Home Selling in Wilmington>Question Details

Carabritt7, Home Buyer in ,

My ex spouse and I bought a house together, and it is underwater. Is she responsible for half the loss?

Asked by Carabritt7, , Tue Aug 13, 2013

We had a spousal agreement staying that she needed to pay 1/2 mortgage until house was sold; verbally told her to stop paying because the house wasn't selling and I didn't want it to sit on the market unsold. Now, I am remarried and I would like to sell the house, we are looking at selling at 100,000 less than what we paid for it due to the current market value (unfortunately). My question is, since my ex spouse is still on tr lease, is she responsible for half of the loss? Thank you in advance.

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12
That sounds like a question you will need to ask your divorce attorney.
0 votes Thank Flag Link Tue Sep 17, 2013
You need to contact your lender and let them know you need to do a short sale. New programs out are now not requiring hardship letters because they have finally realized a house underwater is a hardship. Chase and CITI may even pay you to short sale which they have now realized is better then a foreclosure. Before you sign the deal you will get a letter from your lender stating you will not be responsible for the deficiency.
0 votes Thank Flag Link Tue Sep 17, 2013
Hello

We help people with their "problem" properties that are going through thte hassles that you are. If you are looking to sell your house....we buy houses all over Wilmington

You can visit our website at http://www.urhomeforcash.com
email me at justin.arlett@arlettfinancial.com
or give me a call 910 623 0663
for more info

Look forward to hearing from you

Justin Arlett
0 votes Thank Flag Link Tue Sep 17, 2013
I have worked with owners who are in the same position of owing almost $100,000 more than the home is worth. It is very stressful. However, a good attorney and an agent who works closely with the attorney will help you navigate a short sale and many times, that deficiency can be negotiated down or possibly even forgiven. Every situation is different. Shoot me an e-mail or call to start the process or to get more information. Would be glad to help!
0 votes Thank Flag Link Tue Aug 13, 2013
Great! Let me know if you need help selling your house. It is scary when you owe more on your house than it is worth in today's market. I would love to walk you through the process.
0 votes Thank Flag Link Tue Aug 13, 2013
She is still on the deed, not the mortgage. I have called my attorney today. Thankyou for the replies.
0 votes Thank Flag Link Tue Aug 13, 2013
First you'd need to consult your attorney to plan the best course of action.
0 votes Thank Flag Link Tue Aug 13, 2013
This is a question that you need to address with your attorney. Have you reviewed your divorce decree? The answer might very well already be in that paperwork.

Also, if you are that far upside down in the home you may want to consider a short sale. Visit http://www.shortsalesuperstars.com to locate an agent in your area as well as to learn more information about the short sale process and how it works.
0 votes Thank Flag Link Tue Aug 13, 2013
The lease? Do you mean your ex is still on the deed, or the mortgage? A lease is used when you rent a property. Who is on the mortgage? When you do a short sale, you short sale the mortgage. Feel free to give us a call, we would be happy to explain the process to you.

Our short sale services are FREE for homeowners. We have been successful in getting homeowners off the hook for the deficiency, as well as, getting homeowners up to $23,000 in relocation assistance.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Tue Aug 13, 2013
Yes that is an attorney question. But during the process you will need to get a valuation of the property and I will be happy to help. Just give me a call. (910) 620-7206
Ed
0 votes Thank Flag Link Tue Aug 13, 2013
I totally agree with Cori on this one. This is a question for your attorney..
0 votes Thank Flag Link Tue Aug 13, 2013
I would contact your attorney on this one. Good luck!
0 votes Thank Flag Link Tue Aug 13, 2013
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