So I got divorced about 2014 and stupidly represented myself. I ended up just agreeing to giving the entire house to my x and paying child support until this year. I figured why spend all the money in legal fees because one day my kids will inherit the place anyway. I moved out west and built my life back up, bought my own home in 2017 and have been paying it down. I owe 200k or so on it. I plan on retiring in three years at 60. She has Airbnb'd the home for years and made a living from it. She at one point went into foreclosure but fought it back and reinstated the loan. Covid happened and when half the country stopped paying the mortgage she tried playing that game again but it turns out the second time around the courts aren't so kind. She asked for help to reinstate the mortgage from me. It turns out that since my name is also on the home I am getting foreclosed on as well. I had the house looked at by an appraiser and it came out to be worth 1.5 million. I thought she owed a million so thought maybe it was worth it to get a heloc from my house and get it going again. Turns out that 1.3 million is owed. If we pay $300k the loan gets reinstated. It's a 3.25% loan so payments would stay $4500 a month. The key here is she makes about $150k a year from the place on airbnb. I am leaning toward selling so there is a tiny bit of equity for her. If we paid the 300k from a heloc I made her agree to just pay down the heloc first thing the first couple of years. I'm freaking out because I feel like this is a sinking ship. I also don't want her to lose the home. Is there anyone that I can hire to objectively look at these numbers and say yay or nay? thanks in advance
Ex-wife in foreclosure but my names still on the deed
byu/bike_eat_sleep inpersonalfinance
Posted by bike_eat_sleep
8 Comments
You only wrote that you’re on the deed, but what about the mortgage. If you’re not on the mortgage, let it go and stop wasting your precious time on her and her personal problems. If you are on the mortgage, don’t fix it unless she signs the deed over to you.
Something not adding up. When your ex-wife refinance, you have to go through being requalified again and you would have to sign on the refinancing paperwork. Did you sign the refinancing loan? If your wife did refinance and you didn’t sign the new paperwork, you are not on the refinanced loan. The new loan would have paid off the old loan.
This sounds like you still own half the house but the mortgage is all hers. Really why leave your finances enmeshed like this.
If your name is still in the house deed, you didn’t “give” her anything, you just let her live there rent free.
There is no we. You are not on the new/refi mortgage.
Show your divorce agreement and move on with your life.
Sell the house and be rid of the problem. She just does Air BnB anyway? And she can’t pay for it now why do you think she would pay back your heloc? Plus some weirdness is going on with this whole are you on the mortgage or not situation. From what you said this woman has been taking advantage of you.
If your name is truly still on the deed, you need an estate planning attorney like yesterday.
Please don’t HELOC your own home, because you will *absolutely* not see that money paid back.
If you’re on the note and mortgage being foreclosed, you’re responsible for the debt as well. You need to talk to a lawyer ASAP to find out how you should proceed.
You’re talking about taking out a HELOC but you’re unsure about whether or not you’re even on the mortgage?
Buddy, the best personal finance advice you can get is to stop everything and take a breath. You’re lost in the sauce. Figure out what you are and aren’t responsible for. Then, and only then, you should start weighing your options for what to do next.
Sounds like there’s a sinking ship out there, and for whatever reason you’re trying to get on board.