Home Transfer Options Poor Housing Market

[Thomasmeowmom]

I live in Wisconsin. I'm currently seperated and working on legal seperation or divorce, whatever we manage first with the house situation.

I am the wife. I have very poor credit. I don't think anyone in their right mind will give me a home loan based on that and my income.

We own an old home together. We owe approximately $84,000 on it and it has a value of only about $10,000-$15,000 higher. But homes in our area are selling below value. Neither of us can afford to keep and maintain it on our own.

The market in our area is poor, as mentioned. Selling it will likely result in a loss after a long sit.

Honestly it seems like foreclosure is our best option. However since my credit is already in the gutter, I'm hoping there is some way to get the house foreclosed only on my report.

My ex is looking to buy another smaller home he can afford on his own, and I will be living in my mother's duplex to help care for her and the property since she is disabled while I get my major credit dings recovered (student loan primarily)

Is there anyway for me to get the house? Without having to get a new loan all on my own?

Is this idea even legal?

Thanks for helping uninformed.

 

[army judge]

I live in Wisconsin. I'm currently seperated and working on legal seperation or divorce, whatever we manage first with the house situation.

I am the wife. I have very poor credit. I don't think anyone in their right mind will give me a home loan based on that and my income.

We own an old home together. We owe approximately $84,000 on it and it has a value of only about $10,000-$15,000 higher. But homes in our area are selling below value. Neither of us can afford to keep and maintain it on our own.

The market in our area is poor, as mentioned. Selling it will likely result in a loss after a long sit.

Honestly it seems like foreclosure is our best option. However since my credit is already in the gutter, I'm hoping there is some way to get the house foreclosed only on my report.

My ex is looking to buy another smaller home he can afford on his own, and I will be living in my mother's duplex to help care for her and the property since she is disabled while I get my major credit dings recovered (student loan primarily)

Is there anyway for me to get the house? Without having to get a new loan all on my own?

Is this idea even legal?

Thanks for helping uninformed.

He could GIVE you his interests in the home via "quit claim" deed.
That way you own the home alone.
The lender would still have BOTH of you on the hook for the loan amount, because why release one, when you have two?
But, you could sell the home, paying off the note and eliminating the foreclosure hit.

Or, you could BOTH consider filing bankruptcy and eliminating all debt via the Bankruptcy Court.
You should discuss BK with a couple BK lawyers in your county.

There you, go, much to consider and deliberate.