My brother and I bought a house in 2003, we were both responsible for the payments between the two. He bailed in late 2003 and my girlfriends mom decided to be kind enough to make the house current. Brother decides one day to come back and claim what was once his and i moved out, because he claimed he could handle the house on his own. I became aware that he is late over 4 mths in payments. Since im also on the loan i've been getting promotional letters from lawyers that the house is on the Sheriff Sale for July. We also have a real estate agent in our family and i just saw that she posted up the house for sale a week ago. So my question is since he is so late on the house payments and the house is up for sale now, can it still be foreclosed???? I bought this house with him out of a favor, he didnt have any credit and was starting a family.
2007-05-26 09:58:17 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can possibly get an injection on the Sheriff sale if as a co-owner you have not received proper note. Suggest you see a property attorney as soon as possible, contact the mortgage company telling him you never received notice.
If you can come up with the pass payments, plus pentalties, plus attorney fees, you may be able to salvage your credit and reduce your loses.
If you can not get any of the above done, you will probably receive a bill for the difference in what the house sells for and the expenses the mortage company incurred to sell it.
It appears to me you maybe forced into bankruptcy to avoid a major debt.
Your credit is already shot, because the none payments have already been posted, and upon the Sheriff Sale the foreclosure will appear.
Sugguest you don't throw a lot of money into trying to solve this problem if you do not readly have the funds.
2007-05-26 10:13:23 · answer #1 · answered by oldcorps1947 6 · 0⤊ 0⤋
Of course it can still be foreclosed. The only way to stop the foreclosure is to bring the mortgage payments current. With a sale set for July, you really need to have a qualified buyer on board within the next few days for any hope of closing the sale before it goes to foreclosure.
Contact the lender and see how far they're willing to work with you on this. Most lenders would rather avoid the expense and hassle of a foreclosure and they may be willing to work a "short sale" with you to clear the case.
You need to move quickly on this since the forelosure will go on your record as well as your brother's. Needless to say, don't do any more "favors" for your brother. Your credit is about to be trashed completely. Nuff said!
2007-05-26 10:05:41 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Bottom line ~ it can still be foreclosed. Take this as a lesson to be learned. You were on the contract and you should have kept tabs on your brother to make sure he is making payments. I am sorry this has happened to you.
2007-05-26 10:02:36 · answer #3 · answered by Jen 4 · 0⤊ 0⤋
Yes,talk to the lender, see an attorney to protect your interest and credit and perhaps you can bring the payments current and your brother may consider deeding his interest to you.
How much equity do you have? Protect it.
Sorry for the mess.
2007-05-26 10:13:38 · answer #4 · answered by Jimmy 5 · 0⤊ 0⤋
unfortunatly it can. If you recieved papers on a sheriff sale then their will be one. So sorry to hear that!
2007-05-26 10:01:35 · answer #5 · answered by Julie F 2 · 0⤊ 0⤋