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daniainnocent · Joined: 24 Jan 2010 Posts: 1 1.37 Dollars($)

I have a home in which I am not on the loan but I am on the deed. The person who is on the loan is my husband brother in-law, who has his own property, I am not in speaking terms with this person, I am current on my mortagage, can I find a way to modify my loan, if not, can I walk away and purchase another home, if the home foreclosure, will I be able to purchase another home, if I can, how long will I have to wait to purchase anoher home

Posted: Sun Jan 24, 2010 6:59 pm Post subject:

Hold on, you're on the deed, but not the Mortgage for your home. This means you have no obligation to pay the mortgage. The person who is on the mortgage has the obligation to pay it.

when you say you are up to dat on your mortgage payments, what mortgage do you mean? Is there another house, or are you paying the mortgage despite not being on the mortgage note?

If you are paying the mortgage (which in your husbands, borther in laws name), you can always stop paying it. it won't affect your credit

Guest

I am paying the mortgage because it's my house, he did me a favor and sign the loan for me, it was all my money that brought the house, I am paying the mortagage because I am trying to put the loan in my name but I owe more than the house is worth, What can I do? , I want to refinance but I don't know how, I want to modify the loan, but it's not in my name. My biggest concern when Iam trying to buy another house, and the broker did I a title search in my name, they might see the house foreclosure, how long must I wait inorder to purchase another house?

Niicss · Posted: Tue Jan 26, 2010 2:02 am Post subject:

As the house is worth less than what you owe, you won't be able to get qualified for a refinance. In order to get a refinance, you should have equity in the property.

If your name is not on the mortgage or on the property deed, then the foreclosure proceedings won't affect you. It will not hamper your credit report. If the property is not in your name, then the title search won't reveal anything about the present property. Thus, you would be able to get qualified for a mortgage in your name provided you've a good credit score and income.

baker1510 · Joined: 14 Jan 2010 Posts: 20 -0.91 Dollars($)

As you are not on any mortgage you can qualify for home loan. JIt still depends on your present credit score. Just check the location as you want to purchase home and contact local lenders.

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want to purchase another home after foreclosure