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re: Another Real Estate Question
Posted on 2/12/13 at 11:59 pm to lsubandmom
Posted on 2/12/13 at 11:59 pm to lsubandmom
thanks for the response.
I was told by someone that because I am still living in the home and she chose to move out, that I would be the one responsible for the mortgage payments.
Do you know if this is true?
If we ended up selling the house for less than would cover the mortgage would she end up having to pay more then me?
Thanks again!
I was told by someone that because I am still living in the home and she chose to move out, that I would be the one responsible for the mortgage payments.
Do you know if this is true?
If we ended up selling the house for less than would cover the mortgage would she end up having to pay more then me?
Thanks again!
Posted on 2/13/13 at 12:48 am to pakowitz
No, you are both responsible if both signed. The lender doesn't give a flip who is living in it. If she signed, she promised to pay. Hopefully you would be able to sell it for enough to pay off the mortgage but if not, you would need to talk to your lender about a short sale unless you are able to come up with the difference. Depending on the lender, they may hold you both responsible for the difference or they may write it off. It isn't split in any way, you are both responsible for the full amount. A short sale will show up on both your credit report and hers, but not as bad as a foreclosure.
You are going to need for her to cooperate with you on the sale of the house and a short sale if she is on the deed.
You are going to need for her to cooperate with you on the sale of the house and a short sale if she is on the deed.
This post was edited on 2/13/13 at 12:51 am
Posted on 2/13/13 at 9:17 am to pakowitz
quote:
I was told by someone that because I am still living in the home and she chose to move out, that I would be the one responsible for the mortgage payments.
if that were the case people would just move out of houses so they dont have to pay the note
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