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peirce3 | Will I lose my house? |
I've recently separated. My husband accumulated $15,000 in credit card debt before he left. He isn't working now and is applying for disablilty. In the meantime he has no income and is planning on filing for bankruptcy on 5 credit cards. I am listed as an authorized user (He did that without my knowledge) on one card. Obviously his name is on the mortgage papers for the house. I don't earn enough to qualify for a new loan to buy him out. He is living in a different state now. If he files for bankruptcy will I end up losing the house. |
 |
 
chey_one
 |
The credit card debts you should not have to repay if you were in fact only an authorized user. His name is then the only repayment responsibility party. By listing you as an authorized user he took the responsibility to repay anything you charged to it.
The house? That all depends. Assuming that debt is a joint debt, and that you continue to pay promply and give the lender no reason to seek foreclosure, you should be able to keep the home if you so choose to. If he files for bankruptcy, he is relieved for repayment of his debts.
Even if in the course of a divorce the judge advises for you to refinance your home in your name only - the judge cannot make a lender do a loan in your name. Hence, if you cannot afford another loan to buy him out, you won't have to get one. If buying him out is a requirement that he won't let go of, you could possibly have to sell and then split the equity.
At least that way you'll have money for a down payment on another home.
You might be able to negotiate with him and his attorney on this issue. You might agree to repay one of the charge cards with a balance equal to the amount of equity you owe him - removing his need to file for bankruptcy and saving the home for yourself.
Only consider this option if you could in fact handle the mortgage payment & the credit card payment. Don't take on a debt you cannot afford.
Good luck to you. |
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ifs_enoch
|
That will depends on how you handle the case. Seek a lawyer help. |
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Jan
|
File for divorce now before its too late. Get a good lawyer and good luck, But since he is unemployed and u are there is a chance that u have to pay matrimony. But since he left, I dont know why, its in your favor except if u kicked him out. U dont say if there is children. Tricky situation, The house might have to be sold if there is no cildren. Talk to a lawyer NOW |
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the rooster
|
if he includes the house in his bankruptcy.....you probably will |
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Spock (rhp)
 |
authorized user and financially responsible party do NOT mean the same thing.
all you're responsible for on the credit card your name was added to is any charges you actually made.
***
that said, your divorce lawyer is your best source of information on this. S/He's the one with knowledge of how your state's laws impact a bankruptcy filing.
and, it does seem likely that you'll lose the house. But, maybe not. Mortgage companies do not need any more foreclosures at the present time and if your income will support the loan (or even most of it) by itself, they may make a deal contingent on your divorce decree awarding you the house.
GL |
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Katzie
|
you should probably try to get a lawyer to help you since he put your name on the cards without you knowing and then racked up 15 grand worth of debt which is not responsible at all. You need some outside help with this situation. |
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heybulldog
|
No you will not lose the house. As long as you dont include the house in the bankruptcy and make the payments on the house.
I wouldnt file for bankruptcy either.
Check out daveramsey.com and listen to his radio show or watch him on Fox Business News Network. He has lots of great advice on money and debt.
If you stop paying the cards and pile cash in the bank. The credit cards will more than likely settle for half of what you owe in about a yr. |
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cescbs
|
Consult an attorney.
Click on the following link for help with finding an attorney in your area:
http://www.handelonthelaw.com/?src=overture
I hope that everything will turn out alright for you, and I wish you good luck with this problem. |
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peilthetraveler
 |
Hard to say. Bankruptcy laws are so different today than they were 10 years ago. If nobody is making payments on the mortgage, you will lose it. Not sure if they make you sell your assets now to satisfy credit cards or not. I guess you should probably talk to a lawyer. |
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