annihill1016
New Member
Long story, please take the time to read.
My ex & I have a home mortgaged in both of our names, divorced for five years. He is unable (or unwilling) to refinance the home on his own (or with his new wife he married in March). On Friday the wife called me and said that they were contacted by someone who could help them lower the house payments by re-modifying the mortgage to give them a lower interest rate. The only catch is that I would have to sign the re-modification papers with him. The wife said that if I don't sign these papers, he will have to file for bankruptcy. Then he will keep the house anyways because it is his primary place of residence and the courts will lower the payments to something that he can afford. The thing is, we just signed re-modification papers is November to put the unpaid past due balance back onto the principle so that he would be considered current on the mortgage. And before that in February of last year I loaned him $1400 to help him get current and pay past due payments. Now here it is only six months later and he still can't make the payments. I am not unwilling to sign the re-mod, but how is this going to look on my credit when I go to but a home for my family? I currently live with my husband and three children in my father-in-law's house. I was planning on buying a house sometime in the next year. My current husband's credit is not going to help since he filed bankruptcy and has a home foreclosure on his credit from his divorce in 2004.
The best solution in my opinion would be for my ex and his wife to refinance the home and get my name off of it all together, but she has bad credit (from her previous marriage) and an unstable work history (she won't keep a job).
So my question basically is: Which is better? Having a mortgage already on my credit (one that may be delinquent), or having a foreclosure? Should I sign the re-modification papers or not?
My ex & I have a home mortgaged in both of our names, divorced for five years. He is unable (or unwilling) to refinance the home on his own (or with his new wife he married in March). On Friday the wife called me and said that they were contacted by someone who could help them lower the house payments by re-modifying the mortgage to give them a lower interest rate. The only catch is that I would have to sign the re-modification papers with him. The wife said that if I don't sign these papers, he will have to file for bankruptcy. Then he will keep the house anyways because it is his primary place of residence and the courts will lower the payments to something that he can afford. The thing is, we just signed re-modification papers is November to put the unpaid past due balance back onto the principle so that he would be considered current on the mortgage. And before that in February of last year I loaned him $1400 to help him get current and pay past due payments. Now here it is only six months later and he still can't make the payments. I am not unwilling to sign the re-mod, but how is this going to look on my credit when I go to but a home for my family? I currently live with my husband and three children in my father-in-law's house. I was planning on buying a house sometime in the next year. My current husband's credit is not going to help since he filed bankruptcy and has a home foreclosure on his credit from his divorce in 2004.
The best solution in my opinion would be for my ex and his wife to refinance the home and get my name off of it all together, but she has bad credit (from her previous marriage) and an unstable work history (she won't keep a job).
So my question basically is: Which is better? Having a mortgage already on my credit (one that may be delinquent), or having a foreclosure? Should I sign the re-modification papers or not?