Ex Husband Still on Mortgage. Filing Chapter 7
My question involves bankruptcy in the state of: Florida
My ex-husband and I are still both currently on the mortgage for the house. In the divorce papers, I am to live in it until it sells ( I have been actively trying to sell for 10 months) and he is to pay a small portion of the mortgage until it is sold. He has since stopped paying that portion because he says he will be filing Chapter 7 bankruptcy in January. What does his bankruptcy mean for me regarding the mortgage? Will I be solely responsible once he discharges his obligation to the house? There is no equity in the home so it is not like I would benefit by taking all of the responsibility of the house and the proceeds...because there won't be any proceeds. Please help!
Re: Ex Husband Still on Mortgage. Filing Chapter 7
His lawyer most likely advised him to stop making payments. Doesn't mean it was a good idea. He will very likely not be allowed to have anything discharged from the divorce. Meaning that if he owes you and you have a court order from the divorce to support it, that debt will not go away for him. Thats the good news.
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Will I be solely responsible once he discharges his obligation to the house?
Yep, you will. The bank doesn't care which one of you they get money from and they won't be allowed to collect from him.
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There is no equity in the home so it is not like I would benefit by taking all of the responsibility of the house and the proceeds...because there won't be any proceeds.
You have a very good outlook on this bc your right. But the market is crazy and no one can tell you what can happen. Who knows, if you can't sell the house and you end up staying 5 yrs, you should/could have equity in it. If this ends up being the case, be sure that whatever you do, you get his name off the deed bc if you do sell the house and make a profit, he could very well be entitled to half the proceeds. The mortgage is a complete seperate thing from the deed.
You should also contact the mortgage lender and ask them what you should do. Its best to have it on record that YOU are not filing ch 7.
Re: Ex Husband Still on Mortgage. Filing Chapter 7
Thank you so much for your insight. I am fighting desperately to stay above water...If I could keep my house, I would. Unfortunately, my income does not support the mortgage payment of my house. I've done all I can to keep the mortgage current while it is on the market...but having the ability to pay it every month will soon be an issue. Again thanks :)
Re: Ex Husband Still on Mortgage. Filing Chapter 7
Your welcome.
Your not alone, it a tough world out there and even tougher for some. I'm not sure what kind of relationship you have with him but if he's telling you that he doesn't have to pay you the money you were owed in the divorce agreement bc it's covered in bankruptcy, then tell him to ask his lawyer bc it WAS part of a previous court order. He might just be blowing smoke up your way.
Do what you can, maybe a roommate or renting. Best of luck to you and hang in there.