Can I allow a house to foreclose if I have a hold harmless clause in my dissolution papers?
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Can I allow a house to foreclose if I have a hold harmless clause in my dissolution papers?
My ex and purchased a home about 12 years ago. Then 5 years ago, we dissolved our marriage. He did not want responsibility of the house Unfortunately the house was upside down due to the market. In our dissolution, he quit claimed the house over to me so that I could eventually get it to a point of selling it. My current husband and I stayed in the house and continued to update for approximtely 2 more years after divorce. Since that time the house has been up for sale (rented while on market). We have received no offers in 5 years. I can no longer afford upkeep of house. Can I let it foreclose?
Asked on August 27, 2012 under Family Law, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
One would need to read all the paperwork involved here but if your divorce has a hold harmless that relates to the house and the mortgage which I assume is still in his name then I would worry about just walking away. Is it possible to do a short sale or a deed in lieu of foreclosure? Just make sure that they waive the deficiency. Good luck.
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