Subprime advice needed..what are my options?
I refinanced w/ my ex-husband on our home when going through our divorce in 2005. We did not want our 2 kids going through both a divorce and a move all at once -a decision i now regret. We did a subprime loan so I could afford the pymts. He is listed first on the loan. Per the divorce decree, he had to sign a quick claim on the house BUT I was to be moved out of the house by 07/10 and we’d split any equity. Well, the mortgage has gone up $ 400/mo since and there is no equity. Matter of fact we probably owe $ 20,000-$ 40,0000 more than what the house is worth. I signed off on this mortgage thinking we could sell in a few years but I did not know that w/ this loan, mortgage balance increases instead of decreasing. It started out around $ 220,000 and now is like $ 240,000+. I want to walk away from the property before another increase but what are my options? I’m not too worried about my credit at this point because it is no longer good from trying to keep up with these outrageous payments.