k12503
recently joined
Reged: 01/24/08
Posts: 4
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I have a complex situation. I reside in Florida with my hubby and we are considering a divorce. There are what I would say 3 mortgages on the home - two are from no interest grants while while 1 is the main mortgage. Should we sell/refinance the home, the grants (approx $22,000) must be repaid.
My husbands name is on the first mortgage (my credit was non existent at first purchase) and both of our names are on the grants. Unfortunately, my husband within the last few months has racked up nearly $60,000 in debts from failed investments (against my wishes). My hubby is now being pursued by creditors and I am fearful that they will file judgements against him and attach a lien to his portion of the house. Is that a possibilty?
BTW I used this site more than 6 years ago to clear up my hubbys credit so that we could buy this house. It was helpful to me then and I hope you guys can help me out again. I considered refinancing the home in my own name but there is ac chance that I would be unable to afford the new payment. The houses in our area are still very expensive to buy - out of the reach of my single income. The repayment of the grants along with refinancing fees would virtualyl wpe out the equity on our much devalued home. I am trying not to move out of the area as this is where my childs school is. My credit is good avg 745 while his is rapidly falling below 620.
Any advice? Can his creditors take the house?
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javajunkiee
Carpal \'Tunnel
Reged: 06/01/08
Posts: 3154
Loc: SC
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The creditors can put a lein on his portion of the house and fight it out with the grantors. You and he will be at the bottom of the food chain for any remaining $$, so in your situation, I'd give up thinking you'll save the equity.
Since you have the decent credit, can you buy him out at the devalued price, and work it out with the grantors to hold the debt still?
You may start out at zero equity, but your kids stay put, you hopefully have a payment you can manage, and an you end up with an investment that will improve with a recovering market.
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Marriage doesn't come with a money-back guarantee.
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jaiye
old hand
Reged: 10/27/05
Posts: 860
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I have never heard of creditors besides construction workers being able to put a lien on the home unless you have used it as collateral for the debt. Of course if you or he files bankruptcy the judge can force the house to be sold in order to pay off the debt for the bankruptcy.
Would your hubby consider allowing you to keep the house at a reduced value with a stipulation that should you sell it anytime in the future and make a profit on it that you would at that time pay him a stipulated figure. Many people do something like that in order to keep their kids in their home and schools and stipulate that the house be sold after the kids leave school.
Edited by jaiye (05/29/09 08:58 PM)
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