What is the name of your state (only U.S. law)? Ohio
Hello,
I have a situation that I’m not sure how or what I can do about it. I need advice and frankly don’t even know where to begin or who to consult. I got a divorce about three years ago and my X agreed to stay on the mortgage for three years in lieu of me paying her $400 per month. At the end of that period, being May of this year, I was supposed to buy her out of the Mortgage. That was the agreement that went into the decree. Since then I have fallen behind on the payments and I am two months away from finally catching up through their home savers plan. I tried to get her to mitigate/modify the loan and she declined, however, she did say she might stay on the loan if I wanted to keep paying her the $400 for a limited period of time. My home is probably $30K to $40K under what is owed and I obviously do not have the money. I don’t think a bank is going to take on a mortgage on an upside down home.
I’m not sure what the legal ramifications are if I can’t take over the mortgage, if I walk away and they foreclose, or I short sale it. My normal payment is $1550, plus the $400. I feel somewhat tied to the home because I rely on the shop in the back to run my business in.
This has been weighing on me for long time and I need to resolve it soon regardless of what I end up having to do.
For obvious reasons, I don't feel like I can do any needed improvements, or feel like I actually own the home.
Any advice is greatly appreciated!!!
Thank you!
Ron
Hello,
I have a situation that I’m not sure how or what I can do about it. I need advice and frankly don’t even know where to begin or who to consult. I got a divorce about three years ago and my X agreed to stay on the mortgage for three years in lieu of me paying her $400 per month. At the end of that period, being May of this year, I was supposed to buy her out of the Mortgage. That was the agreement that went into the decree. Since then I have fallen behind on the payments and I am two months away from finally catching up through their home savers plan. I tried to get her to mitigate/modify the loan and she declined, however, she did say she might stay on the loan if I wanted to keep paying her the $400 for a limited period of time. My home is probably $30K to $40K under what is owed and I obviously do not have the money. I don’t think a bank is going to take on a mortgage on an upside down home.
I’m not sure what the legal ramifications are if I can’t take over the mortgage, if I walk away and they foreclose, or I short sale it. My normal payment is $1550, plus the $400. I feel somewhat tied to the home because I rely on the shop in the back to run my business in.
This has been weighing on me for long time and I need to resolve it soon regardless of what I end up having to do.
For obvious reasons, I don't feel like I can do any needed improvements, or feel like I actually own the home.
Any advice is greatly appreciated!!!
Thank you!
Ron
