Posted by JPiper on March 08, 2000 at 08:31:46:
The best way out is:
Get a new tenant in the property. Have your ex-husband quit-claim any remaining interest he has in the property. Make the mortgage payments.
Sell the property and pay the mortgage off.
The easy way out is to allow the bank to foreclose. This carries long term implications…one of which is that your credit will be harmed. You don’t need an attorney to allow the bank to foreclose on the property…they’ll do it all without any further input from you or your husband.
Without knowing your state laws or the details regarding the property, it’s impossible to know whether a foreclosure might result in a deficiency judgment. If it does, you can follow up the foreclosure with a bankruptcy.
The combination of the foreclosure and the bankruptcy will trash your credit for a number of years. Like I said, the best solution is one of the two options above.