Thursday, June 4, 2015

Recourse for Homeowners Who Faced Foreclosure Due to Delinquency of Ex-Spouses

Question: My ex-wife and I divorced in 2010. There was no property settlement. We own a house together but only my name is on the bank note, but both our names are on the deed. I moved out and she remained at the property. Mortgage was not being paid. The house was put up for a short sale and there is an offer, but title cannot be transferred because my ex-wife has debt and the debtors have attached liens to the property. She says she is broke and cannot satisfy those judgments and is planning to vacate the property. Do I have any recourse?

Response: If your ex-wife files bankruptcy, she may be able to get rid of the judgments against her that way. Otherwise, unless you find a buyer who is willing to pay off the liens or get permission from subordinate lienholders to sell the property for less than is owed, you may have some recourse. Otherwise, the bank may end up foreclosing on the property and you may need to do bankruptcy in case the bank later on chooses to go after you for deficiency judgment.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and sale.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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