I can't afford crucial repairs on my home and have been denied all work out options by my mortgage company. What should I do?! I can afford my mortgage payment but not necessary repairs. My home is very unsafe and falling apart. Since its in my name only, can my husband buy a new one? If so, can I use my income on the pre-approval amount? My house is borderline unlivable. Please help!
1 Answer from Attorneys
- Failure to keep your home in repair is probably a breach of your mortgage obligations.
- If the home is that unsafe it may be uninsurable and the failure to carry insurance is probably a breach of your mortgage obligations. The municipality where you live may be able to issue code violation notices that are also breaches of your mortgage obligations, can result in court costs and fines, and eventually in a forced demolition.
- Even if the house is in your name only, if your husband is on the mortgage (as borrower or guarantor) that will be a problem, and if you need joint credit to buy a new place, he may not be able to buy anything on his own.
- You need to see an attorney who may (may) be able to work with the lender so that some money can be deferred to allow code repairs and maybe even work on the mortgage loan itself. But the point is that this is NOT a simple situation.