[Luv to Laugh]

ex-husband. Home went into foreclosure. Ramifications? Divorced... home mortgage still liable with ex-husband. Home went into foreclosure. Will there be any tax ramifications? Will bank still come after me? Can they go after my 401? I have been using my 401 to help live off of while attending nursing school. Do I need to file bankruptcy as I have debt but can still pay those bills. Just can't pay the loss of house value. Live in Maricopa County, AZ.

[Paul in San Diego]

You will be party to the foreclosure as though you were still married (all of the hits to your credit, possible seizure of assets and bank accounts, etc.). But, they can't touch your retirement account. It's as though you haven't made that money yet.Since you're in a divorce, that would count as a hardship to qualify you for a short sale, which is a much lighter hit on your credit and they forgive the outstanding debt. Contact your lender and see if they'll accept a short sale instead of a foreclosure.

[craig_elie]

To my knowledge, it shouldn't effect you at all. If you are not on the loan, they cannot come after you, they can't even discuss the loan with you if you call unless you were added as someone who could. But your best bet is to contact a tax attorney.