Okay, here is my ?. I have owned a home with an ex since 92'. Now we each own a 1/4 since our son and my
estranged husband are also on the deed (to protect me), but now he wants to sell his 25% just to hurt me. I filed Ch.7 back in 02', my credit score is about a 627 now and I am not financially responsible for this house anymore, but I am the one paying the mortgage. It does not show on my credit at all. There are leans on the said property for child support he owes me and bills he owes, we owe 68,000, and could possibly only get 80,000 for it (if that). Could I walk away and would a lender touch me to buy another home. I have had a decent job for 4 years and again been building my credit back up? Would really just like to turn my back on it all.
What do you mean by "he wants to sell his 25% of the house". If I understood then you have only one house and you all are in the title - right? If there's only one house then he cannot sell the house without your signature also in the selling documents. And on top of that, you have lien also on that house, so without your signature and removing of the lien, there's no way, he can sell the property.
So, just walking away, will not solve your problem. Talk to your attorney on your next step for collecting the child support and selling your house and when you can buy your another house. Don't just walk away!! Try to solve it!! Good luck!
The issue is going to be the bankruptcy that you filed. The time frame for underwriting goes from when the bankruptcy was discharged. The decision to walk away from the property seems to already of been made if you filed a chapter 7 and had the dept discharged. You may want to talk to an attorney about your choices to better understand the implications in your state.
Below is the creteria for fnma underwriting guidelines which will put the ability of being able to by another home in better perspective.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf
Keith Manson
First Weber Group
Certified Distessed Property Expert
Greenfield,Wisconsin
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