maintenace of home. Can no longer pay mortgage and he wants to sell house for his share of equity. What happens if I stop paying mortgage so I can pay my other bills and have some money to live on?
YOUR CREDIT IS IMPORTANT!!
Especially now. If you are on the Note, DON"T STOP PAYING YOUR MORTGAGE.
Call a credit councellor about any revolving debt. In many cases they can cut the debt by more than half and arrange payments that are doable. NEXT, Go to your mortgage provider and see if a modification can be worked out. Many banks are in the position to help the consumer stay in their homes (even if it is temporary for you), and even if you have missed payments, by modifying your note terms it will not harm your credit rating further.
Call a Realtor in your area and find out how much your home is worth. It is a terrible time to sell But, first TRY TO MODIFY.
Meanwhile, get yourself a Family Law Attorney! Ask your friends and family for a recommendation.
Good Luck you can do it!
It would seem that you should sell you house and get rid of the largest expense. Get an attorney to deal with your husband and what he needs pay. Once you stop paying your mortgage your credit rating will go bad and effect the charges on most everything else you are paying.
Look at the big picture and do not focus on small things.
You need to do two things ASAP!
#1) Get yourself a Good lawyer (Tip-Good doesn't necessarily mean expensive,ask around among friends if they know any connections). First priority for the lawyer needs to be to inform your husband that since he isn't paying support,any equity he sees from a sale will be going to YOU FIRST!!
#2)Go to the Mayor's Office,explain your situation to his Liason Officer and perhaps she can get you fast-tracked to Section 8 housing assistance (depending on your eligibility).
You can stop paying the mortgage however I would put it on the market asap! There are a lot of circumstances that we really need to have in order to give you sound advice. I think you should consult a a familylaw attorney first and foremost. They will point you in the right direction and usually you can get a free consultation to help you get things started or at least help you work on a plan.
If you have children, your first thoughts should be how to get the Attorney General to force him to support them.
Whose name is on the mortgage note is important. If you signed only a Deed of Trust, your credit may not be ruined by his lack of responsibility. If you signed for the mortgage note also, then both of you will suffer.
Your options to hang onto the house are pretty limited, unless you have money of your own. Some assistance from outside is needed, unfortunately, since you don't appear to have enough funds of your own to pay the mortgage. The mortgage company will soon be sending a letter that you are delinquent and subject to foreclosure. Normally, after notifying you, a few weeks later another letter will arrive giving you the date and time the property will be sold by the trustee. This is fixed by law to be 21 days after the notice or later and the trustee sale will be the first Tuesday of the month at the county courthouse steps.
You can try to explain the situation to the customer service department of your mortgage company, but likely they will not do more than give you a short period in which to bring the loan current. Selling your house will require both of you to cooperate and sign. The alternative without payment will be foreclosure.
Whether your home will sell for enough to pay off the mortgage depends on the market conditions and how long ago you bought it. If you have enough equity (if the loan balance is below what you can sell it for), your next step is to try to market it quickly. A Realtor can help you with the possible selling price, but you have to check what you owe. Remember that there are costs to closing the sale, and your Realtor can help estimate those for you.
If the loan balance is too high, then only a short sale, where the proceeds are short of the balance owed, will work. The mortgage company will have to cooperate in this and allow the short sale amount. If the amount they lose is smaller than the alternative of foreclosing and re-selling it themselves, they may be amenable to that.
Your first steps are to find out the balance or balances owed (if you have a second mortgage loan, too). Consult a Realtor on the market price and estimated costs to sell. Armed with this you can appeal to your mortgage company for time after advising them of your situation. If you can find no assistance from the AG on getting the missing husband to pay for child support to close the gap between your current income and the mortgage and no one else can help you, then you have little choice but to try to sell the house.
A foreclosure will follow your credit report for years. A short sale can follow you, too, but is less damaging. You may, unfortunately, be forced into rental housing that you can afford, but at least your Realtor can help you find something suitable.
Of course, all of us offer you our sympathy and hope things work out for the best.
My advice is to sell the house ASAP and try to get in something less expensive. You need to both cooperate if both names are on the house or on the mortgage. These days I think it is a really good idea to do your best to keep your credit in tact and a foreclosure or late pays never looks good, no matter what the circumstances.
Late payments will start piling up on your credit report.
Once you get out to 120+ days, the bank will foreclose.
Many, many legal fees will be incurred by the lender that they will gladly heap onto to you eating away at some of your equity.
My suggestion would be to list th property asap. If you cannot make the mortgage, it is time to downsize.
If you stop paying the mortgage, insurance, tax OR any of the above your home will be foreclosed in time.
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If no one pays mortgage on home, the bank will foreclose on it.
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