Posted on: 05th Jan, 2009 11:53 am
me and my wife bought a build able lot 2 years ago. we split up but both weer on title. I built a house on the lot myself with my own money. the house is still not finished yet but i found out my wife allowed my son to use the house to get a loan and now its in foreclosure. I never signed anything that allowed them to use the house i paid for to build can they take my home i was never givin any of the loan documents never is my home going to be taken from me and all my money and work lost..
Hi ram,
If the property is yours, then, as far as I know, your name should have been in the mortgage docs. If the lender has foreclosed the property then they will try to sell off the property and recover their debts. In my opinion you should speak to the lender and check the loan docs. You should also contact an attorney and take his suggestions as well.
Thanks
If the property is yours, then, as far as I know, your name should have been in the mortgage docs. If the lender has foreclosed the property then they will try to sell off the property and recover their debts. In my opinion you should speak to the lender and check the loan docs. You should also contact an attorney and take his suggestions as well.
Thanks
wwll as i dig into this i found out my wife who is on the deed with me agreed to help my son obtain a loan they used the property to secure the loan the bank did a title search and had my son sign as just Randy B*** and my wife also signed they told them all they needed was my wife to sign since she was the owner as well. my son is a JR. and his D.L. states that yet they ignored that fact and allowed him to sign and I was never told about it till now. and as an owner in the property I am wondering how this will work out if I will lose my home now even though I never signed the security intrest as required and or the note or mortgage
Hi randy,
If a loan has been secured using the said property as collateral, then the lender will have the rights to foreclose the property. But as you have mentioned that your son is a junior and your permission was not even taken while taking the mortgage, I think you should consult an attorney and take his advice. The attorney will be able to tell you what steps you need to take in this regard.
Thanks,
Jerry
If a loan has been secured using the said property as collateral, then the lender will have the rights to foreclose the property. But as you have mentioned that your son is a junior and your permission was not even taken while taking the mortgage, I think you should consult an attorney and take his advice. The attorney will be able to tell you what steps you need to take in this regard.
Thanks,
Jerry
well i did speak to a local lawyer today they can not take my house...
however they can take my wifes place on the deed and become co-owner with me then try to get the court to sell the property and split the profit but we would have to agree on the sale price and i know we will not. the other option is for them to file against there title policy and remove the mortgage from my home..thanks for all your help hope this helps someone else..
however they can take my wifes place on the deed and become co-owner with me then try to get the court to sell the property and split the profit but we would have to agree on the sale price and i know we will not. the other option is for them to file against there title policy and remove the mortgage from my home..thanks for all your help hope this helps someone else..
You're welcome randy!!! and if you have further queries regarding mortgage and related issues, you can post your query at the forum and the experts here will try to answer your query.
My mortgage is in my name, but my wife's name is on the deed as well as mine. If my house gets foreclosed on, what happens to my wife's half interest in the house? We are in SC
Hi Douglas!
Welcome to forums!
After selling off the property, the lender may pay a certain sum of money to the wife as compensation.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After selling off the property, the lender may pay a certain sum of money to the wife as compensation.
Feel free to ask if you've further queries.
Sussane