My spouse and I are going through a divorce and our house is under water. What should we do?
Many couples are unfortunately experiencing this situation where they are in the process of going through a divorce and have come to the realization that their house is not worth the money they owe.
This situation requires the couple to make some tough choices about how to proceed.
Stopping payment on your mortgage will cause the house to go into foreclosure. As a general rule, the bank won’t work with you until you are three months behind in payments. Once the house goes into foreclosure, an attorney can work with the law firm handling the foreclosure.
Other options include a short sale or a deed in lieu of foreclosure.
I don’t recommend walking away from the property because you and your spouse will be liable for the deficiency when the house is eventually sold by the bank.
No matter what the circumstances are, divorce is never an easy thing to go through. Don’t hesitate to contact me for free if you have any additional questions. We can discreetly discuss your case and determine the options that make the most sense for you.
Marcus D. Wilcox
Attorney at Law, esq.
DISCLAIMER: The information contained on this website is meant to be general, informative and educational. It should not be taken as specific legal advice to any particular problem or issue. Please consult an attorney personally to discuss your particular circumstances.