issue that will require that you obtain separate attorneys between you and your husband. Options include modification, deed in lieu of foreclosure, short sale, continued payments, and foreclosure. The mortgage company can open or shut some of these doors, but it is important that you have a strategy in place that makes sense for your situation.
Answered on Feb 06th, 2013 at 4:32 AM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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The answer to your question depends on a lot of factors, like whether you both agree that one of you should stay in the house.
Answered on Feb 06th, 2013 at 4:29 AM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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That is completely up to you. If you want to keep the home, keep the payments, If you don't then you should take steps to let it go.
Answered on Feb 06th, 2013 at 2:58 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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The law governing real estate is unique to each state. It would be best for both of you to talk to a good real estate attorney in order to determine your exposure. Do this before you decide what to do with the house.
Answered on Feb 06th, 2013 at 2:43 AM
Does he plan on living in the house? Otherwise why won't he agreed to short sale.
Answered on Feb 06th, 2013 at 2:42 AM
A foreclosure would be very harmful to your credit and to his. A short sale would look much better. Tell him to listen to reason and talk to a lawyer or real estate agent. Many banks will approve short sales now, and waive deficiency judgments. It would be absolutely stupid to allow a foreclosure if you can short sale the house.
Answered on Feb 05th, 2013 at 2:52 PM