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TJ
Guest
0.10 Dollars($)
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 Posted: Sat May 24, 2008 9:34 pm Post subject: Foreclosing |
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Great forum, so happy I found you guys. I'm married, house loan is in husbands name but mine is on the tax bill; were in Fla. worst hit area of foreclosures; our house is worth way less than we owe. An attorney told us to walk away and for my husband to file chap. 13. How will I be affected. We own another vacant lot together, I'm filing out a quit claim deed for that. Will the foreclosure affect me? Should I be doing something about that since I plan to buy a cheaper house for us to move into? Thanks so much!
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 jbarto65
Joined: 04 Nov 2007
Posts: 625
-0.07 Dollars($)
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| Posted: Sun May 25, 2008 8:07 pm Post subject: |
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It should not affect you if you are not on the loan itself, only your husbands credit should be affected because of this.
Hang out though there are alot of people here that work the industry that will come in and advise you also, oh yeah and welcome to the forums. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Mon May 26, 2008 1:52 am Post subject: |
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Hi TJ,
Welcome to the forum.
Are you also on the deed? If not then how can the tax bill come on your name. Florida is an equitable distribution state. Do you have certain share of the equity on your name.
If you are on the deed or the loan then it will affect your credit. If your husband has already filed the chapter 13 then why are you considering foreclosure? Cannot you afford the repayment plan of chapter 13?
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1634
Location: bloomfield, ct
101.81 Dollars($)
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| Posted: Sat Jun 14, 2008 5:32 am Post subject: |
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walking away from a home is a ridiculous solution. just because a home has lost value does not mean it will forever be that way. not only that, but none of us has ever been promised that our home values will escalate forever. if someone has, i would love to meet that person so some of it can rub off.
yes, it's discouraging to see values plummet; yes, it's easy to walk away; but what then? why would anyone think that the next lender is going to hand over armloads of cash to someone who felt it best to ignore the debt on their prior home?
here's the deal...if i borrow $10 from you and don't pay it back, can i borrow $1000 from you? that's pretty much what you're asking for if you intend to make a new purchase and seek a mortgage.
whatever happened to the old adage "there's no such thing as a free lunch"? whatever happened to responsibility? i guess i'm more old fashioned than i thought
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George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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