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she is not on the mortgage, but she is on the deed. can we remove her from the deed?

also, we own another property in nevada. i'm not on that property's mortgage, but i am on the deed. can that be affected? if so, can i be removed from the deed before i go into forelosure?

bearboysj · Joined: 25 Oct 2008 Posts: 42 17.02 Dollars($)

A foreclosure will only affect the borrowers who are on the note. Since she has had no financial obligation to this property the foreclosure would only effect you.

Same for your second situation, who ever is the financial obligor is the one who will be sought after for repayment.

Guest

thanks. even in community-property states?

bearboysj · Joined: 25 Oct 2008 Posts: 42 17.02 Dollars($)

Correct, even in community property states an individual debt is still an individual debt - you would not be liable since you are not an obligor of the note.

Guest

thanks for the info, bearboysj. i totally appreciate it.

Guest

if i sell my house for less than i ow, how can affect me?

jameshogg · Posted: Sun Nov 23, 2008 10:33 pm Post subject:

Hi ignacio!

If you sell the house for a lower amount than you owe, then the lender will ask you to pay off the deficient amount. This will be in case of short sale. If you cannot pay the deficient amount, the lender may place liens on your other properties or can even garnish your wages.

If you are going for a deed in lieu, then your deficient amount will be forgiven but your credit will be affected by around 250 points and you will also have to pay taxes on the forgiven amount.

Thanks.

Guest

i,m talking to a home modification guy to work with my bank for modifying my home loan as I,m upside down.My costruction buissness is down.They want me to stop paying the mortgage for 2 months so they ve the attorneys to talk to them.Will that effect my sons student loans its his last quarter to graduate......please advise if I should listen to them.

jameshogg · Posted: Thu Dec 11, 2008 12:40 am Post subject:

Hi erma,

I don't think the student loan will be affected in any way if you are going for a loan modification. As far as defaulting on the payments are considered, lenders do not agree on a loan modification until you have defaulted in paying the debts.

Thanks

Guest

So my partner went rogue and borrowed money against the house that he cant pay back, we are both on the title but only he is on all the loans.....they are now foreclosing, but my name is on the mail statements for foreclosure, why are they including me? I am not on the loan, only the title, will my credit be shot too?????

thanks

reply here please...
"vball333@gmail.com"

rob

[Link deactivated as per forum rules. Thanks.]

Niicss · Posted: Wed Dec 31, 2008 1:03 am Post subject:

Hi rob

As your name is not on the mortgage deed, your credit will not be affected. Moreover you will not be liable to pay off the mortgage to the lender. However, if you want to save the property, you can pay off the loan. As far as your name in the mails are concerned, you will have to speak to the lender regarding this.

Thanks.

Guest

I am heading for foreclosure and I have borrowed some amount from my line of credit on the house from the same bank. my wife is on the title but not on the loan.
1- other than the house, can the bank take any amount from our bank accounts?
2- since the line of credit is againt the title, could that affect my wife's score too.
3- How should I save my wife's score of getting bad?
thanks,
peter

Guest

Will this show up in public records as foreclosure and will I be affected. We are divorcing. House to go to auction within the next month.

adonis · Posted: Tue Feb 17, 2009 11:24 pm Post subject:

Hi,

To Peter,

As your wife's name is not on the mortgage docs, her credit score will not be affected by the foreclosure. If you cannot pay the deficient amount resulting from the sale of the property, then the bank may garnish your savings account.

To jeff,

If your property is foreclosed, it will be mentioned in your credit report. Apart from this, your credit score will go down by 250 points.

Guest

In the modification the monthly amount is with forced ins. I have bought private ins. and they are still trying to use the forced ins.

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will my foreclosure affect my wifes credit?