What happens if neither spouse can afford the house after divorce?
Just found out my wife has been cheating on me, and I’ll be getting a divorce. Here’s the situation: We just refinanced our home in November and have virtually no equity in it. Since the housing market has turned, it’s unlikely that we’d get what it appraised for in a sale. So what are my options? If we both stop paying the two mortgages, it will go into foreclosure, but I’m unclear what would happen after that. Could someone please explain?
To answer a couple questions, I’m in the Seattle area. And the problem is that I doubt we could sell if for the amount that we owe on our mortgages.
Sell it and pay the rest back to the bank, a foreclosure will not be easy to overcome later.
YOu are unclear about foreclosure? The banks own it and take it back. They may or may not sell it. They dont really care if they sit vacent for awhile.
You however, will have a terrible time getting another house, or even renting. Avoid the foreclosure.
Maybe you guys can rent it out until things are better
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