House is in my name , she is on the deed. Loan is in my name alome. Have a 1700/mo house payment. I moved out, she refuses to help with the payment. My credit already screwed up and not much equity in the house due to the economic downturn. What happens if I quit making the payments???
Speaking from personal experience here…
If you stop making payments, she is not ‘required’ to make them either…she is not legally responsible for the payments on the house. So, what will happen if neither of you make payments is this. The bank will foreclose. In my case (I moved out, loan was in my name, stbx was on the deed, same as your situation…and he also refused to make payments), the last payment was made in September 2009. The house foreclosed and went to auction June 2010. The ex lived their for as long as he could (meaning until the utilities were all shut off since he didn’t pay those either), and he moved out in February 2010. The house sat vacant until it was foreclosed on.
And don’t forget you will also get a LOT of collections phone calls. They won’t call the ex, because she’s not on the loan…just you. So, you’ll get all the phone calls. And they will call a lot…every day…multiple times per day…and claim that the system doesn’t show that they’ve already called you that day.
My advice, if you want to live in the house…file for ED, and ask that you get possession of the house. You may end up having to buy the ex out of whatever equity there is in the home, and if it’s negative equity, you may be better off agreeing to assume it all, just to get her out and you back in. Again, that’s if you want the house.
If you don’t want the house, you could either let it foreclose (which is no fun, I promise!), or you could try to get a judge to force the sale of the home.
The home may go into foreclosure.
Is there any chance she can get a judge to make me make the payments.No kids involved, she makes good money. My credt is already bad, so I amnot too worried about the foreclosure.
She may attempt to, but if she is in the house, and able to afford the payments, worst case, I would say is that the judge would order you to pay half.