Please help

[Please help]

Jurisdiction

Indiana

Q: My ex is filing bankruptcy. His name is on mortgage loan but not the deed. I am selling my house but no buyer yet.
Home value is $300,000 and I owe $250,000. Per the divorce decree I get all profit of the house sale. will this affect my profit I get from my home sale? Will my home sale money be listed as an asset of his?

 

[army judge]

Q: My ex is filing bankruptcy. His name is on mortgage loan but not the deed. I am selling my house but no buyer yet.
Home value is $300,000 and I owe $250,000. Per the divorce decree I get all profit of the house sale. will this affect my profit I get from my home sale? Will my home sale money be listed as an asset of his?

The lender has a lien against the property.
Once the dent is discharged in bankruptcy, the lien won't be.
His liability for the debt will be cleansed away by the bankruptcy discharge.
The discharge will take about 60 days after his 341 hearing.
Once his liability is absolved, the lien will still be sitting there until the property sells, or is foreclosed against.

The lienholder will offer someone a few options to lessen their losses from the bankruptcy.

He can walk away free and clear.
You'll be left with a lien in excess of $250K.

Who knows in this declining market what your home will bring on the open market, how long it'll take to sell, or whether it'll ever sell?

The problem for you is that you're not in the note, just the deed.
Some lenders won't negotiate with you, some will.
You and your soon to be former hubby should discuss and decide how best to get out from under that house.

Frankly, any profit might be negligible, if any at all.

 

[adjusterjack]

The problem for you is that you're not in the note, just the deed.

She didn't say that.

His name is on mortgage loan but not the deed.

Which implies that his name is on the mortgage loan with her name, otherwise I can't imagine him being able to encumber the home without being an owner.

Home value is $300,000 and I owe $250,000. Per the divorce decree I get all profit of the house sale. will this affect my profit I get from my home sale?

I don't see how. His bankruptcy will just discharge his obligation on the debt. You're relationship with the mortgage company will be the same as if he was never on the loan.

Will my home sale money be listed as an asset of his?

No. He's not an owner so he should list only the debt but not the asset.