Here?s the scenario: Alabama is the state. I own a home that my husband is co-owner. It?s a 30 year fixed conventional. We have lived here over 3 years. Original price was 200, we owe 175, fair market value is about 155. We are separating. He wants to buy a home with his VA loan in his own name. What happens if he gets the loan and moves to his new house and I can?t pay my mortgage? If it forecloses, can the bank come after me or him too after the fact? Can my wages be garnished? What about him? I have tried to short sale (It just won?t sell!) and I don?t qualify for a refinance or loan modification. I realize I should get a real estate attorney but other than that, what other advice can you offer? Need help quickly!!
Source: http://corefinancenow.com/mortgage-and-foreclosure-question.html
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