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Profile picture for lovesford

my x wife who has been remairred for almost a year wants me to sign modification papers.

  • May 22 2010 - Layton
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Answers (9)

Profile picture for Chris Corica
You do realize this thread is almost a year old?
  • March 09 2011
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Hi Lovesford,
Sounds like you need an Attorney! 
Realtors are not Attorneys or Accountants, unless they actually are but for the most part...not.
When asking legal questions of any kind especially on the internet you really need to be careful and again...hire an Attorney!
Good Luck.
  • March 09 2011
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Profile picture for wetdawgs

Lovesford:  I hope you've solved the problem by now and completely extracted your name from the mortgage and any other financial obligations for the ex..

  • March 09 2011
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Profile picture for sunnyview
No way Jose! I would not sign unless it benefits you directly and I would make sure that your name is off the new paperwork moving forward. She and her new husband can put their credit on the line. Get legal advice before you sign anything.
  • March 09 2011
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If you are on good terms with her I encourage you to have a long disscussion with her and her new husband as to why they want to modify.  Is it they want a lower payment because it would be nice or because they truely can't afford it.  This is important because it has become so popular to modify.  But people don't understand the consequences financely.

Be aware that if she does a loan modification on loan that you are a party too, it will limit both hers and yours ability to purchase another home for 3 years after the modification is complete.  In addition you could never refinance the loan on that property again.  I would do anything I could to keep her from modifying or foreclosing even short selling that home as long as you are on the mortgage.  Even if that means you help her with the payments.  You have to consider your credit and your ability to purchase or refinance in the future.

Getting the advice of an attorney would also not be a bad idea, but having a heart to heart with her might be better. 
  • March 09 2011
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I would get legal advice from a real estate attorney.
  • November 02 2010
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Not a bad idea to check with RE attorney.  However if they go into foreclosure, it probably will effect your credit as well.....  see if they can assume the loan -- possible option....
  • May 24 2010
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I would strongly encourage you to discuss this with  a real estate attorney. There are complications in the situation you address, and if you are still on the loan, the modification will affect you.

In a qualification for a loan mod, all household income is considered.If the new spouse is employed, but not on the mortgage or note, that income will still be used in the calculations, and possibly even your income will be used. This is not a situation that comes up often with loan mods, and you will probably need legal help to address the issues.
  • May 22 2010
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If the mortgage with your Ex was in your name also then I would sign it more then likely it would save her some money per month and Also it would keep the house from going into foreclosure and keep your X and Your credit from going any lower.  Good Luck!
  • May 22 2010
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