PRLog - May 7, 2012 - CHESTERFIELD TWP, Mich. -- A divorce is often messy. It may even be messier when the two splitting parties have a joint mortgage on the property. A friend of mine, Nola, can definitely testify to that. She and her ex-husband Robert bought a house on a joint mortgage. When they filed for divorce and it was time to split their assets, she learned that her Robert stopped paying their joint mortgage months before they finalized their divorce. Although Robert was the one that was suppose to be paying the mortgage payment, the mortgage had her name in it as well so the delinquent payments affected her credit rating too. She did not want the home, and could not afford the payments on her own. As the mortgage would be too expensive for either Nola or Robert to afford on their own without help. So the dilemma started; choosing letting the property go to foreclosure or trying to short sale and trying to save their credit ratings.
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Nola would prefer to sell property as a short sale but due to the delinquent payments and since the bank was about to give them notice of foreclosure. She knew they had to do something fast. Making a foreclosure vs. short sale decision was definitely not going to be easy for Nola or Robert. The divorce itself was causing quite a bitter feud between them and now on top of that they both had to reach a mutual decision on which road should be taken. Robert did not want all the hassle of having to handle a short sale and would prefer to simply walk away and let the bank foreclose their home. Nola, on the other hand, did not want a foreclosure to blemish her credit rating. Of course, they could arrange to split the debt and exit the mortgage but to do so they would both have to enter loan modification discussions and that would take a lot of their time. They preferred to end things rather quickly.
After several heated discussions, they both finally agreed to get some help to Short Sale the property to stop the bank from foreclosing their home. At the same time they both did not want to be forced back into court just for the sake of deciding who was supposed to be responsible for the foreclosure and its consequences so they decided to have their divorce attorney to address the issue in the original divorce decree. Ella instructed her divorce attorney to contact a real estate broker Rick Giese at RE/MAX Advisors to get advice on the potential ramifications of a short sale or foreclosure so that any issues that might come up later such as to the foreclosure liabilities or deficiencies could be dealt with. So both Ella and Robert agreed to uphold and fulfill their obligations as noted in their divorce agreement to prevent their mortgager from taking foreclosure action.
Nola and Robert mutually agreed to hire the same real estate broker Rick Giese of RE/MAX Advisors to handle the short sale of their home, and share any information that came from their mortgage company with both Nola and Robert. They worked together to ensure that their mortgager would forgive any deficiency with no future liabilities on either one of them. After all, they would not want to be rid of the property only to have to pay more for it as well. In order to avoid all unnecessary hassle, they made sure that their divorce attorneys and Rick Giese constantly updated their mortgage company about all the legal proceedings being negotiated in the divorce case. Once all the paperwork for their short sale was filed, the short sale was approved in less than 60 days.
In the end, their home was sold for $118,000.00 short of what they owed their mortgage companies. The amount was forgiven by their mortgage companies but they would still have to report the rescinded debt to the Internal Revenue Services (IRS) which was also forgiven by The Mortgage Debt Relief Act of 2007 that expires 12/31/12.
Now they are now both rid of their joint mortgage debt and can continue on with their lives, thanks to Rick Giese of RE/MAX Advisors. Rick can be reached at 586-242-3100 or email@example.com www.MIForeclosureHelp.com"
Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County