do I need to pay for the house(s)?

I am currently seperated from my wife and three kids. We have two houses, one is the primary residence and the other is a vacation home. Both have mortgages of which I am paying 100% of the 2nd home and 50% of the first home along with the Massachusetts guidelines for child support based on my income. My question is am I required to pay anything other than the child support? I am in the position now after being forced out and treated horribly after not doing anything wrong (her words) that I am not going to pay for the primary residence anymore and do I need to pay for the 2nd home either? There are two drawbacks, credit and the loss of equity in the 2nd home. There is no equity in the first home due to the current market conditions. I personally don't care about my credit because I have lost everything else why do I need good credit? Please advise or suggest, thanks.

by Ed 4 Posts
Posted on 2/1/2008 12:11 PM

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Answers for "do I need to pay for the house(s)? " (2) (You must be logged in to answer)

Step back and take a breath Ed. Vicki's right, talk to a lawyer. Other important questions are "Who's name is on the deed and mortgage?" If her name is on the mortgage, then she's going to want to negotiate, because yours isn't the only credit you'll be destroying. And no, you don't want to damage your credit with a foreclosure. Right now it feels like you've lost everything, but you're at a rebuilding point now.You'll want to rebuild a BETTER life for you, and bad credit won't help you do that. So go talk to a lawyer, get things squared away so that you can afford to live. Hang in there Ed, it will get better.

by Robert-Boyd 4226 Posts
Posted on 2/1/2008 4:22 PM

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i don't know the laws in your state, and you'll want to check with a lawyer on what your real financial obligations are. have you talked to your wife and tried to negotiate a split of assets yet? i believe your main requirements are child support...and possibly alimony (depending on the law and years married).

by Vicki 854 Posts
Posted on 2/1/2008 2:05 PM

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