What to do about a mortgage going into foreclosure do to ex-wife’s default in tax and insurance payments?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a mortgage going into foreclosure do to ex-wife’s default in tax and insurance payments?
My support payments are paid to mortgage in my name while ex-wife is responsible for taxes/insurance. She did not pay taxes/insurance on the house after the bankruptcy and divorce. Mortgage company paid those things and created an escrow that added them onto the payment. I’m court ordered to pay $898 but the new payment is around $1300. I’m still paying the $898 but the payments are going into arrears. Eventually the mortgage company will foreclose on this property. I’m sure would this affect my current recovering credit. If so, what would be my best option to avoid damaging my credit from this?
Asked on March 20, 2012 under Family Law, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You are in a difficult situation based upon the facts of your question. I suggest that if you do not have a family law attorney assisting you in the matter you are writing about that you retain one. I recommend that there be some meeting between you and your ex wife as to why she has allowed the home that you are making court ordered payments on to see what can be done to cure the default.
One possible way would be to refinance the property at a lower interest rate assuming there is equity in it. Another possibility is to sell the parcel through a conventional sale or a short sale.
If the property is in your name which is in default and you cannot sell it or refinance its loan, it will be lost in foreclosure if the default is not cured. If that is what happens, your credit takes a negative hit unfortunately.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.