My husband and I bought a house in 2003 and we subsequently divorced in 2008. He received SS benefits for his 4 children which paid the mortgage. When we divorced I let him continue to live in the house so the kids could stay in the same school district — he has been making the mortage payments. He has already tried to refinance the house with no luck and the house has been on the market for 2 years.. In May of next year his SS benefits will run out, as the two youngest will turn 18 and graduate and he will no longer be able to afford the mortgage. I have tried several times, unsuccessfully, to work with the bank, giving them a heads up as to what will happen in May, and asking for a loan modification or Deed in Lieu of Foreclosure. They are stating that since the mortgage payments are being met that they will not consider either option.
Should I tell my ex-husband to quit making the mortgage payments now so it will show that I am unable to make them? I hate the thought of going into foreclosure, but I really don’t see any other way. Neither of us will be able to make the payments after May, and if he quits making the payments now maybe the bank will let me do a Deed in Lieu of Foreclosure. Also, am I supposed to be reporting the mortage payments that he makes as income? If so, I’m screwed, because I didn’t report it on my 2009 income taxes.
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