Once the first mortgage forecloses on the residence, the 2nd mortgage is an unsecured debt and they can legally pursue anyone originally liable on the debt. I assume your ex-husband is a cosigner on the loan; therefore they could legally sue both. Your ex-husband's option would be to either file a cross claim against you, or proceed in the divorce court to hold you responsible for the obligation. One thing you should consider, is switching places with your ex-husband. If he wants the residence, you could move out and he could become responsible for the payments. Before proceeding to a bankruptcy you should talk to your divorce attorney as the judgment of divorce would need to be modified. As it stands if you proceed with bankruptcy your ex-husband could proceed with an action in divorce court, to hold you responsible. Would your husband consider bankruptcy? As you may have additional options if he is open to the idea of a bankruptcy. Email me if you have additional questions.
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