Foreclosure in Clackamas>Question Details

Tamara Amick…, Home Buyer in Clackamas, OR

I am going through a divorce and am unable to get my ex to sign papers on the affordable home program with Bank of America. After trying to work with

Asked by Tamara Amick-alley, Clackamas, OR Tue Dec 22, 2009

them for 5 months and paying the amount they set for me, they have denied me the program. I have the home listed in the papers and there is no equity in the home. We've only owned for 2 years now. Is there nothing else I can do to stay in the home or just let it go?

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Keith Manson- Metro Milwaukee Wisconsin’s answer
Both of you will be on the loan until the loan either gets refinanced, sold or foreclosed. If the loan goes to foreclosure you credit will be hit hard! So it would be in your best interest to try either modification or sale of the property. Through the divorce, if you can have the property transferd to you, it is possible that the bank would work on a modification. If not a modification, this would more than likely let you complete a short sale.

When and why were you denied from the program? Is it a recent denial or old denial? If it was a old denial I would call them again to see what can be done. But a lot might be tied to your divorce.

Good Luck

Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee
1 vote Thank Flag Link Wed Dec 23, 2009
Hi Tamara,
I hope things are going better for you now than they were in December. I just saw your question and wondered if you discussed this with your divorce attorney and if they were able to include something in the divorce decree stating your soon to be ex, has to cooperate in the modification.

I know someone else that is financed with BofA and she's "officially" divorced. Her husband is staying in the house (they are both on the loan and title still) and BofA did a modification for them. He lost his job so they qualified with the job loss hardship and the divorce hardship. Feel free to call if I can be of any assistance.

Best of luck,
Monamarie McCreary
Mortgage and Real Estate Broker
0 votes Thank Flag Link Thu Feb 4, 2010
This has to be one of the biggest issues I come across when dealing with victims of foreclosure. So many ex spouses would rather have their children out on the street than to work with with their ex through these trying times. Because you are going through the divorce you do have the ability to work on this matter through the mediation of the divorce, but it will make things much more difficult because there is no way to remove any party from the existing mortgage or any modification of said mortgage unless someone can refinance the mortgage individually which I am sure is not possible if you are asking this question. Remind your ex this will affect their credit score and eliminate them from the mortgage market for 5 to 7 years equally for both parties. Good luck Bob
0 votes Thank Flag Link Wed Dec 23, 2009
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