We must protect this house!
June 9, 2010 10:29 AM Subscribe
Help me help my ex-wife get some House Payment breathing room.
I recently divorced my wife after about a year of separation. We worked out an agreement that she would keep our house and I would pay her $400 a month to help pay down the non-house debt.
Although we both are/were employed, losing my income has had a difficult effect on her ability to stay current on house payments and bills. She applied for a loan modification, which I gather was accepted on an interim basis but was just denied long-term. We just had this conversation:
Her: are you in the office tomorrow?
Her: Bank xxx sucks. They denied my loan modification. They dinged our credit scores.
Her: they are now advising i need to get a 'quit claim deed' form completed to make an appeal.
Her: best case scenario: i am approved, they remove the credit score dings. worst case scenario: i am denied, have to pay back money and credit scores remain dropped.
Her: i got the form from staples. I have to read it tonight. I will ask xxx to serve as the notary again tomorrow.
Her: but i will need your time tomorrow to sign it. it basically says you give up the rights to the property. without it, the bank wants to make you pay and include your income in the loan modification.
Me: ok. I'm in meetings from 10:30-2:30 tomorrow but I am free any other time.
Her: and if we include your income, no modification is necessary. Life sucks.
Her: ok, i will try to do early morning or later afternoon tomorrow. I will ping you when the time comes.
I am just wondering if there are any alternatives for her(and us I guess, since I can't seem to extract myself from the house or home loan) if her appeal is denied. I'm already paying her $400 a month and it will be tough if I have to pay her still more. Plus, I don't want her to lose this house, she wants it and deserves it. Anyone been through something similar and found a workable solution or program?