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arh concerned
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Post subject: co owner named on deed |
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| Hi, 16 mo. my mother was unable to make her mortgage due to the death of my brother of which whom my mother cared for. My now ex stepped in to help save the house and my moms credit. He had a verbal agreement with my mom, that he pay the mo. mortgage and assume full responsibilty untill the sale of the house. the deed is in both his and my name. He has now decided that he no longer wants the responsibility of the house. The house is in default and will forclose at the end of this mo. hewil ll |
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arh concerned
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Post subject: continued |
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| there are tenents living in the house that he has collected rent from for the past 3 mo. I have the resources to catch up the amount owing to get it out of fore closer but he will not cooperate unless he gets some of the monies that he has into the house thus this far. what if anything can I do to protect not only my moms credit but my interest in the house? PLEASE HELP! Thank You, ARH |
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fjjs
Joined: 09 Aug 2009
Posts: 1
1.36 Dollars($)
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Post subject: FORECLOSURE - just me or my wife too |
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Goo day,
I think I will decide to let my property go, /i have been having hard time complying with the payments, here is my question...and the only one on the mortgage and my wife is just showing her name in the public records, in other words she is only owner but not the borrower, will she be affected by a foreclosure??? will this affect her credit score as well?
thank you for ypour assistance. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi
To arh,
In my opinion, you should first catch up with the mortgage payments in order to save the property from foreclosure. You can then negotiate with your ex in order to come up with a deal. You may pay him a certain amount of money and get the property transferred in your name.
To fjjs,
If your wife's name is not on the mortgage docs, then she won't be affected if the property goes for a foreclosure. Her credit score will not be affected due to this foreclosure. The person whose name is on the mortgage docs will be affected.
_________________
Procrastination is the enemy of your financial sucess |
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just me
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Post subject: own another home- but owe too much on the first one |
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| We have a home we can move into, but are upside down about 150,000 in our current home. We want to do a deed in lieu ethically instead of stopping payments. Can they do anything about the other house.... we don't want to just bail, but cannot stay here. We plan to live in the other house for a long time. We were able to put down 25% on that house so the mort. is reasonable. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
If you go for a deed in lieu of foreclosure, you won't be liable for the deficient amount resulting from the sale of the property. Thus, the lender would not be able to place a lien on your other property.
Feel free to ask if you've further queries.
Sussane |
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Condo foreclosure in CA
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Post subject: foreclosure on investment property |
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| I was the primary on the loan with another person who's been paying the mortgage on a condo. This condo is WAY underwater. This investment (I brought the deal and have put in no money) was to pay for my last year of graduate school. I don't have alot of money in the bank but I inherited my dad's house out of state. I have a renter. This is my only credit blemish. My scores have been in the 800s always. Will my credit be affected the same way considering good scores except for this and am I in jeopardy of losing my Dad's house? I hope to retire there some day. The person paying says this is our best option. Is this true? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
A foreclosure would badly affect your credit rating and lower it by 250 points. It will also remain on your credit report for the next 7 years. Moreover, you would be responsible for the deficient amount that results from the sale of the property.
It would be better if you could negotiate with your lender for a deed in lieu of foreclosure. Though it will lower your credit score 250 points, you won't be liable for the deficient amount. As a result, the lender will not place a lien on your other property to recover the dues.
Feel free to ask if you've further queries.
Sussane |
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The Mrs...
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Post subject: Save from foreclosure |
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| I live iin my parents old house, that they couldn't sell prior to moving into their new house. It's now undergoing foreclosure and we cannot get assistance b/c the house is in my dad's name & it isn't his primary residence...is there ANYTHING we can do (maybe a quit claim deed) to transfer the ownership to us & then apply for one of the HUD programs to save our house? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Post subject: |
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If the house is in foreclsosure your parents cannot do a quit claim deed.
Only option is to pay the deficient amount and keepmakign payments on time |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
It would be difficult for you to get any of the HUD programs to save the house. I suppose the mortgage payments for the property are delinquent so the lender is foreclosing the property. If your father transfers the property to you right now, you won't be able to refinance the property unless the mortgage is current. Once you transfer the mortgage as well as the property in your name, then you would be able to take advantage of the HUD programs.
Feel free to ask if you've further queries.
Sussane |
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Ms. Priss
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Post subject: real estate |
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| I sold my house in June. The new owner has decided to go into the army and wants me to just take my house back. I was carrying the mortgage loan. Will I have to pay to have all of the documents done over again to put the house back into my name? Is there an easier solution? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Ms. Priss!
Welcome to forums!
In order to transfer the property back to your name, you will have re-record all the deeds and required documents. I don't think you've any other way to get the property transferred in your name.
Feel free to ask if you've further queries.
Sussane |
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W900pc
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Post subject: Foreclosure procedures |
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| Purchasing a new home. Credit around 659. Wondering if my foreclosure procedure will affect my purchase. FP were in late 04 early 05 sold house shortly after. Still on credit!! Will that hurt me? I've heard that they can not use that against you after 2 years. In Ky. Thanks!! |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.05 Dollars($)
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Post subject: |
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Hi W,
Any negative item will remain in your credit report for nearly 7 years. Thus, the foreclosure is still mentioned in your credit report. Normally, after a foreclosure, you won't be able to get a loan for next 2-3 years. In your case, as 4 years have passed, the foreclosure won't affect your chances of getting a loan. However you would only be able to get a FHA loan as your credit score is 659. In order to get a conventional loan, you should have a credit score of 720-740.
Take care. |
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