Asked 03/01/2009 10:28 am CT (Buffalo, NY)
We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?
Asked 12/12/2007 07:31 am CT (new orleans, LA)
i inherited my mother's home with a small mortgage. can i just continue making the mortgage payments? it is a small interest rate, and i live in the house
Yes you can. You should contact lender and let them know though. Make sure Deed has been switched in...
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Asked 04/05/2007 02:09 pm CT (Ojai, CA)
My finace's mother has a very peculiar problem. Her and her husbands finances have always been seperate. They own three houses and have a small mortgage on the one they live in, the other two are rentals. He is very tight with his funds, she has helped out her family and children to the poibt were she has become over extended in credit card debt and other financial obligations she can no longer afford. He will not help her. He will not sign for any type of credit line or loan. Being that California is a community property state, and she contributed just as much to their wealth, is there any way she can get a line of credit, or loan using either one of the properties or her primary residence without him? Divorced has been discussed, in which case it wouldn't be a problem, and I realize that community property states require lenders to have both signatures, but is there any loophole, law, or back door she could use to go forward without him? Any information you could give me would be helpfull.
Sorry to hear about the situation. The Husband will need to sign a quit claim deed to rem...
[ Total Answers: 1 ]