QUESTION
foreclosure what does that mean if I am separated from my spouse
Asked on Oct 28th, 2013 on Real Estate - Virginia
More details to this question:
my spouse and I have been separated for 6 years, today he informed me that our family home went into foreclosure - this is the first time I am hearing about this and my name and is on the mortgage, there is large equity in the home and 78.5% of the equity is mine due to the fact I paid the deposit on the property
1 ANSWER
When the property is sold by the lender, first all sales expenses are paid, then the debt, then any remainder goes to the owners. You need to contact the lender to make sure you get your share of the excess if there is any money left. If the property is in both your name and your husband, the lender will probably cut the net proceeds (if any) check to the two of you and let you battle out who gets how much. I am not sure how your figure that 78.5% of the equity is yours, unless a Court has so ruled. You should hire a lawyer ASAP to contact the bank and the foreclosing trustees, and to file whatever needs filing if you plan on anything other than a 50-50 split.
Answered on Oct 30th, 2013 at 6:32 AM