What can I do about my house?

bajanqueen37 · Joined: 14 Jul 2007 Posts: 1 1.43 Dollars($)

Our home is about to go into foreclosure. I live in a home with my three children that I bought with my now ex-boyfriend. He is now becoming very vindictive, I am not on the deed or mortgage. Apparently he had a forbearance already which he did not keep up with. He can not pay the mortgage but I can. I cannot qualify for a loan but I can pay the monthly payments. Is there anyway since the home is (not yet but soon to be in foreclosure as we are about five months behind) in his name for him to quit claim it to me so that I can assume the monthly payments and responsibility for the home and get the home out of foreclosure. What can I do? What are my options? Please help.

sara

Well Bajan, what I think of at this moment is that, you should talk to the lender asap and request him to allow your payments. Usually lenders do not allow for this until and unless the person paying on behalf of the actual borrower goes for a refinance or novation, that is, takes up the liability of repaying the loan upon himself.

Take Care

helping_user · Posted: Mon Jul 16, 2007 12:50 pm Post subject: RE: options to save home

Hi bajan,

There are a number of options which the lender may suggest so that you can avoid foreclosure. But if the loan is in your ex boyfriend's name then he should be willing enough to negotiate with the lender so that the latter can come out with an alternative option. But now that he did not follow the forbearance, I doubt if the lender would co-operate with him. In that case, you should take the initiative and save your home. If you have the financial status and credit profile, then the lender may allow you to do a refinance on the loan and get the loan on your name.

Thanks.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

" I cannot qualify for a loan but I can pay the monthly payments" --> why do you think you won't be able to qualify?

"since the home is (not yet but soon to be in foreclosure as we are about five months behind) in his name for him to quit claim it to me so that I can assume the monthly payments and responsibility for the home" --> he can quit claim the house to you but to assume the mortgage payments it should have an assumption clause. Check your note.

"I bought with my now ex-boyfriend. He is now becoming very vindictive" --> If he agrees to quit claim the house to you then go ahead with it and talk to your lender about refinance if mortgage is not assumable. To assume the mortgage lender would always require you to have good credit. But you have said that you cannot qualify for a loan, what your credit history been like?

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