Legal Question in Credit and Debt Law in Pennsylvania
Credit
My ex-wife was awarded the house in our divorce in 1997. She has not kept up with the house payments. Now the loan (that is in my name) is heading to forclosure. The deed is in her name as i was ordered to sign it over to her the day the divorce was final which I did in front of our lawyers. What can I do to save my credit?
thanx
1 Answer from Attorneys
Re: Credit
It is difficult to fully advise you without knowing your full financial situation. If there is equity in the property, you might want to consider getting your wife to transfer the property to you and either sell it, work out a reinstatement agreement with the lender, or refinace the mortgage. Unfortunately this situation will effect your credit. The approach you take now is dependant on several factors. I suggest you consult an attorney to review your options. Much more information is needed in order to evaluate your options. To do nothing will effect your credit and could subject you to liability for any deficiency. If I can be of any assistance please contact me. Gerald Hershenson 215-579-9390.
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