Expert: Lori Frankfort - 11/18/2008

Question
if im in process of a divorce and my husband goes into forclosure for back taxes can the house still be sold and i get my share of the house

Answer
It depends on how far along the process of foreclosure is.  If it's being foreclosed by the IRS you need to contact them and find out when the sale is scheduled and if they'll give you more time.  In a typical foreclosure, once the notice of auction date has been sent out the bank won't accept a regular sale.

If the house gets foreclosed you will not only lose all the equity you have (if you have any) but if the house sells after foreclosure for less than the debt owed you will be held responsible for the difference by the bank.

Again, your best bet is to contact the agency foreclosing and ask for more time, then list your house immediately with a Realtor for less than market value so it sells quickly.

Best,
Lori