I don't know much about foreclosure. Can someone fill me in? I bought a property with my fiance, and now we've broken up. At first, his parents were going to re-finance with him, and he was going to fix it up and sell it. Now, they;'ve backed out of the refi. He says he doesn't care if it goes to foreclosure. I say he's stupid for acting that way. Can someone give me some foreclosure specifics and facts? thanks.
2007-05-29 04:49:59 · 7 answers · asked by little_beth85 3 in Business & Finance ➔ Renting & Real Estate
location is in Pennsylvania. The property is in both my and my ex's names, as we were going to get married and live there. I think our best bet is to put it on the market and sell it. Or to take it to real estate auction and go from there. I think that he's being really awful with the whole "I don't care about foreclosure thing". Thanks for the great answers so far.
2007-05-29 05:06:05 · update #1
His parents are the ones who backed out of the refi, not him. He can't refi it on his own, not enough salary, not a good enough credit score, etc. and I have the credit score, but with the income I make, can't get approved, and don't have anyone who would be willing to co-sign. So, that's where I am right now with this.
2007-05-29 05:08:27 · update #2
Here's the basics: When a property goes into foreclosure, the house is seized by the financial institution that loaned you the money for the house and they sell it. If they don't make enough money to cover the outstanding balance on the mortgage, you and your fiance are on the hook for whatever's left over. What's worse, the foreclosure goes on your credit report. That'll make it next to impossible to get another mortgage, and it may also make it very difficult for you to get any other type of credit. So yes, your fiance is stupid if he doesn't care about the house going into foreclosure. The problem is it's going to hurt you too.
2007-05-29 04:55:50 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Hey, My firm specializes in foreclosure buyouts and we work hand and hand with attorney's that file the Lis Pendens (paperwork you recieve to notify you of yoru foreclosure). It is an ugly situation!! And you want to avoid it at all costs! I am a mortgage loan officer and have been in the business for over10yrs. Foreclosure will hang on your credit report for years and years! It will lower your credit score and will deminish any equity you obtained while paying your mortgage. It will be very hard for you to rent let alone buy another home if it goes into foreclosure. What are you looking to do? Are you trying to keep the home? Where is it located? Is the property under your name and your EX's?
2007-05-29 05:00:45 · answer #2 · answered by Anonymous · 1⤊ 1⤋
If both the property and mortgage are in both your names, which I assume they are, you are both responsible to make the monthly payments on the house until it is sold. This does NOT mean that your credit will remain unblemished if you make your half of the payment and he does not do so, or vice versa.
In the absence of payments as required, the lender will probably begin foreclosure proceedings fairly soon. This means that they are taking legal action to force sale of the property to the highest bidder in order to regain the investment they gave you to purchase the home. After the foreclosure, both of you will remain equally responsible to pay the lender any shortage of money which the forced sale did not generate. This includes principal, interest, and all costs the lender incurred to move the property to foreclosure.
2007-05-29 05:39:01 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Put it up for sale with an investor before its too late. PLEASE DO NOT LET IT GO TO FORECLOSURE even if you have to let the investor buy you out of what you owe and cut your losses. Talk to his parents, and tell them what yorue doing because they know the value of credit and they know this will ruin his credit for 7 years and wont be able to do so much as rent an apartment with that on there. maybe he will be willing to let you pull some equity to fix it by doing an equity line of credit, in your own name, he wont be responsible for that debt but will have to be willing to sign the paperwork. You can also just refi in soely your own name (if you have a FICO of at least 580 you will get approved) and buy him out of anything he put into it. Good luck and godspeed.
2007-05-29 05:03:38 · answer #4 · answered by pwnd! 3 · 0⤊ 0⤋
If you are behind on the notes, call the mortgage company, tell them your situation and as them if you can enter into a forbearance agreement until you guys can figure out what to do. This may stop any forclosure proceedings if already initiated. Also, you may want to consult an attorney. In short... it's time to be proactive before it's too late.
2007-05-29 05:01:00 · answer #5 · answered by Lady 2 · 1⤊ 0⤋
finally a query in my wheel living house. REO or real materials Owned by potential of the monetary employer isn't a good investment. in fact that banks are actually not stupid. you are able to not basically stroll into the monetary employer and ask them for a itemizing of their foreclosure. in spite of the fact that banks are actually not in the real materials company they are actually not likely to enable their base line get somewhat destroyed by potential of basically giving those properties away. Banks will continuously hire a realtor and attempt to get retail for the valuables, which in maximum circumstances they gets incredibly on the element to many of the time. while making an investment in foreclosure the perfect thank you to do it somewhat is to get a itemizing of human beings who're in preforeclosure or whose materials is going up for sheriff sale (in Pennsylvania). as quickly as you have this checklist you are able to desire to get in touch with the owner and ask their permission to bypass to the monetary employer and talk on their behalf. it somewhat is here the place you may get very good bargains on residences. you will then bypass and negotiate the fee with the monetary employer. as quickly as you attain an contract with the monetary employer there are then many go out suggestions you are able to persist with. you are able to rapid turn the living house by potential of assigning or wholesaling the contract to a diverse investor. or you're able to do each and all of the rehab and restoration artwork youself and lease it out for a month-to-month money flow. So while coping with foreclosure do not look ahead to the monetary employer to take administration of the valuables, you are able to desire to get to the present occupants and that's the place the real income and exciting starts off.
2016-10-30 02:12:18 · answer #6 · answered by norvell 4 · 0⤊ 0⤋
If you want to learn more about foreclosure, visit
http://www.getwisernow.com/foreclosure/foreclosures.html
2007-06-01 19:46:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋