Mapper since:
January 25, 2021

Foreclosure and Divorce - Dealing With the Law

The foreclosure and divorce do not have to be two very different things. There can be a way to make these two situations work for each other if both parties are willing to give each other a chance. Unfortunately, when the marriage ends in divorce it means that the couple are no longer legally married and will now be considered single. Because of this, many people become discouraged with this change and wonder what they can do to make it go away. But even though the spouses may be legally separated, many times the relationship between the ex-spouse and the new spouse isn’t completely over. In many cases, it can actually make the marriage stronger because it provides an extra level of connection.

One of the first steps to working out a foreclosure and divorce settlement is to talk with one another about how the situation has affected the both of you and your finances. But it’s even more difficult and even more onerous when the other spouse who’s facing foreclosure is also undergoing a divorce. Add the ex-spouse to the mix, and suddenly the two individuals are facing two separate lawsuits, albeit stressful to many individuals, who usually never become involved in legal litigation. If you and your ex-spouse can agree on terms for the divorce settlement then it will be much more manageable. In addition to the fact that there isn’t any judgment against one party there might be some assets that aren’t being garnished by the lender. By involving one another in negotiations for the foreclosure and divorce settlement, the two individuals can ensure that their children receive everything in their name that’s owed.

One way that the foreclosure and divorce settlement can work for the divorcing couple is if one spouse doesn’t want to pursue the settlement and would rather keep the house. If this happens, the ex-spouse can’t be forced to sell it unless it’s determined that a judge has ordered a sale. If this is the case, the two parties should talk and see if it’s possible to come up with a solution that satisfies both parties. Another way that divorcing couples who face foreclosure and divorce can work together is by coming up with an arrangement where one spouse won’t have to come up with all of the money toward the mortgage. This arrangement may be accomplished by having the spouse who isn’t facing foreclosure sell the house for the other spouse.