How does foreclosure affect my credit if a divorce follows?

by oliver on September 30, 2010

Question:

How does foreclosure affect my credit if a divorce follows?

My husband and I are looking at a possible foreclosure. He wants to give the house up. I want to keep it. We have enough money to make payments now, but he wont agree to pay the mortgage company. Our relationship is already on very shakey ground and in danger of collapse. My concern is if we split, how will a foreclosure affect my ability to find a place to live, get a job, buy a car, or just get credit? He is the one with the income, I have been a stay-at-home mom for 22 years.

Answer:

Basically, you and your husband are equally liable for any and all debts. In the same way, you are also both entitled to half of any and all assets. Putting this in mind, call a reputable broker or agent and ask for a CMA or Comparable Market analysis. Many brokers do this for free because they’re hoping that you would list with them. Secondly, call your bank, request for a “30 day pay-off and ask for a “hardship package”. You can let a knowledgeable agent do this for you or you do this yourself.

Negotiate with your bank or lender as soon as possible. Contact a bankruptcy attorney and even a divorce or family attorney for you confidential consultation. Your husband may be in shock once he learns that he may be “obligated” to pay you child support and a lot of other payments. The alimony he needs to pay may even be equal or more than the current house payment. Lastly, this payment should last for a certain period of time for you to get a job, learn a trade or enter other means in order for you to produce your own income. Remember that time is of the essence, so make it quick!

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