Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
Search by Mortgage Terms: Ask My Question

Search: "Foreclosure proceedings"


Asked 08/23/2009 11:10 am CT (Germantown, TN)

My daughter and her husband are separated - he left the house about 4 months ago. He has not given her any support since he left. They have a house with a loan of approximately $322,000 - a mortgage payment of $2,200 principle and interest only. The tax appraisal on the house is near the load amount. Taxes and insurance would add approximately $500 more per month. She has been laid off from her job and has applied for unemployment - should draw about $230 unemployment pay plus $1500 per month child support ($750 after 9 more months as the oldest child will turn 18). Husband is self employed but tells her that his business is down and he is now only drawing one pay check per month ($500 net). He also works part time and makes approximately $1,200 per month. Medical insurance for him and my daughter currently comes out of the part time money ($100 per month). He has told her that he will take her off the insurance in December. He also just purchased a new care through the clunker campaign. My daughter's name is on the deed to the property but not on the mortgage. She has managed to keep the payments current until this month but she can no longer pay the full amount. When she contacted the mortgage company regarding a loan modification she was told that they did not qualify because they were not behind on their payments. She was told that she should try to refinance and try to sell the house even if it was a short sale. Husband wants to let the house foreclose - she does not - he has not agree to put it up for sale. Questions are: 1. Does he have to agree to put the house up for sale or can she do it on her own? 2. Does foreclosure affect her credit? 3. Does she have any obligation to pay the mortgage payment? He continuously tells her that she is as responsible for the payment as he is since her name is on the deed. 4. The loan company told her that foreclosure proceedings would not begin until the payments were three months behind. Is that true? In other words, if she makes a partial payment, say $1,000 per month, will the house ever go into foreclosure? She wants to do the right thing but needs whatever assistance is available to her - what are her options? This is a case of someone not being able to afford the amount of money that was loaned to him.


Patricia, If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...

[ Total Answers: 1 ]


Asked 01/01/2008 05:43 am CT (colorado springs, CO)

my exhusband took out a 2nd on a home he was supposed to be refinancing without my authorization. We've been divorced for 8 years and he was supposed to have the house refinanced within 24 months of the divorce settlement. It's been 6 years now since he did that and because of the 2nd and him being in arrears and foreclosure proceedings on the 1st, he's not able to get me off the 1st. Hence, my credit has been damaged because of all of this, as well as my reputation, being that I work in the courthouse in which all of the Rule 120s are filed. Can I go after the bank because of this that loaned him the 2nd without my signature or authorization?



Asked 03/28/2007 05:48 pm CT (albany, GA)

The holder of a first mortgage on one of the properties securing this lender's loans has commenced foreclosure proceedings. Should the second mortgage lender be concerned?


The second lender wil only get the "scraps" leftover after the first lender auctions the property a...

[ Total Answers: 1 ]


Asked 12/23/2006 08:19 am CT (Lithia, FL)

We have a house with a 1st and 2nd mortgage. Together they total more than the house could be sold at to break even and walk away clean. This includes prepayment penalties added to the total. We have talked with an investor who wants us to deed the house over to him and advised us not to make our payments as within three months the bank would start foreclosure proceedings and he could either find a buyer or purchase the house from our lender himself to resell at a later time. I am very leery of this suggestion and want to know if there are other options for us to pursue? We have worked very hard to get our credit where it is today which is respectable but we are facing a financial crisis and can not afford the house regardless anymore. The taxes came in way above expectations and I changed jobs and was unemployed for approx. 1 1/2 mos which hurt us financially. We just want to get out from underneath the financial burden which means giving up our house. Can you please help? We understand not making payments will affect our credit rating but it is going to suffer anyway as we have more outgoing than income coming in. How does it work if an investor gets your house deeded to him and when do we become not liable anymore?


good news diane! brain and darrell have given you sound advice and I am proud they are on the bestin...

[ Total Answers: 4 ]