Foreclosure

[jetmonkey]

Didn't they pass a bill to give all the people who signed up for loans they could never repay free money? Go get some of that.

 

[ProfMoneyWise]

Here is another question.

I have some friends that might end up getting their house foreclosed. The house is solely in his name. would it effect his wife's credit and would she be able to buy a smaller cheeper house solely in her name once they are out from under the other one?

The individual act of foreclosure on something not in her name will not impact her credit in any way.

However, if they have other accounts jointly she will feel whatever impact there along with him, because of him in other words.

This may ding her credit or at least cause her to have to explain it all more than a few times when she goes to purchase a new place. And she will not be able to use him or his income in any way to apply for any loans.

 

[lilblondeone19]

I am going thru this too (foreclosure possibly) and I have researched a lot of this. I have been trying to short sell my home since the end of May after being turned down for a loan modification because Wells "investors did not feel it was in their best interest". (Wells Fargo received $25 billion in TARP money!).

Unfortunately, I have about 2 1/2 weeks left to accomplish this or I will be foreclosed on. All advice given so far is good. Just remember to not go down without a fight.

how much for the home and where is it located?

 

[Crewdawg141]

The individual act of foreclosure on something not in her name will not impact her credit in any way.

However, if they have other accounts jointly she will feel whatever impact there along with him, because of him in other words.

This may ding her credit or at least cause her to have to explain it all more than a few times when she goes to purchase a new place. And she will not be able to use him or his income in any way to apply for any loans.

Well stated, Prof.

 

[Crewdawg141]

That is not an option. We are divorced now and I recently relocated to a new area to live with my fiance. I do not want the house and can not afford the mortgage payment. He had the house on the market for quite some time but it didn't sell. Supposedly, he has it relisted now.

If you are willing to PM me the address I can look into the listings to see if it is actually listed or not.

 

[Crewdawg141]

That is not an option. We are divorced now and I recently relocated to a new area to live with my fiance. I do not want the house and can not afford the mortgage payment. He had the house on the market for quite some time but it didn't sell. Supposedly, he has it relisted now.

I forgot to mention yesterday, if you are not comfortable with letting me know the address you can go to HomesDatabase - Home for Sale and Rent in DC, Maryland, Virginia, West Virginia, and Pennsylvania to see if it listed for yourself. Feel free to ask any more questions.

 

[Gemmi]

Will going to the mortgage company with a copy of the agreement help? I'm going to assume that it's not. Although it bites ass, it's still your responsibility to pay it as long as you name is on it. If you didn't follow up on the status and see to it that matters were taking care of, it's just as much your fault as it is his. :shrug:

He had the house on the market trying to sell it. He just took it off several months ago. He said he was refinancing and I had not spoken to him for about 2 months. I had no clue he was in the situation he is as far as losing his job and a possible foreclosure. As I said I no longer live in St. Mary's County which is where he lives.

 

[Crewdawg141]

He had the house on the market trying to sell it. He just took it off several months ago. He said he was refinancing and I had not spoken to him for about 2 months. I had no clue he was in the situation he is as far as losing his job and a possible foreclosure. As I said I no longer live in St. Mary's County which is where he lives.

See my previous posts.

 

[Merlin99]

Here's my situation. My ex and I have a home in both our names. When we separated last year we agreed that he could keep the house. He was supposed to refinance and have it in his name only. Obviously, he didn't do it. Bacause of his addictions, he no longer has a job and as a result can't make the mortgage payments. So I am going to get my credit all shot to hell because of him.

File a quitclaim and have your name removed from the deed before foreclosure.Quitclaim deed - Wikipedia, the free encyclopedia

 

[Gemmi]

File a quitclaim and have your name removed from the deed before foreclosure.Quitclaim deed - Wikipedia, the free encyclopedia

I had looked into the possibility of the quitclaim deed but unless I am not understanding it correctly it appears my name would remain on the deed and I would still be legally responsible for the mortgage payments.

 

[Gemmi]

If you are willing to PM me the address I can look into the listings to see if it is actually listed or not.

The house has been relisted. But it was on the market for over nine months before and it didn't sell.

 

[jetmonkey]

File a quitclaim and have your name removed from the deed before foreclosure.Quitclaim deed - Wikipedia, the free encyclopedia

How would that help her?

 

[ProfMoneyWise]

I had looked into the possibility of the quitclaim deed but unless I am not understanding it correctly it appears my name would remain on the deed and I would still be legally responsible for the mortgage payments.

You understand it correct. You are still on the hook financially. You are just giiving up your interest in the property. You are not gaining anything here.