Forbearance

My husband and I just completed a refi on our home.  We start payments in roughly 30 days.  In the meantime my husband tested dirty on a drug screen from work twice.  He will likely be losing his job, I can’t afford the payment now on only my income, he can’t get another job if he can’t pass a drug screen.  Basically I’m looking at walking away.  (there are other problems).  That’s not my question, only the background. 

What happens if we do not pay the mortgage?  When the house forecloses is there any way that I won’t be dragged down into the muck because of his stupidity?  Will the finance company come after me?  Will the only take the house and sell it?  Can I quit claim deed the house to him and absolve my liability?

Kelly

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Hi Kelly,

Sorry to hear of these troubles.  Things are not presently as bad as they seem.

If you don’t pay your mortgage, you will lose your home to foreclosure.  Foreclosure is governed by State law.  A local attorney could address the questions you’ve asked.     

I always have the same advice for married people: stay married.  So, my advice is a workout in more ways than one.

Thanks for the questions and hope this helps.

Paul

Rom 3:25 Whom God hath set forth [to be] a propitiation through faith in his blood, to declare his righteousness for the remission of sins that are past, through the forbearance of God