Posted on: 30th Jan, 2010 04:23 am
i am currently 2 months in default and will be 3rd month this february. i tried 2x modification with wells fargo and did not get approved. wells fargo said they even could not approve me for any other plans they have. i have a second mortgage under a person that paid the 20% directly to the broker that time. my home will probably be foreclosed. my question is my 2nd mortgage wants that they get a deed and to add their chosen name to it. is that possible? will i be in trouble by signing what they want. they said in order for them not to totally lose the house they will file themselves as interested in the house. my husband and i don't know a thing about this and fear we end up in a situation we may not be able to get out of. thank you
Hi,
It's strange that the second mortgage holder wants to get added to the property deed. I don't think you should do any changes to the title to the property at this point in time. I don't know what purpose it will solve if you add the second mortgage lender or someone designated by him to the deed. I believe they have a second mortgage lien on the property. If they do, they will get their loan paid off once the property is sold off.
It's strange that the second mortgage holder wants to get added to the property deed. I don't think you should do any changes to the title to the property at this point in time. I don't know what purpose it will solve if you add the second mortgage lender or someone designated by him to the deed. I believe they have a second mortgage lien on the property. If they do, they will get their loan paid off once the property is sold off.
Thank's for the quick reply savior70. We've only been here in the USA 5 years. We owe Wells Fargo in our first mortgage thru this realtor. This realtor's better half apparently gave the 20% down when we were closing the deal. We did not ask them to do it but they did probably not realizing years from then the market would be like this. Now they said in order for them not to lose their 20% totally they are interested in keeping the house and add a deed. I am totally losing my mind. Will Wells Fargo not attack me if i add a deed in the title without them knowing it? Is it even legal to add a deed at this time that i am heading 3 months of default? Plsss shed some light...