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Saving The House |
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Dear Edith, I was laid off last year along with going through a divorce. The divorce is not final yet, our home is in my husband's name only. He had to file bankruptcy and he put the house into foreclosure. There is also a $20,000 lien on the house. My name is not on the deed and I have never had my name on any home loan before.
I am starting a new career at age 53. My question is, should I try to save the house or should I walk away, pay my few overdue debts and try for a first time buyers home loan in the future. For now I just want to rent a small space and relax now that the children are grown and gone. |
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Dear Edith, I was laid off last year along with going through a divorce. The divorce is not final yet, our home is in my husband's name onlThere’s a lot that isn’t clear here. Can that house really be going into foreclosure over a lien of only $20,000? How much equity is involved? Is your name on the mortgage? How much does the home mean to you? Do you have the financial resources to rescue it from foreclosure? Assuming you could get it put into your name, what would it cost every month to carry it? How does that compare with your expected income? What does your divorce lawyer recommend?
Without any of that information, I will tell you that it's foolish to burden yourself with a house you can't afford. My feeling is that you'd be better off starting fresh. |
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Edith
Originally published on October 6, 2006 |
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