Posted on: 27th Sep, 2006 07:51 pm
Hello. Im writing this on behalf of my father whose condition is very serious and will be unable to work anytime soon.
My father was the only source of income to pay the mortgage, howerver at this situation we are about 25 days behind with our house mortgage payments. Actually we have 2 mortgages on our house. We never were late with our payments except when our father was diagnosed with serious health problems (in fact the doctor says he wont be able to hold more than 2-4 months).. so I'd like to ask couple of questions..
1. My mother doesnt work, her name is on the title of the house, but her name is not on the mortgage. Will she still be responsible for the mortgage after my father passes away? If yes, can we remove her name in a reasonable amount of time from the title? Will she still be responsible after her name is removed from the title?
I must add we DONT want to keep the house. If we could we would give the house to the bank tomorrow and move out the very same day.. anyway;
2. Ive also read some stuff about dead-in-lieu foreclosure. Is there a way to apply for this kind of foreclosure? I called the first mortgage lender and they told me that the normal foreclosure process starts after payments are 3 months behind. Howerver this generates huge stress on our family. I'd rather have deed in lieu done and move on with our lives ASAP.
3. Also when I called the first mortgage lender (wamu) they told me they will send me some kind of packet(forms?) to fill out. When I asked them how is this gonna help us I didnt receive an answer. Any idea what that could be?
4. Lets say the actual foreclosure takes place. We get evicted and we didnt pay mortgage for lets say 6 months. Are we still gonna be responsible to pay for that 6 months? What about other foreclosure fees? Will this be decided by the court (Im assuming they whole foreclosure process takes place in the court) or by the lender? Will they consider my father illness and our willingess to move out from the house? Also, since we have no money to pay for mortgage we wont have money to pay for any additional fees as well, will the lender take away our personal things (cars, furnitures, tv or access our bank accounts and take away last savings) to cover the outstanding debt?
Sorry for so many questions. We will be going with this questions to the 2 lawyers as well but its good to hear other people's opinions as well. thanks guys.
My father was the only source of income to pay the mortgage, howerver at this situation we are about 25 days behind with our house mortgage payments. Actually we have 2 mortgages on our house. We never were late with our payments except when our father was diagnosed with serious health problems (in fact the doctor says he wont be able to hold more than 2-4 months).. so I'd like to ask couple of questions..
1. My mother doesnt work, her name is on the title of the house, but her name is not on the mortgage. Will she still be responsible for the mortgage after my father passes away? If yes, can we remove her name in a reasonable amount of time from the title? Will she still be responsible after her name is removed from the title?
I must add we DONT want to keep the house. If we could we would give the house to the bank tomorrow and move out the very same day.. anyway;
2. Ive also read some stuff about dead-in-lieu foreclosure. Is there a way to apply for this kind of foreclosure? I called the first mortgage lender and they told me that the normal foreclosure process starts after payments are 3 months behind. Howerver this generates huge stress on our family. I'd rather have deed in lieu done and move on with our lives ASAP.
3. Also when I called the first mortgage lender (wamu) they told me they will send me some kind of packet(forms?) to fill out. When I asked them how is this gonna help us I didnt receive an answer. Any idea what that could be?
4. Lets say the actual foreclosure takes place. We get evicted and we didnt pay mortgage for lets say 6 months. Are we still gonna be responsible to pay for that 6 months? What about other foreclosure fees? Will this be decided by the court (Im assuming they whole foreclosure process takes place in the court) or by the lender? Will they consider my father illness and our willingess to move out from the house? Also, since we have no money to pay for mortgage we wont have money to pay for any additional fees as well, will the lender take away our personal things (cars, furnitures, tv or access our bank accounts and take away last savings) to cover the outstanding debt?
Sorry for so many questions. We will be going with this questions to the 2 lawyers as well but its good to hear other people's opinions as well. thanks guys.
I would like to know if I can do a deed in lieu because my home was in a flood and was completely submerged under water, the house will need to be treated for mole in the rafters and beams before the contractors can begin to repair the home to be livable. I heard of this process but wanted info on how it would work for me because of the flood damage....
hi bece!
welcome to forums!
you can always apply for a deed in lieu of foreclosure with your lender. however, the lender would accept your request if you're 2-3 months delinquent in your mortgage payments. it would be the lender's discretion whether or not the lender would agree to a deed in lieu of foreclosure due to the flood damage.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can always apply for a deed in lieu of foreclosure with your lender. however, the lender would accept your request if you're 2-3 months delinquent in your mortgage payments. it would be the lender's discretion whether or not the lender would agree to a deed in lieu of foreclosure due to the flood damage.
feel free to ask if you've further queries.
sussane
if the lender does not forgive the debt after the short sale. why do a short sale?
The lenders do not forgive the dues after a short sale. You'll be liable for paying off the balance amount. Borrowers go for a short sale because it saves their credit to some extent. A short sale reduces a borrower's credit score by only around 75-100 points.
I am 66 yr old and retiring I will not be able to keep my home...I am now 3 months behind in payments...do I need an attorney for this process...do I need to notify mortgage comapny or wait for them to contact me
Hi patsypmu,
As you're already 3 months behind on your payments, you can contact your lender and apply for a deed in lieu of foreclosure on your home. You don't need an attorney for the same.
Thanks
As you're already 3 months behind on your payments, you can contact your lender and apply for a deed in lieu of foreclosure on your home. You don't need an attorney for the same.
Thanks
My question is if the lender agrees to a deed of lieu and there is colleteral attached with the home would you lose all of that or just be turning over the home back to them
Hi ziggy!
Welcome to forums!
The collateral which you have used to get the loan will be taken away by the lender and sold off if you go for the option of deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The collateral which you have used to get the loan will be taken away by the lender and sold off if you go for the option of deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
i am in perm modification have serious health problems need to relocate,cant sell because of the economy, what to do. is there an option open
so what other options are available. can i rent out this property
can not stay here the air is killing me, what other options are available
please help. i am looking for an ans.my home is in perm modification however my health is graving. is it possible to rent, payments are current.Am trying to do things correctly
Hi tr1nity,
It will be better to rent the property once the lenders gives you the permanent loan modification.
It will be better to rent the property once the lenders gives you the permanent loan modification.
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