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Need some advise in Texas. I am in the process of getting…

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Need some advise in Texas...
Need some advise in Texas. I am in the process of getting divorced from my husband and the mortgage modification I worked on did not get completed. My husband refused to sign the final draft. Now they(Citimortgage) say the account is earmarked for forclosure. I have not yet recieved any paperwork from them as of today. What are the next most likely even that will happen legally. I owe money to the HOA and also have a second mortgage. I am thinking about stopping payment to both mortgages so save money to move. I am putting it on the market soon because I heard if it is listed for 90 days, I can contact the mortgage company and complete a deed in lieu; whichever one comes first. Is stopping the payments a good strategy when a forclosure is looming?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 6 minutes by:
6/13/2010
Real Estate Lawyer: David L, Lawyer replied 8 years ago
David L
David L, Lawyer
Category: Real Estate Law
Satisfied Customers: 3,255
Experience: Attorney licensed in multiple jurisdictions.
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Hi. If you plan to eventually move and you have no equity in the home to protect, I would have no problem advising you to stop making payments on the loans. Additionally, the foreclosure process can take a substantial amount of time to complete, giving you a good opportunity to continue living there without making payment so you can save money to move. If the property is eventually going to foreclose anyway, why continue making payments? There really is no good reason to do so. By the way, once a foreclosure is filed, hire a good attorney to defend. It will be well worth your while. Rather than let them default you, you can prolong the litigation and continue to live there (for free) until the case is ultimately resolved.
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Customer reply replied 8 years ago

Sorry to keep beating a dead horse...what happens if Citimortgage defaults me? Would the HOA sue me in court for theamount I owe them in arrears? How much should the attorney cost(est) because it seems as though the cost of the attorney would not offset the benefit?

 

What the heck do I do with my husband if he refuses to sign any paperwork - to list, to sell etc... Is there something I can file to illiminate him from required paperwork?

Real Estate Lawyer: David L, Lawyer replied 8 years ago
Hi. You may be able to go into the divorce court and get an order from the judge compelling your husband to sign the documents to assist you in selling or in the modification. However, there is no way to get your husband's name of the mortgage unless you completely refinance the loan in your name only. The benefit of hiring an attorney and defending the suit is that you get to live there free for an extended period of time. There are some good attorneys that don't charge that much to defend. Depending on the amount you are saving monthly by living for free, the attorneys fees could be substantially less.
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