 dlttls
Joined: 30 Aug 2009
Posts: 1
1.29 Dollars($)
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 Posted: Sun Aug 30, 2009 9:53 pm Post subject: joint tenant deed |
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| i am on a deed as joint tenant.the mortgage holder, is behind and could lose home...do i have any right to take over the mortgage or anything before any foreclosure procedures? i live in so cal. i live in the home and i am also disabled....the home has been in modification with countrywide/bof a since jan ....still no answer, etc...do i have any rights? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Sun Aug 30, 2009 10:47 pm Post subject: |
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Hi ,
As you are on the property deed, you definitely have a legal right to the property. But if the current mortgage holder starts a foreclosure procedure on the home, you can lose the home. You can talk with the lender and try to assume the mortgage. Once you assume the mortgage, you become responsible for the loan and can start making payments.
In case the lender does not allow you to assume the mortgage, you can look to refinance the current mortgage in your name. In the present market, you need to have a credit score of around 620 at least and a good income to qualify for a loan. You can go for an FHA loan as it requires only 3.5% down payment. You can also check with the California Housing Finance Agency to look for any mortgage help meant especially for disabled people. As far as I know, there is CalFHA mortgage program known as HomeChoice program that helps low and moderate income people with disability. But you need to be a first time home buyer to qualify. Given the fact that you are already own a property as a joint tenant, you will not qualify as a first time buyer. |
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