# How can I avoid foreclosure that caused by my ex-husband?



## babyblue2 (Jan 27, 2017)

The husband of ten years, whom I shared a child, a house, and a company (almost 20 employee), came home telling me that he had had sex with one married employee and now found “the true love” of his life with another employee and wanted a divorce. 
It was 1.5 year ago. My young child and I went through a lot to put our life back together. My ex didn’t fight for custody and pay child support on time. He agreed to transfer the house’s ownership to me.
About company: he pressured (to one point was physically assault me at the company) and successfully kept me out of the company’s management, especially after I had fired his paramours. The company went south and all positive equity (that he agreed with me before) became big negative number. The divorce finalized without a settlement term for the company. 
Currently, the bank contacted me about a loan (that I co-signed with him many years ago for the company, using my house as collateral). He is deep in debt and no longer can pay the loan. 
I will cut all the drama in the middle when he asked me to PAY HIM if I want to walk out of the company debt free. We agreed that he will sign me off from the company for nothing. He will become only owner of the company and will keep paying that loan. At the same time, I have to keep co-sign the loan so the bank can lower the monthly payment so he can afford to pay it. 
Few months passed. Today, I received a letter from a lawyer, request to pay the loan in full or they will start the foreclosure. I guess this is the first one and they will keep mailing for several more before they real foreclosure kicked in. The house has good equity, which means the bank will love to take it. 
What should I do to keep the house, or at least stay in the house for another 2-3 years? 
Can a short sell will help? 
Is there anything I can go to walk away without a damage to my credit score?


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## Lostme (Nov 14, 2014)

Not much you can do, it will be on your credit unless you can sell it now for the amount of the remainder of the home loan and to pay off the company loan. Other wise it will be on your credit, I dealt with something similar only there was not a business involved and the ex had the house he could not get a loan in his name only so when they foreclosed and sold the house it was one my credit too.

Sorry you are dealing with this, it is a tough thing to go through. 

One other thing, if you have the document you both signed of him taking over the company along with any debt, you might want to see a lawyer to get their advise on what you can do.


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## MarriedDude (Jun 21, 2014)

You need a lawyer that specializes in Business Sales and transfers. 

NOW


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## soccermom2three (Jan 4, 2013)

You can't do a short sale because you have equity. Is there anyway you can refinance the property and pay off this loan?

There's nothing in the divorce decree about the split of assets and debts?


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## GusPolinski (Jan 21, 2014)

Get an attorney ASAP!


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## browser (Oct 26, 2016)

Foreclosures can take up to 2 years nowadays there's a backlog.


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## Pluto2 (Aug 17, 2011)

Do you want the house, or are you willing to leave it?


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## Diana7 (Apr 19, 2016)

Get good legal advise asap.


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