QUESTION
What are my options in saving my financial status in a forclosure?
Asked on Apr 03rd, 2013 on Residential Real Estate - Virginia
More details to this question:
I moved out of the house October 2011, the divorce was final in October 2012; I'd assisted my ex with getting the house remodified, he was supposed to make payments starting in December 2012, but has only made 1 payment. He has not been paying the taxes and once the taxes become overdue, the city of Chesapeake garnishes my check, stating I'm the highest income earner, therefore they come after me. He filed bankruptcy August 2010, so the mortgage company probably won't come after him in the foreclosure. I'm concerned I may be held personally liable in the foreclosure. Is this so?
1 ANSWER
If you signed the note at the closing, and you probably did, yes, you could end up stuck with the balance. You said the "house" was modified-did you mean the "house loan"? Either way, if you signed the original loan, and the bank didn't release you, yes you will be responsible. Hope and pray that the property sells for enough to cover the debt-you might even consider bidding on it and buying it, depending upon your financial circumstances-better to buy it at a price a bit too high than to have someone buy at a bargain basement price and have you stuck owing the balance on the loan not covered by the sale. Good luck.
Answered on Apr 17th, 2013 at 5:34 PM