Mortgage Advice Needed!

[robase123]

Hi all. I'm in a situation where my ex-wife is occupying a home that she has no intention of buying,( I think ). The mortgage company has given us until the 22nd of this month to come up with $4,000 to bring the mortgage current or face forclosure. The court system has not forced the sale of the property at this point. I know if the home goes into forclosure my credit will tank for years. I want to know should I borrow the $4,000 to catch the payments up even though i don't live in the home or wait it out and see if my ex pays a the last minute. Thanks in advance

[cobaltnv]

 Sticking your head in the sand is not (IMO) the way to handle this issue. Talk with your EX and figure out what her plans are.  I know this is not likely to be a fun experience, but you need to know what she is planning. You also need to be sure you two are on the same page with this. A foreclosure will badly hurt your credit (as will the lates that I assume are piling up?). 

[WannaHouse]

I would also see about getting your name off the mortgage.

[cobaltnv]

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@WannaHouse wrote:
I would also see about getting your name off the mortgage.

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Certainly a good thing to try. However, my understanding is that this is VERY difficult to do without a refinance of the loan.

[BrianB_The_Loan_Professor]

It would really depend on how late the mortgage is - a 120 day late is the same as a foreclosure in the eyes of mortgage lenders - speaking just from the possibility of getting a home in the future you may want to see where it is and if it is past 120 days it may be too late and not worth putting your money in as your credit has already been hurt...

Just my 2 cents

Brian

[Anonymous]

If he wants to buy a house himself in the next few years it could make a big difference whether or not it is an official foreclosure.