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ejk1977
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Post subject: on title but not my loan + foreclosure |
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| This is a great site and I have gotten some helpful insight. Thanks. I just wanted to get clarification about this: I bought a property at a foreclosure sale last month and recently recorded the title deed. The title company gave me bad info and there is a 1st loan on the property- a hefy one that is not just in default but going to sale next week. I recently found out about it via a notice of sale that I received in the mail.... should I let it go to sale, will my credit be affected? I am on title but it is NOT my loan. I don't care about losing the property, just damaging my 750 credit score. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Julie,
Since you are not on the loan, therefore the foreclosure won't affect your credit.
_________________
Procrastination is the enemy of your financial sucess |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: RE: first lien on property bought in foreclosure sale |
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Welcome Ejk.
I think you should have a talk with the seller, the lender who was present in the sale and the one who will be foreclosing the property on account of the first lien. As it is, you won't be able to avoid the forthcoming sale. But this seems to be a kind of fraud. Didn't the seller or the lender inform you about the first lien? Then you could have avoided the purchase of such a property.
The best thing that you can do at the moment is to contact the lender who's going to foreclose the property. You are not responsible to pay off the loan but suppose if the lender asks you for the deficiency amount in case, he doesn't get the sale price as much as it isenough to cover the loan balance, then what do you do. So, it's best to consult him right now. Ideally the sale shouldn't affect your credit but you will lose the home definitely.
Thanks. |
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girlie
Guest
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Post subject: mortgage |
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| i bought my house in 2005, not understanding what jumbo loan is. it has now been two years, and my mortgage rate has increased under this jumbo loan with adjustable rates. after 6 months it increased again. on jan 2008 my new rate will kick in and i no longer can afford the pay. i have never been late with my payments, i have never skipped a payment. I tried to refinanced but i have been turned down 4 times bec. my property does not have equity, and on top of that it is appraised below market price. now i am thinking of applying for a DIL. are there any fees involved? how long can i stay in my property while the process has not been finalized? i hate to lose my house but i'd rather give it up before i am literally kicked out. pls help with answers. thanks, girlie |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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Post subject: |
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Hello Girlie,
If you are unable to make payments due to the reset of an adjustable rate mortgage, you may try for a refinance with an FHA Secure loan. I think you may talk to your lender about this option.
You may do a deed in lieu if your lender agrees to accept that but you will lose your home. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi girlie,
Welcome to this forum.
I would suggest you to talk with your lender ASAP. See if he can provide some options. If no options are available you should ask him for deed in lieu of foreclosure rather than foreclosure. DIL will hurt your credit less. Law varies from state to state.
But you may stay almost 130 days even after DIL procedure.
Thanks,
Larry |
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Jenni
Guest
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Post subject: Land contract default |
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| We have a land contract on our house, and the land contract holder is to pay the property taxes as they are included in our payment to be put in escrow to pay the property taxes. I just recieved a delquient tax notice and contacted the land contract holder to see if in fact it was a mistake and they were actually paid. She said " I wish I could say they were paid , but there not." The deliquient amount owning is $3100.00, with an additional current amount due of $3100.00 for a total of $6200.00. Our land contract was for 18 months with a balloon balance to be due or financed at the end of the 18 months. The balloon is coming due next month and we have never been in default on any the terms on our behalf. My question is, what are my options in getting out of this property? Being that they are in default for not paying the property taxes, can we quit claim deed the property back to them? The property is valued at $160,000.00 we put $5000.00 down with a balance on the land contract ballloon of $150,000.00 due next month, and I believe the land contract holders have a lein on the property through bank financing in the amount of $60,000.00. What to do? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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Post subject: RE: problems with land contract |
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Hi Jenni,
Welcome to our community forums.
Since you have been making payments into your escrow account on a monthly basis, don't you have the receipts of such payments? In that case, you can show these to the contract holder and confront her. This is because if you have been paying for the escrow, why would the taxes be delinquent.
Moreover, are you ready with the balloon payment? If so, then why do you wish to leave the property for the delinquent taxes? If it is really delinquent, you can request for some time and then gather the funds to pay off taxes.
| Quote: | | can we quit claim deed the property back to them? |
It won't make sense if you quitclaim back because as it is you will be responsible for the payments as per the contract. And, the contract holder would not like to take it back also if he doesn’t get the money. Moreover, a quitclaim doesn't transfer a loan.
Regards,
Jessica
_________________
http://jessica.mortgagefit.com/ |
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Guest
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Post subject: |
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| im in a partnership with a guy and we have invested in a property which is being foreclosed as this guy is unable to keep with the payments he might be filing for bankruptcy how do i find out if he has filed for one |
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Liz
Guest
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Post subject: At A LOSS! |
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| The mortgage is in my name ONLY. My neice lived in the house and is on the deed with me. She was making the monthly mortgage payments for two years then decided to move out. I am now making mortgage payments on my own house and the one she left vacant trying to keep my credit together. I want to sell the house and she will not cooperate. What are my rights? (I put the 15 year mortgage in my name because she couldn't get a mortgage )She Promised she would pay and stay! S0 if I forclose what will the effect be on my OWN HOUSE, not even to mention my credit. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: RE: how to find if someone has filed bankruptcy |
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Hi guest,
Welcome to forums.
If the bankruptcy is a federal case, then going to the state courthouse to retrieve the bankruptcy records will not be worth it. So, what you can do is, go to the website pacer.uscourts.gov and create an account there. Then login and search for the record with the party/case name. It may cost a few cents per page but it is comparatively much lower than the costs charged by courts to give you photocopies of the case records.
For bankruptcy case which is filed at the state court, one can call up the court at its VCIS number. This number allows you to call the bankruptcy court's computer system through a touch tone telephone and hear about the case read out by a computer synthesized voice.
The case information includes:
- Case Number
- Names of bankruptcy filers/debtors
- Case filing date
- Chapter filed
- Name of debtor's attorney
- Name of trustee
- Name of judge
- Status of the case
- Discharge and closed dates
- Any assets involved
- Contact number of debtor's attorney
Refer to the US courts Pacer Service Center for the state-wise VCIS numbers.
Thanks |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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Post subject: RE: foreclose or file partition lawsuit? |
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Hi Liz,
Welcome to our community forums.
If you let the niece's house go into foreclosure, you will end up having a bad credit due to the foreclosure. Since your niece is not willing to co-operate with you, I shall suggest that you file a partition lawsuit to bring about a forced sale of the home. The mortgage can then be paid off using the proceeds.
Now, what's the condition of the home sales market in the area where the house is located? Are houses selling at a reasonable price? You may take help of a real estate agent to sell our property. And, for filing the Partition Lawsuit, you should contact a real estate attorney to guide you in this regard.
Know more about Partition Lawsuit from a previous discussion on this topic.
Regards,
Jessica.
_________________
http://jessica.mortgagefit.com/ |
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clementine solorio
Guest
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Post subject: quitclaim deed |
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| I quick claimed my house to a relative who was supposed to make payments on time. He is now a month behind. Can I sell the house without his permission? |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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Post subject: RE: cannot sell property - grantee unable to pay |
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I agree with you banker, whoever has his name on the property-title can only sell the property even if the other co-owners don't agree and this can be done by filing Partition Lawsuit.
Now, here Clementine has already quitclaimed any share that he may have in the property. So, he is no longer on the title and hence he cannot sell it.
Clementine, if the relative isn't paying request him/her to talk to the lender about alternative options. Does the lender know about the quitclaim?
Regards,
Jessica
_________________
http://jessica.mortgagefit.com/ |
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