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Roni
Guest
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Post subject: Quit Claim |
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| Have a friend who is in trouble with their Mortgage and needs to sell fast, but cant. They asked me if I could take over the payments and do a quit claim. If I do this, the property is not really mine, is it? Will I receive credit with credit reporting agencies for the payments I make? Would I make the payments directly to the Mortgage Company, or to my friend? If so, what if he lets it go into foreclosure? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi Roni,
You cannot simply take over the mortgage payments. Your friend will have to quitclaim the property to you and then you will have to refinance. Once you refinance, you can directly make the payments to the lender.
If the property goes into foreclosure, then his property will be sold off by the lender and any deficient amount resulting from the sale of the property should be paid by him to the lender. Moreover, a foreclosure will also lower your friend's credit score by 250 points.
_________________
Procrastination is the enemy of your financial sucess |
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Casei
Guest
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Post subject: Forecloser question... |
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| My boyfriend just had a foreclosure on his record at the end of Summer 2008, had I known we were going to want to buy a home together now I wouldn't have let that foreclosure happen if I could of stopped it.It is super hard to get qualified now...I was wondering even though he makes really good money & with a credit score of 608 can he help me in some way on getting into a house?I have a score of 720 but make just a few thousand less to get a loan.Help me!! |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Casei,
I don't think the lender will allow him to be a co-signer for the loan that you take. In that case, your boyfriend will not be able to help you in getting a loan. You will have to contact a person who has a good income and ask him/her to be the co-signer for your loan.
Thanks |
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Twin78
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Post subject: Thank you |
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| This is great I was thinking about letting my property go into foreclsoure so that I could move. I have not been able to sell it, and I am getting tired of paying for a property which I am barely able to afford and on top of that I am not even there 3 times out of the week, most months. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Twin,
Letting the property go into foreclosure is not a good option in my opinion. There are various options which you can go for in order to avoid foreclosure. You can check out those options and try to negotiate with the lender.
As you do not mind losing the property, you can either apply for a short sale or a deed in lieu. However, you should note that in both the cases, you will have to delinquent on the payments. If you are not past due on your payments, the lender will not accept your request for a short sale or a deed in lieu.
In both short sale and deed in lieu, the lender will sell off your property in order to recover the debts. The deficient amount resulting from the property is forgiven in case of deed in lieu whereas in case of a short sale you will have to pay that amount to the lender.
Thanks |
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sam42
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Post subject: quick claim deed |
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| Recently I was divorced the mortgage was in my name only, I signed a quick claim deed on the morgage so she could get a morgage on the property within 9 months. I justreceived in the mail the mortgage co. is forclosing!! What can I do?? My divorce attorney was not looking out for my best interest & never explained this especially being stuck into the quick claim deed for 9 months the house will be gone, my ex wife lives their with her boyfriend & had 13 months before the divorce was final as I paid the mortgage payments. What can I do??? |
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JJ
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Post subject: TRUST VS LIFE ESTATE |
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| ONE LAWYER SAYS I SHOULD HAVE A TRUST SET UP TO CONVEY MY CONDO TO MY PARTNER, AND MINE TO HER (ADD OUR NAMES TO EACH OTHERS DEED.) THE CONCOS WERE BOTH PURCHASED AT THE SAME TIME, FOR THE SAME AMOUNT. WE SHOULD HAVE HAD NAMES ON, WHEN WE GOT FINANCED, BUT DIDN'T. OTHER LAWYER SAYS A LIFE ESTATE WILL DO. WE HAVE ONLY OWNED THE PROPERTIES FOR 2 YRS. BOTH ARE IN FLOIDA. WHICH WOULD BE BEST? |
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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,
To sam!
If the mortgage is still in your name, then your credit will be badly affected if the property is foreclosed upon. You have signed the quitclaim deed which had removed your name from the property but not from the mortgage. You will have to contact the lender and check out if you can go for a short sale or a deed in lieu.
To JJ!
In my opinion, signing a quitclaim deed with life estate clause will help you in this situation.
Sussane |
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cbmyster44
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Post subject: Forclosure |
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| After foreclosure will they cet you car or anything else? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi cbmyster,
The lender cannot place liens on your personal property or take away your personal property due to a foreclosure.
Thanks |
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anonymous123
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Post subject: foreclosure |
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My home will be foreclose soon, but i have families who are all willing to help me and my family out. Will I be able to buy a home after two years (let's just say that I keep-up with my credit scores). What % interest will i get approve?  |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi anonymous,
I would suggest you to go for a short sale rather than a foreclosure. You can contact the lender and apply for a short sale. In a short sale, you will have to pay the deficient amount resulting from the sale of the property to the lender. However, a short sale will reduce your credit score by 75-100 points. After a short sale, you can wait for 2 years before applying for a loan. Once you apply for a loan, you'll receive normal rates.
Thanks |
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mbw
Guest
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Post subject: |
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| Can a mortgage company take the money I do have in savings if I go into foreclosure? |
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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 mbw,
Yes, the lender can garnish your savings account if you are unable to pay the deficient amount resulting from the foreclosure of the property.
_________________
Procrastination is the enemy of your financial sucess |
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