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my ex husb and I still share ownership in the house he lives

in. He was slow...
my ex husb and I still share ownership in the house he lives in. He was slow with the second mortgage payments and now they are trying to get 12000.00. He told them I do not live in the house so they are saying they will not consider my income to refinance the loan. He is on disability and I am on social security.

He is concerned that the 2nd mortgage co will take the house if they do not approve the loan. Is thiat true?
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Answered in 13 minutes by:
5/4/2013
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 44,501
Experience: Texas lawyer for 30 years in Estate law
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Thanks for your question and good morning.My sympathy here for your dilemma and situation.You may want to see if he can refinance you off the note here.Since he is doing this himself if he does qualify then it will take you out of harms way and off the note.

Realistically I would not recommend him lying on the loan application and claiming you are living there.You have remarried here and live in a different state.Lenders have access to that kind of information if you try to claim otherwise.It would be mortgage fraud here for both of you and there are potential criminal penalties for that.

If he gets turned down you need a contingency plan here to list it for sale.I would advise him and you to start planning for that immediately.Talk to a local realtor about a quick listing and sale of the property.It is likely the best option since he is unlikely to qualify as you state.

Again I cannot see involving yourself here in a new loan.Besides it being dishonest and potential criminal penalties again you would be liable.They would likely have you to sign the loan application and the loan note, and that really has potential harm for you here as well as him.It's not just him that would be forced to lie.And you really don't want either of you to potentially commit mortgage fraud.As tempting as this is you are not likely to pull this off.

It is in your best interests to resolve this matter with either him getting a new loan in his name or you both selling the property and resolving this threat to your credit.

I know this may be a different direction from what you wanted but you really should reconsider this matter.You would have too much at risk to participate in a new loan and or involvement in mortgage fraud by stating that you are living there.If you have too he needs to sell the property here and pay off the notes.It is the best way to protect yourself and your credit.As hard as it is here a sale would be the best way to resolve this if he cannot qualify for the loan.

 

And if he fails to make the payments here on either note they can foreclose on the property especially if it is above water and there is equity.

 

 

Here is reference to the specific statute that makes lying on a mortgage a crime in NC..

 

http://www.lawserver.com/law/state/north-carolina/nc-laws/north_carolina_laws_chapter_14_article_20a


I appreciate the chance to assist you today.Please let me know if you have more follow up.Thanks again for letting me help you today.

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.

 

This communication does not establish an attorney client relationship here.Information providedis not legal advice. Rather it is simply general information.

 



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Customer reply replied 4 years ago

Good day and I do thank you for your response. I do understand and for the life of me have tried to convince him to sell the property. Maybe now is the time. There are no children involved and our divorce was easy enough. The separation agreement states he is responsible for the payments and upkeep of the house but my name has stayed on the notes and deeds, we just left it that way. I left and he had a house to live in. I was ok with that. Then the day came when he was no longer working and finally got disability through social security. My current husband and I are both on retirement social security and have no extras anylonger.


my question is this...if the 1st mortgage is current, i think he always kept that up to date, can the 2nd mortgage force forclosure, or would they just attach leans against our properties which would be satisfied on sale of property?


 


he says he is going to try to refinance the 2nd mortgage with just his name...they advised him to try even though his debt/income may prevent it. Sounds like they will at least allow it.


 


He also says he will try to do the 1st mortgage, i think i have to be involved with that and am willing if necessary to either let it go and be rid of the whole thing, or sign with him if need be.


 


He believes if the 1st mortgage will all allow a refinance with both our incomes, that will reduce the debt/income ratio so he can refinance the 2nd mortgage on his own...suits me....but what can you tell us about this.


 


you convinced me to stay honest about all this...neither of us are good at lying anyway.


 

Thanks for the follow up.Let's go through it.

my question is this...if the 1st mortgage is current, i think he always kept that up to date, can the 2nd mortgage force forclosure, or would they just attach leans against our properties which would be satisfied on sale of property?

Answer:

They can either foreclose on it or sue you and seek judgment here and it woudl lien any real property that you have.If you live out of state they would have to file in that state to enforce the out of state judgment and lien your property.But its worse than that.With a judgment they can levy/garnish your bank accounts here as well.

Question:

he says he is going to try to refinance the 2nd mortgage with just his name...they advised him to try even though his debt/income may prevent it. Sounds like they will at least allow it.

 

He also says he will try to do the 1st mortgage, i think i have to be involved with that and am willing if necessary to either let it go and be rid of the whole thing, or sign with him if need be.

 

Answer:


You want him to try and refinance these himself and get you off of them.Otherwise you need to talk him into a sale before they foreclose on it.You will at least pay off the loans and save your credit.He really may need to do this as it appears he can no longer really afford to keep up this house and the debt.It sure wouldn't hurt to encourage him to look for a realtor in case he is denied.

I wish you good luck here with all of this.I a m sure that it is frustrating to you.I would encourage him to resolve this one way or the other.

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Customer reply replied 4 years ago

We are both in north carolina. I am so glad you were able to shed some light on all of this for us. Thank you so much for your information and yes by all means I will give you an excellent rating.


Thanks again.

You are so welcome and good luck here.I appreciate the chance to help you today.
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