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My husband and I are both on the deed, however I am not on the mortgage loan or on the Home Equity.
I did have to sign giving him permission to do both loans, the primary mortgage and the 2nd. I don't see either on my credit report. Its a FL property. Am I responsible for repayment of the mortgages? Although current, we will not be able to pay as always due to unemployment, cc debt and other housing responsibilities and we have depleted our savings. We had to move. Sorry not to sure this question belongs in the BK category. Does anyone know the answer. Tks
Tks. The problem is #1 - The home is in FL. Would love to sell, can't sell for what we owe between primary mortgage and HELOC. $238k and $60K - mo pys $1847 and $614 on the Heloc. Husband is unemployed over a year. We have finally depleted savings and also have used cash advance on credit card to pay bills. Still current on everything. Would you believe credit scores 801 and my score is 724 due to High debt to income. Right now its all just me, My Net is $3200.
Have moved from FL and I'm managing to pay $2099 on my new home plus utilities. No room for anything else. One good thing no car payments. I don't have $614 mo to pay the Heloc on that FL property anymore..
I'm worried August payment due shortly. Any suggestions? Am I in over my head?
Yes, the best case scenario would be if we could rent the FL home and of course if my husband finds employment. It would also be fantastic to rework the mortgage. I will try first thing Monday morning . I've read thru so many of the entries and some of the situations are far worse than mine.
However, I can't help but feel constant dread. I'm even thinking of selling the new home and purchasing something $100,000 less, something more modest. It takes a while to sell a home. It could be 6-12 months on the market. I would even consider renting. You can rent a one bedroom out here for $600mo. My husband thinks I'm crazy. He would not be on board with renting and downscaling everything. If I were alone I would go that route. We are not on the same page about our finances.
i would look into attorney before i did anything.
even if you were to arrange a short sale.... the bank might not be real happy about the new mortgage.
guidelines were changed because people were buying new house at lower price an turning back old house to bank.
tthis is not helping the banking mess we are in