What happens if you get the house, can't afford it and have to walk away? The mortgage is renegotiated and another buyer takes it over, don't think you are in the clear!

In 2003, I decided I finally wanted out of a marriage that was literally killing me. Emotionally, physically, and spiritually.

I had many friends around who were telling me, "You can get the mustang, you can make him pay for the house and the bills, you can get alimony etc. etc...I just wanted out and I wanted him gone.

I did not fight him for the car or anything else. I wanted the house, (I needed a home for my daughters and my mother), I wanted my truck (which was on it's last legs) and I wanted my restaurant and him out. That's what I got.

Two months after he left, my truck broke down, and I called him. Since he had two cars, I wondered if I could borrow one until my truck got out of the shop. his reply: "You've got a lot of ^&* gall asking me for a &*^% thing!". I hung up and never asked him for anything again.

In 2005, my mother went to live with my brother, and my daughters came to live with me at my fiance's house. My house had been vacant for a while and had been vandalized, and I could not afford to make the payments any longer, so, when someone came along and asked if they could buy the house, I said sure. I signed the papers and walked away thinking, now I don't have that payment to have to deal with anymore. I was led to understand the house was selling for what was owed. I was mistaken.

In 2007, I received a notice from the IRS stating that I had not claimed income of $7,793.00 and that I owed additional tax of $1200.00. This was suppose to be my debt. But, because my fiance' and I had filed together, it was now also his debt. Not fair to him, considering he had nothing to do with it, but, the IRS does not care.

What had happened was, the loan company renegotiated the amount owed on the house and never notified me. We had to pay this debt because it was now in both of our names. There was no legal way out of it. Now I have discovered that this is another means of getting money from you for the government.

Ladies..if you are going through a divorce, DO NOT allow any debts to be renegotiated. Any balance that is not covered in the settlement, they call it forgiven debt, is turned into the IRS, and they in turn call it it income and they will make you pay taxes on it. Renegotiated mortgages, car payments, settled credit card debt. You may not have to pay so much to settle the debt, but you will pay taxes to the government.The really bad part is, you may not even know it until 2-3 years after the fact and by that time, the IRS has added penalties and interest.

The stress of a divorce is enough to push someone over the edge, but when you add the IRS into the mix, things can really get messed up. Beware of what you sign, get everything you can get and make sure that there will be no surprises a few years down the road.