mortgage payment in default on split up

February 27th, 2009 by Questions

after house purchase we split up (she lives in house) where I continued to pay half of all costs but now she has said she can not pay mortgage. Likely negative equity position now with housing decline, what options do I have to protect my credit. House is for sale. Is it better to let bank foreclose ? Should I make arrangement to continue to pay half of my share to bank ?

Posted from: Ontario


One Response to “mortgage payment in default on split up”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The only way to protect your credit is to continue to make the payments until the property is sold. If you should fail to do this and the house is foreclosed, then your credit will be negatively impacted. Of course this all comes down to your ability to pay and if you find yourself in a position where you cannot afford it, you may have not choice to allow a blemish to be reflected on your credit.

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