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liliflowerpower69 · Joined: 03 Aug 2010 Posts: 9 4.30 Dollars($)

Property is in Los Angeles California. I am not on the loans but on the title as half owner. Property is in pre-foreclosure. Bof A lender.
Ex-husband does not care to save the house and looking forward to foreclosure. Are there any laws that protect the spouse having first option to buy the house either short sale or other option before foreclosure auction?
Can modification be done if I am the spouse of the borrower and on the deed but not on the loan?
Can I try to negotiate with the lender on my own, if I have a qualified buyer at this time or do I have to wait for foreclosure auction to start?
Is this a matter that is best handled by a real estate attorney or can the help of an experienced loan person be more useful ?

Niicss · Posted: Sat Aug 14, 2010 3:36 am Post subject:

I haven't heard of any such law which gives the spouse the first option to buy the house through short sale or foreclosure. If your name is not on the loan, the lender will not be ready to deal with you regarding the modification. You can negotiate with the lender if you've a qualified buyer but it would be the lender's discretion whether or not he would consider your request. A real estate attorney may help you deal with the lender and negotiate with him whereas an experienced loan officer can advice you regarding the sale of the property and loan modification.

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