What happens when you split up with spouse?

Ok here's the deal. My wife has informed me she no longer wishes to be married to me. I am planning on moving out in January. When i do she isn't going to be able to afford the mortgage payments, and no, niether would I if I stayed and she moved. What happens then? We bought the house on our combined income. The house is worth less than it was when we purchased it so selling is not an option. Will the bank just foreclose?


ThanksWhat happens when you split up with spouse?
of course the bank will foreclose and ruin your credit,





maybe try and talking to the lender to see if they would be willing to do a short sale then actively try and sell the placeWhat happens when you split up with spouse?
Why would you start a question with ';OK'; ?
Yea, if you don't make the payments the bank will foreclose. Happened to me and it sucks.





Put the house on the market for less than you owe... Call your lender asap and apply for a short sale. Many lenders will accept less than what is owed rather than foreclosing.





Good Luck
It's cheaper to keep her! Try to work out your problems with the old hag. Tell her that you wanted to bail on her a loooooong time ago, but you decided to stick with her moody, pmsy, psychotic butt because you two made a commitment. If that doesn't work, tell her that she'll be broke for the next ten years or so with really bad credit too. She's bound to reconsider. If that doesn't work...tell her you've been having an affair for the last 4 years with your secretary. That'll really get her angry! Good luck!





PS. Be sure to spend all of your savings before you get divorced! Every penny of it. Get out there and have some fun, buddy!
both of you move out and try leasing it out for a couple of years until you can sale %26amp; split any income.
sorry u got a nightmare in the long term.


1st put house on market


ask bank about 'short sale without recourse'


visit daveramsey.com to learn the hard lessons coming ur way from others big mistakes.


NEVER Ever 'quick deed ' to her. ur both on mortgage. do not foreclose both of u will be chased for the full balance .


right now both of u need to make payments untill this is settled. even if u get two more jobs.
Your best bet is try to sell and split the debt. If the bank forecloses, you will both suffer that on your credit reports.





Many couples continue to live together after splitting for similar reasons. Do you have an extra room in the house that you or she can move into until you can sell the house?
u can sell it to an investor and then it wont go on your credit u should look into that right away well good luck to u
There is a good chance if you both cannot afford to live there, the divorce judge could ';order'; you to sell your house. They won't care if you make a profit on it or not.


The bank will not foreclose unless you stop making the payments completely. Is there any chance you could both move out and make the house a ';rental'; property, so that the mortgage would still be getting paid?
If you both signed for the mortgage, you are both still responsible for it. You either sell it for what you can get, have the lender agree to a short sale, or they will foreclose.
Probably! Sounds like a bad situation, good luck to you!
If you cannot find someone to buy the house and either assume the current mortgage or somehow pay the current mortgage company off, yes, the home will be foreclosed upon. That is a major credit hit for both of you. But, you gotta do what ya gotta do.
your screwed....