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I need to stop worrying about this but I cant. I moved out. The house is in both names but the loan is in mine. I told him he can keep it and buy me out. But he needs to find financing having bad credit. The house is a perpetual project for him and still has thing that he has not finished. I know it wont sell and the market is so bad. He is paying our son's school, thats it, and thats fine with me. I still feel responsible for things. The taxes are due, insurance is due and I worry about it all and even think I should help since someday it might have to be sold or I'll get something out of it. I moved out and have my own place to worry about now. He wont initiate divorce, mainly because he doesn't want it and cant afford it. I'm still settling in, in my place and cant tackle that yet. Just feeling confused.
hey asim,you are going to have a problem - a very big problem. Due the housing market, and the implosion of the high risk mortgage business...if his credit score is below 600 - he won't be able to get financing for the house. There are no exceptions in this anymore. Banks.lenders aren't willing to risk it anymore. The reigns have been tightened. Only way he might be able to squeeze it is if he has a family member willing to co-sign with him, and that family member is going to have to have stellar credit. Otherwise, the two of you, well mostly him, are going to have to come to grips with the fact the house must sell, even if it has to go as a fix er upper and neither of you get a cent out of it. It's the price of divorce. Also, you are the one that wants the divorce - therefore, it is YOUR responsibility to file for it, not his. You are worried about the bills, and rightly so, and the only way to ensure a financial safety net is to get your divorce filed and a separation agreement drawn up as to who is responsible for what. You can give him 30 days to find financing for the house, and if he takes no action, or can't find any - then the house MUST be put on the market.
I'm a family law attorney