Posted on: 03rd Feb, 2009 09:53 pm
Hi! First of all thanks for reading. I'm in Austin Texas.
My ex and I just got divorce (1 month aprox) and I signed a quit claim to him (I was in the title, not the loan). We believe the bank will foreclosure the house since there're 3 missed payments right now, if so, when will this happen?? They called yesterday asking about the missing payments but haven't called about 'foreclosure'. is it true they can just come and kick us out of the house without warning?? ah yeah! we still living together until we find our own places. Also, Does this foreclosure mean trouble for me too??
Thanks!
My ex and I just got divorce (1 month aprox) and I signed a quit claim to him (I was in the title, not the loan). We believe the bank will foreclosure the house since there're 3 missed payments right now, if so, when will this happen?? They called yesterday asking about the missing payments but haven't called about 'foreclosure'. is it true they can just come and kick us out of the house without warning?? ah yeah! we still living together until we find our own places. Also, Does this foreclosure mean trouble for me too??
Thanks!
Hi loridogs,
Since your name is not on the loan, therefore, foreclosure will not affect your credit. however, if the bank forecloses, you'll have to leave the home. If the bank hasn't mentioned anything about foreclosing the property, then they won't actually do it before sending you a notice and giving you at least 90 days time.
Take care
Since your name is not on the loan, therefore, foreclosure will not affect your credit. however, if the bank forecloses, you'll have to leave the home. If the bank hasn't mentioned anything about foreclosing the property, then they won't actually do it before sending you a notice and giving you at least 90 days time.
Take care
I'm glad to hear they have to send us a notice first; the idea of being
'kicked out' scares me. We never meant to miss payments of course but
the divorce and the financial situation we are in right now doesn't help :(
Is this 90 days notice required by law? Thanks again!
'kicked out' scares me. We never meant to miss payments of course but
the divorce and the financial situation we are in right now doesn't help :(
Is this 90 days notice required by law? Thanks again!