Horenstein Family Law Blog
What about the House?
Posted: January 13, 2010
As we all know the house used to be one of the most valuable assets in the marriage and both spouses would argue to keep the house. Now, most people want to walk away from their homes because they are “upside down” and owe more on their mortgages than the house is worth and because the mortgage payment is not affordable especially with a divorce occurring. You do have choices though. You can keep the house and move in another person to share the costs until the value increases on the home, you can attempt to modify your loan, you can agree to try and sell the home through the short sale process, or you can walk away and allow it to be foreclosed upon. Your choices can affect your credit and can have tax consequences. I will not tell you what to do. I will tell you to get information about all the choices, to talk to a certified public accountant, to find a realtor, to talk to your bank, to obtain information about government programs. These are some resources for you. The Washington State Department of Financial Institutions has a very helpful website with lots of information. This government office has the goal of protecting consumers with mortgage problems from unscrupulous people offering services to help you modify a loan or avoid foreclosure at a cost of course. The site explains loan modification, what to do if you are facing foreclosure, helps you access the government sponsored loan modification programs. The link is www.dfi.wa.gov/consumers/education/home_loan/loan-modification.htm
For a perspective on walking away from your mortgage, an interesting New York Times article may be helpful, titled Walk Away from Your Mortgage.
Disclaimer: This blog is written and published by The Scott Horenstein Law Firm and primarily written by Dru S. Horenstein for educational purposes only, i.e. to give information and a general understanding of Washington family law, not to provide specific legal advice. The information provided by this blog should not be used as a substitute for legal advice from a licensed attorney in your state. Dru S. Horenstein is licensed to practice law in the State of Washington only.
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