momtothree Posted May 1, 2012 Posted May 1, 2012 I am new here and I need some serious thoughts on what to do. My ex husband and I divorced last year. I have since remarried. We were seperated for a long time before the divorce was final, mostly trying to sort the divorce out. I left my husband after finding out that he had opened up 18 credit cards in not only both of our names but some in my name without my permsission. He ran us in to debt that we could not even pay the mortgage. After he left the house I chose to do a loan modification to help with the $15,000 in back payments owed. I did this all on my own, and we are now caught up with the mortgage. Our divorce stated that I was to refianance immediately to remove ex's name. Ex and I both had to file for bankruptcy, and when I did I had no idea I could not refinance. I did reaffirm the mortgage. I assumed my new husband would be the main borrower and I would be to co-borrower since I had to be on the loan to refinance since I am on the title to the house. Well I can't! So now my ex is taking me back to court next week to set a timeline to refinance but since I have to wait until Feb 2014 to refi due to FHA regulations my attorney thinks the judge will order me to sell the house. This is the only house my kids have known. They walk to school, they walk to the park, we are surrounded by many friends and we are happy here. I worked so hard at keeping my house! This is the perfect white picket fence neighborhood. My husband has perfect credit so he can buy the house outright, HOWEVER there is a 10% down payment required with a loan from our credit union or if we do an FHA loan it is 3.5% down. We can't afford either. The FHA might be harder to get. We just spent $2000 on this attorney for court. Ex has other issues that are to be addressed at this court date, which are petty and stupid but I know I needed an atty. Does anyone have any suggestions on what we could do? I lose sleep at night, I am cranky around my family, and I am stressed. I don't want my kids to see me like this. We are a very happy family (the kids are not fans of their dad which is NOT my doing). It would crush them to know he was doing this and we might lose the house. They are 8 and 10 and I have a newborn with my current husband. Thank you so much!
Philosoraptor Posted May 1, 2012 Posted May 1, 2012 This is a yucky situation to say the least. My first thought were I in this situation is to take it to court. While it's in the system I would save as much as possible in order to put the 3.5% for the FHA loan. If your husbands credit is a good as you say he should not have much issue getting a loan that will cover the rest of the 3.5%. From there we live frugal to pay down the loan to get the loan. It could last awhile in court and awhile on the market so you may have time to save enough. If nothing else when there is serious interest I would pounce ahead with the plan. It gives you optimal saving time as well as protecting your assets.
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