07-12-2012 12:36 PM - edited 07-12-2012 02:29 PM
My husband & I are in the process of divorcing after 35 years of marriage. I needed to vacate the house in Jan of this year, file for divorce, give up my 3 adjunct university teaching jobs & drive to Fl to stay with my mother.
When I left in January, my credit score was 710. However, since I vacated the house, my husband has been late on 2 house payments dropping my score to 639. The mortgage payments of $2680 a month are too high for me to carry in order to save my score.
I learned from my lawyers today that he may not be able to pay this month's as well. My score takes a hit each time he misses a payment.
My question is: can I file a brief statement w/ the credit bureau explaining the nature of the missed mortgage payments?
IF the house goes into foreclosure before the court petition goes through to compel payments or the sale of the house, what actions can I take to rescue my credit?
Can I indeed rescue my credit or is it a done deal?
I appreciate any sound advice I can receive. Thanks!!
07-12-2012 09:00 PM
Sorry to read about your difficult situation ~ so is the mortgage in both your names, or just in your name ?
The only way to alleviate your responsibility for the debt is for the house to either be refinanced in his name or to just be sold. Unfortunately your divorce decree won't alter this. You can add a statement to your CR but it won't make a difference in your FICO scores.
Once the smoke clears you can begin the process of repairing your credit, sending GW letters to your creditors, etc....
07-13-2012 01:33 AM
You need to put a fraud alert on your CR and if possible get a good CMS service to protect yourself. Also if your husband is an AU on any of your CCs or they are joint, you need to protect yourself there as well.
07-14-2012 11:25 PM
I hate to hear about these! I would have to agree with the fraud report and I would just put a credit freeze on my credit as well you never know! The only way to work out the house thing is to do exactly that, work it out! No other way for it to not hurt you both if your both on the loan!
07-21-2012 01:45 PM
If the home is in both names you can ask the court for it to be sold. Talk to the ex about a short sale and those options. You could also talk to the mortgage company about those options. Your attorney should be able to help you with asking that the house be sold. Another thought would be to get in touch with the mortgage company and ask for a modification. But first, you need to realize that YOU need to take things into your own hands and protect your credit. Waiting for an ex to do what they should wont work.
07-21-2012 10:25 PM - edited 07-21-2012 10:28 PM
First thing first. Is the mortgage in both you and your ex names?
This is important because if this mortgage is in both names then your option would be to refinance under you ex names, sell the property, or short sale. These are the only methods to free yourselves from mortgage.
Simply telling credit bureaus and lender about divorce does absolutely nothing because after all, you and your ex jointly borrowed money to purchase a house. Both you and your ex are equally responsible to pay it back.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.