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Can my ex retaliate if I foreclose? He quitclaimed to me, but his name remained on the loan.

Profile picture for kirstencrusoe
My ex quitclaimed the home to me, and by the time I learned I needed to refi to get him off the mortgage, I was very upside down in the loan. I am now looking at foreclosure.  Can he legally retaliate against me for this?
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February 10 - Stockton
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Profile picture for CORONA NICK
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Since October 2009

What is he going to do, sue you?  LOL  You cant get money from someone who is broke...lol

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February 11
Profile picture for Martin Wareing
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"G",

You know you are a mortgage hero.  I thought you would like "MORTGAGE GUY"... a friend of mine worked that up for me.  Just a funny.  Keep helping the Lois Lanes and Mortgage Guy will continue to live... an KC... Greg D is a good mortgage pro.  keep rockin'.
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February 11
Profile picture for Greg Darlin
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Since September 2009

Paybacks Martin.  Just remember that  :-)
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February 11
Profile picture for Martin Wareing
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KC,
You now have GregD on the case.. However... as much as GregD is a ...  (most recent photo of Greg on the boards pictured at left) there is little that even he can do to stop the Kryptonite Credit Report Bomb that will hit your and "R"ex if you can't maintain payments.  It's coming........  getting weaker......  can't stop it.... from hitting......"R"ex.......  Good luck  (Nice Outfit "G"!!!  Sweet Tights!!!)

Good luck and keep rockin'.
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February 11
Profile picture for Greg Darlin
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Kirsten,
How unfortunate none of your attorneys mentioned to refinance your ex off the mortgage.  One would think that is just common sense for a lawyer to recommend in such a situation.  What can you do now?
Unless you have a FHA loan, there is little to do in terms of refinancing.  You still can, without foreclosing:
1.  Stay in the home and simply wait, like most Americans, until the value of the home somewhat returns to either sell or refinance.
2.  Rent the home out, or a a portion of it if money is tight.
3.  If you are in dire straights financially, you can ask your lender for a loan modification but you will have to prove hardship.
Walking away via foreclosure or doing a short sale will bury your credit and your ex-husbands.  If at all possible you can prevent such from happening explore all other options.
You and your ex-husband might want to go back to the attorneys who handled the separation and divorce and ask why in the bloody hell refinancing back then was not discussed---assuming your had the financial capacity to refinance him off the mortgage.  That will be a interesting conversation to witness.

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February 11
Profile picture for kirstencrusoe
I was not informed that a refi was necessary...when I learned about that part of the process it was too late as I was already upside down in the loan. Are there any options to do a refi even though that is the case?  Thanks!
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February 11
Profile picture for Greg Darlin
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Kirston,
Though your decree states you take full responsibility of the loan, his name is still on it and if you foreclose then his credit gets hit hard too.
Why didn't, during the separation period, any of your attorneys simply have you refinance him off the loan and take him off the deed at settlement?  That would have been the cleanest, simplest process.  Now, you have a problem and it is going to be a very stressful conversation.
Maybe you and your ex can work something out and avoid all the heartache and everything else.
Good luck with it and I hope there is a positive resolve.
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February 11
Profile picture for Martin Wareing
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It really is a legal question, but here is the CREDIT answer:

"R"ex your X is:
A) "Going Down With This Ship"
B) Thelma and you are Louise and are flying off the cliff...together
C) Butch Cassidy and you are the Sundance Kid....
D) All Of The Above

Your X could "try" to complain to a judge that you were to REFI... But if you were underwater and it is MODIFY, SHORTSALE or FORECLOSURE... What is JUDGE WAPNER GONNA SAY?

He'll say:  "R"ex, I'm sorry, but here is your sub 550 credit score and your public records.. "R"ex is on the NOTE and if so.. responsible to the lender regardless of legal yammering between you guys...  "R"ex can grandstand, but credit-wise will look like Tom Hanks in the ending of Saving Private Ryan... "R"ex can't make trouble for you due to a market that disallowed you any options.  Just talk. Sorry for your strife and situation.
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February 11
Profile picture for kirstencrusoe
I'm not sure what the decree would have to do with it...it states I take full responsibility for the loan. (even though his name is still on it)... Thanks!
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February 11
Is their a divorce Decree? If so, contat your attorney for options. That will be your safest bet with that. I hope all goes well.

God Bless,

James
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February 10
 

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