Best of luck to you
This is a question for a good attorney that understands bankruptcy and also lending/real estate law.
I have one in Chandler that I think would fit the description if you would like?
You do want to be careful as this could potentially effect you, the house, the loan etc. You do have options if you wanted to sell it also.
Since you and your husband are the original signers on the loan, you are both responsible for the debt, even though you have changed the title to the property. I would suggest you seek legal advice from an attorney since you need information relating to the bankruptcy laws.
If he files fobankruptcycy, he may be able to have mortgage dismissed, but that does not help you.
You need a lawyer, you cannot afford to not have a lawyer. Without a lawyer you will most likely get the short end of any dealings. It is too complex to handle yourself.
The pat answer you are going to get is that you need to consult a bankruptcy attorney and for that I would recommend Brian Utsey at 480-538-5024 or BPU@BrianUtsey.com.
As to the possiblility of refinancing an underwater mortgage, have you looked into the HARP 2.0 program for Fannie and Freddie loans, or the FHA Streamline program for FHA loans? In most circumstances none of these requires an appraisal and can significantly lower your monthly payments. I would be glad to answer your questions in this arena.
Bill Parker, Loan Officer
AZ Lic# 09011570
CPA--Licensed, no longer practicing
GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.
If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter