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Kimberly Said:

My wife bought a house with her credit while we were married. I am on the deed but not on the mortgage.?

We Answered:

Sounds like that mortgage showed up on your credit report. Don't know why that would happen if you're not on the mortgage.

But if she defaults, you're not getting the house until that mortgage is settled.

If you're not together anymore (you said were married) shouldn't the divorce paperwork state she got the home? If it does, you should be OK. Usually the divorce paperwork showing it's not your home anymore is enough for lenders to not worry about that mortgage. Ask the lender.

But what can you really do? So many loans are in trouble they have to be extra careful.

Gary Said:

We are thinking of "walking away" from our home. What is the process for Foreclosure in the State of Florida?

We Answered:

Why not try to sell it, or get a second job, or rent out some rooms to increase your income. Walking away is irresponsible, and part of the problem with our economy today.

I agree with the other responder - you are responsible for this mess, not the lender. If you knew going in you couldn't afford the home, you should have purchased one you could afford.

However, if you do decide to walk away, you should adjust your tax withholdings as you will lose a gigantic tax deduction and will owe the IRS more.

Karl Said:

mortgage qualifying with contingent liabilities?

We Answered:

Yes, you handled the purchase incorrectly, all of the liens were supposed to be paid off at that point in time from the sales proceeds. At this point in time they are still his debts, he is the only one responsible for them.

Greg Said:

The borrower's Deed in Lieu request and the lender's Notice of Foreclosure crossed in the mail - what happens?

We Answered:

There are some ideas on my blog. I will recap a few here.

A short sale can work if the price to the investor is low enough. The lender will need to decide if they want to go that low. A real offer sometimes helps them to make a decision.

You might have a claim against the broker but that will not remove all responsibility from the you as the borrower. Maybe you get some cash but you will still have credit issues for some time.

Get in touch with the lender to see if they will take the deed. Are there any junior liens that will prevent them from taking the deed back? Are you working with a lawyer so that you can get clear advice as to what can work legally?

Kimberly Said:

What is the Florida property market like?

We Answered:

it is a buyer market, but prices are starting to go up, hard to get a morgage so you need a big deposet or if you are a cash buyer they will love you.