Mortgage

North Carolina Divorce Law Divorce and Separation Answers
1

Hello, I have a question concerning my mortgage on my home.
I have moved out of my house and into an apartment, since June of 2013.

I have been struggling with making both mortgage and apartment payments, yet have managed. I recently contacted my lender, Bank of America, explained my situation and asked what my options were. I told them I didn’t want to foreclose on the property but would be willing too. They asked if I had try to sell the house. No, I haven’t tried to sell the house because my wife and her grown adult kids and nephew were living in the house. The bank, debt collector, said that I should be able to sell the house, since the LOAN is solely in my name only, and the loan takes precedence over the the Deed of Trust, which both our names are on. I was under the assumption that I could not sell the house without the consent of my wife.

Bank of America sent a package to my HOUSE, where the wife is living. Since then, now wife is willing to help pay the mortgage, only principal and interest. Which is a lot better than nothing. I had mediation set up in December, but she chose not to go.

Being in the military, i was offered assistance, but I don’t qualify because of not living in the house.

My thoughts, are they should pay for the house as if it was being rented to them, am I off base here? Is this an option?

Which, leads to my question, “What are my rights and what are my options?”

Thank you,
Struggling

2

I’m not sure who was giving you advice, but as long as both parties are on the deed (not deed of trust) or if the property is solely in your name and you are married, you cannot sell the property without your wife’s consent. Selling the property is not determined by who is on the loan.

When it comes time to divide all the assets pursuant to an equitable distribution order or a separation agreement, there are a lot of things that the court will consider when determining the value of the property. Generally, the value of a house is looked at based on the value and the mortgage balance as of the date of separation, but you also need to take who has been paying the mortgage, as well as any support obligations or whether a rental value should be attributed to the property.