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  1. #1
    Join Date
    Mar 2007
    Posts
    6

    Exclamation Beginning of Foreclosure and Divorce

    I live in Colorado. My home is about to go into foreclosure and there is no way I can stop that. My wife left over 3 months ago and I am soon to file a dissolution of marriage. When we bought the house my lender told me my wife could not be on the mortgage loan since at that time she had no employment or income but she will have to be present at closing to sign the deed. Please note that we are common law married (filed taxes together, cohabitated, and presented ourselves as husband and wife, legal in CO). I have no equity in the home and I believe there will be debt after the foreclosure sale, (same floorplan/house, in better condition, is for sale around the corner for $12,000 less than what I owe and has been for about a year).

    My question is. Will she be liable for any of the debt after foreclosure or do I pay everything since only my name is on the loan?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Beginning of foreclosure and divorce

    As far as the bank is concerned, it's all you.

    You may be able to recover part of the money through the divorce action, but the mortgage lender's rights and remedies are not affected by your divorce.

  3. #3
    Join Date
    Mar 2007
    Posts
    6

    Default Re: Beginning of foreclosure and divorce

    Even if she is on the deed?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Beginning of foreclosure and divorce

    The debt is from the mortgage, not the deed.

  5. #5
    Join Date
    Mar 2007
    Posts
    6

    Default Re: Beginning of foreclosure and divorce

    Son of a...

    That sucks.

    Thank you for the info.

  6. #6
    Join Date
    Mar 2007
    Posts
    6

    Default Re: Beginning of foreclosure and divorce

    Ok, so if my understanding is correct. In the event there was equity in the house she would be entitled to half, but not half of the debt if the house is foreclosed?

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