mortgage confusion

angievolesky2 · Joined: 25 Dec 2005 Posts: 1 0.08 Dollars($)

In December of 2004 my husband acquired an equity loan on a home we both own. I only had to sign one paper during the loan process that stated I was aware the property we shared was being put up as collateral on an equity loan and should he default I would lose my home. I was not a co-signer nor a co-borrower. Now that he has gotten behind in payments, "Centex" is trying to foreclose on the property and sue both of us. We filed for bankruptcy, but were dismissed. Now Centex says if he comes up with $2,300.00 by the last day of 2005 that they won't foreclose. I do not feel that Centex practices good work ethics and mislead us. We had requested disability insurance and were assured it would be added, which it was not. That was the culprit in the falling behind in payments. Do you have any advice for me?

Caron · Posted: Sun Dec 25, 2005 9:09 pm Post subject: RE:

Hi angievolesky,

I can understand what you are going through. But don't worry. In this situation, you need to keep your cool so that you can come to a solution.

The very first thing that you should do is to verify with your lender as to which paper you have signed. Why I say this, is because you have told that you own the home which is the collateral and at the same time, you are not the co-signor.

Have a talk with your lender regarding the disability insurance. Show him the written statement where it is stated that you will be getting the disability insurance. Ask him to have a talk with the insurance company.

I would suggest that you request your lender to give you some time so that you can pay the required amount. Also, consult a mortgage attorney who will guide you as to how you should proceed.

Hope this will help you.

Regards,
Caron.

All times are GMT - 7 Hours

Page 1 of 1