Forclosure

Due to divorce my ex had all correspondance mailed to her. Now I find I am in default and the mtge co is forclosing NOW. Anyone else ever faced with this and what suggestions does anyone have. My home is in Tenn and I am not sure what the rules are in my State. HELP!!! :-?

Comments(3)

  • TheShortSalePro21st August, 2004

    Your's is a common problem due, in part, to the lack of teeth in the divorce decree and the lawyers not following thru in the best interests of their clients... but that's another topic.

    At the time of the divorce, you should have taken steps to remove yourself from the mortgage and mortgage note.. forcing your ex to either refinance in her own name, or force the sale of the home.

    That said.... your ex will refinance, sell, effectuate a non-foreclosure workout, file bankruptcy, or lose the house.. Without stepping in and throwing cash or credit into the problem... you will have to sit back and watch.

    If you can afford to, you could step in and purchase the property.

    You may want to discus this matter with a bankruptcy attorney and plan for the possibility of a deficiency judgment against you...

  • chann21st August, 2004

    Dum dum that I am, I neglected to tell that I have the house. For 7 months she was getting all correspondance but for the last 7 I have been making the payments. THEN, this bombshell that it is in forclosure. I have to pay the payments from the first 7 months by Monday 8/26 in the amt of $5000+. That puts a different slant on it huh? Thanks for your help. rolleyes

  • TheShortSalePro21st August, 2004

    OK. If you can't pay it in one, lump sum...
    immediately contact the mortgagee and ask that duplicate correspondence be sent to you.. and ask for a workout application.

    You can always consider a Chapter 13 repayment plan to make up the $5,000 in arrears...

    But if you aren't able to make payments.... a 13 won't help.

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