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I Moved Back in With My Ex-Wife to Help Her Make the Mortgage Payments. – Ron

“Dear Steve,

My ex-wife has a HELOC with Chase for $80,000 on a home we co-own with a current mortgage of $150,000 which we have never been late on in 10 years. After I moved out she was out of work for several months and was not able to keep up both payments and has made no payments on the Chase loan since February 09 and it has now gone to collection. I have since moved back in with her (Florida home) to insure payment of the first mortgage. Her primary job brings home $2000/mo and she also has over $20,000 in CC debt. I am in the process of completing the bankruptcy forms for her

1. I am concerned what the implications of the HELOC default are and what actions they can take given BB&T the first mortgage holder has no dispute with us. Current equity in the home is about $30,000.

2. Would you concur on bankruptcy for her and what legal liability would she retain if the house is sold someday with a remaining HELOC deficit?

I could not let pass this request for your help without expressing a deep appreciation for this gift that you have offered so many. I know it must provide you with a deep satisfaction.

Ron”

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The Answer

 

Dear Ron,

Are you saying that even with the HELOC that the house still has $30,000 in equity? If the HELOC was not calculated in that figure, part of the HELOC may be able to be stripped away with a Chapter 13 bankruptcy. It would be a good idea to find a local bankruptcy attorney you like and make an appointment to go in and talk to them about your situation.

The danger of the HELOC deficit is that she could be sued for the debt and/or an interest bearing lien put against the property and the debt will grow until the house is sold or loan paid off.

The reality right now is that the HELOC lender will probably not do much to force the sale of the house unless they feel there is sufficient equity in the home for the house to be foreclosed on and resold. The HELOC lender would have to pay off the first mortgage to get the title to the house in a foreclosure.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

I Moved Back in With My Ex Wife to Help Her Make the Mortgage Payments.   Ron
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I Moved Back in With My Ex-Wife to Help Her Make the Mortgage Payments. - Ron by

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Blenda Park

    This is a testimony that I will tell to every one to hear. I have been married four 4years and on the fifth year of my marriage, another woman had a spell to take my lover away from me and my husband left me and the kids and we have suffered for 2years until I met a post where this man DR BUDE have helped someone and I decided to give him a try to help me bring my lover back home and believe me I just send my picture to him and that of my husband and after 48hours as he have told me, I saw a car drove into the house and behold it was my husband and he have come to me and the kids and that is why I am happy to make every one of you in similar to met with this man and have your lover back to your self. His email: [email protected].

  • britney

    This is a testimony that I will tell to every one to hear. I have been married four 4years and on the fifth year of my marriage, another woman had a spell to take my lover away from me and my husband left me and the kids and we have suffered for 2years until I met a post where this man DR OLOKUM have helped someone and I decided to give him a try to help me bring my lover back home and believe me I just send my picture to him and that of my husband and after 48hours as he have told me, I saw a car drove into the house and behold it was my husband and he have come to me and the kids and that is why I am happy to make every one of you in similar to met with this man and have your lover back to your self. His email: [email protected].

  • james

    BE CAREFUL HERE NOBODY CAN HELP YOU HERE OR EVEN SUGGEST HOW YOU CAN GET YOUR EX OR LOVE BACK,ANY TESTIMONIES OF MOST SPELL CASTER HERE MUST BE IGNORE.BECAUSE MOST OF THEM ARE SCAM I MEAN REAL SCAM WHICH I WAS A VICTIM AND I GOT RIPPED OF THOUSANDS OF DOLLARS BECAUSE I WAS SO ANXIOUS TO GET MY WIFE ANITA AFTER SHE LEFT ME FOR OVER 2YEARS WITH MY 7YEARS OLD SON JERRY,I HAVE APPLIED TO 7 DIFFERENT SPELL CASTER HERE AND ALL TO NO AVAIL THEY ALL ASK FOR SAME THING SEND YOUR NAME YOUR EX NAME ADDRESS AND PICTURE PHONE NUMBER ETC WHICH I DID OVER AND OVER AGAIN AND MOST OF THEM WERE FROM WEST AFRICA UNTIL I SAW THIS PHONE NUMBER ONLINE +447012926136 ABOUT MR ODIGIE SPELL IN LONDON AND I DECIDED TO GAVE HIM A CALL.HE ASK ME FOUR THINGS MY REAL NAME,MY EX AND MY EX MOTHER NAME AND £500 AND SAID MY EX WILL COME BACK IN 24HOURS SO I HAVE TO END THE CALL AS I HAVE PAID OVER $7000 ON SPELL CASTING AND COURIER AND NOTHING HAVE WORK FOR ME AFTER 3 DAYS I WAS THINKING ABOUT HOW MUCH I HAVE LOST SO FAR BECAUSE OF ANITA SO I SAID LET ME GIVE HIM A TRY SO I CALLED HIM AGAIN AND SEND MY REAL NAME,MY EX AND MY EX MOTHER NAME AND THE £340 BECAUSE I SWEAR IT WAS MY LAST TRY SO I WAS WAITING AS HE TOLD ME TO WAIT TILL NEXT DAY AND I COULD NOT SLEEP THAT NIGHT BECAUSE I REALLY LOVE ANITA AND WANT HER BACK AT 9PM THAT DAY I SAW ANITA ONLINE ON FACE BOOK AND SHE SAID HI AT FIRST I WAS SHOCK BECAUSE SHE NEVER TALK WITH ME FOR THE PAST A YEAR AND 9 MONTH NOW I DID NOT REPLY AGAIN SHE SAID ARE YOU THERE? I QUICKLY REPLY YES AND SHE SAID CAN WE SEE TOMORROW I SAID YES AND SHE WENT OFFLINE I WAS CONFUSED I TRY TO CHAT HER AGAIN BUT SHE WAS NO MORE ONLINE I COULD NOT SLEEP THAT NIGHT AS I WAS WONDERING WHAT SHE IS GOING TO SAY, BY 7.AM THE NEXT MORNING SHE GAVE ME A MISS CALL I DECIDED NOT TO CALL BACK AS I WAS STILL ON SHOCK AGAIN SHE CALL AND I PICK SHE SAID CAN WE SEE AFTER WORK TODAY I SAID YES SO SHE END THE CALL IMMEDIATELY I GOT OFF WORK SHE CALL ME AND WE MEET AND NOW WE ARE BACK AGAIN I CALL MR ODIGIE THE NEXT DAY THANKING HIM FOR WHAT HE HAS DONE IN FACT I STILL CALL HIM AND THANK HIM AS MY LIFE WAS NOT COMPLETE WITHOUT ANITA PLEASE BE CAREFUL HERE I HAVE BEEN SCAM THOUSANDS OF DOLLARS IF YOU WANT A LOVE SPELL THE CALL MR ODIGIE NOW +447012926136 OR EMAIL HIM ([email protected])

    Sincerely,Jenkins james Chicago USA.

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