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I live in California ( Riverside county)- My spouse (2 kids) and I have both agreed on filing an uncontested divorce to save money and make things easier. We have a house mortgage that is for 269,000 and the current value is 220,000. We also have 2nd mortgage for 60,000. We are trying to do the least amount of damage to our credit because we see foreclosure happening. We are trying to avoid any unnecessary financial loss if possible. (We have been separated for 6 months already)
Are there any benefits to staying married while dealing with the house and 2nd mortgage problem or getting divorced afterwards?
Is it better to face foreclosure before or after you are divorced?
Are there any financial advantages to being married while going through foreclosure?
Are there any state or government programs for homeowners that benefit married couples that unmarried individuals would not qualify for?
If have agreed to take over the house and second mortgage above, would it be better to take care of before or after I file for divorce.?
A: None that come to mind.
A: Makes no difference.
A: None of which I'm aware.
A: None of which I'm aware.
A: Don't make any financial decisions until the divorce is filed. Otherwise, you may lose your negotiationg leverage, if the divorce becomes "contested" (which is what usually happens).
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Don't make any financial decisions until the divorce is filed. Otherwise, you may lose your negotiationg leverage, if the divorce becomes "contested" (which is what usually happens).
Can I petition the divorce now? Regardless of weather or not she wont agree to the 50/50 terms on both the house and 2nd mortgage?
Can i use these forms at this website below?
We know foreclosure is coming (neither one of us can afford the house) is there anyway or steps to handle this better?
You can petition whenever you want. And, yes, you can use the forms from the California Courts Website.
You can get some tips on divorce here: http://nolo.com/bundle.cfm/objectid/07FE07D8-2EB5-4F87-A027CF36424EBBA0/118/246/. But, personally, I can't recommend divorcing without a lawyer. I've seen too many people mess it up.
Also, if the first mortgage and second mortgages were used to purchase the property, then the lender cannot get a deficiency judgment and try to collect against either you or your spouse personally.
Otherwise, you may have to file for personal bankruptcy to discharge the debts. And, if one of you files for bankruptcy, the debt collectors will come after the other spouse.
So, you probably won't be out of the woods, legally speaking, even after your divorce is final.
DID you mean CAN or CANNOT below:
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