Usually people think about their homes as one of the most important assets to divide in their divorces. However, it is all too common for people to be in arrears on their payments and to be facing the potential for foreclosure.
It is important to know what to do when you are facing divorce and your home is on the wrong side of your financial ledger.
The first thing you should do is contact an experienced attorney who has experience handling complicated property division matters like this. Get the help and advice you need from someone who has been there before and has helped others through the same issues you are facing.
Start by reading our article on the topic of divorce and property foreclosures, and make sure you:
- Make your payments: There really is no benefit in not making your payments. Some divorcing people miss payments out of spite or resentment against the other party. Others simply don’t stay on top of their finances. Whatever you have to do, make sure you make your payments on time every month.
- Make sound decisions: Far too often, people avoid making a decision together. Either they don’t know how to work together to come up with a shared action plan or they just lose track of this important issue in the midst of all the other things they’re dealing with in divorce. But making no decision is the worst decision at all. Make sure you work together to come up with a smart plan going forward.
- Work together: This is one of the most important aspects of dealing with underwater real estate and potential foreclosures in the context of divorce. Whatever decision you make for dealing with the real estate, you will need to work together.
Foreclosure in divorce is a situation where divorce mediation can be particularly helpful, as it allows you to talk together in a controlled environment and come to a smart solution that you can both agree on. Working together and making smart decisions are the most important things you can do.