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Sam First,
If you did not refinance the house (assuming the house was bought during the marriage) after your divorce, your ex-husband is mostly likely still on the mortgage and you may want to talk with him. If he never was on the mortgage then no worries for him. Your new husband (congrats by the way) will not be effected so long as you haven't refinanced the home and used him on the mortgage. May I suggest though for you to speak with your new husband and see if he'll agree to refinance the house with you thereby sparing you the foreclosure on your credit and possibly lowering your payments. I am a licensed mortgage broker should you need assistance in the refinance.
www.fredtomar
o.com
Denise,
The
builder may come after you in civil court if the forclosure goes through and you wind up short of sales profit to cover the second lien. My suggestion is to sell the house before the foreclosure goes to sale - or - refinance to consolodate the two liens and this way both debts will be paid and your credit is saved. Overall, foreclosure is not a good thing and if you can avoid it by selling or refinancing, your better off.
As always, consult your local attorney or Realtor for additional guidance as this posting is not representitive of legal advise.
www.fredtomaro.com
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