My Mom had me refinance the house that her and I were living in because he credit was really bad. Now we have both have moved out of the house and moved our seperate ways and now she is telling me that there is no way to avoid her foreclosing the house. Is there any way I can get my name off of the house so she doesn't ruin my credit? I am about to be getting married and I dont want this foreclosure on my new life. Can you please help. And yes I was stupid for doing it in the first place but I was 19 and I trusted my Mom. She said we would have lost our house if I didnt.
2007-09-11 10:38:10 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Also there is no equity on the house. She owes more than the house is worth
2007-09-11 12:33:08 · update #1
Nope, unless you sell the house prior to forclosure. Once you co-sign your name away, you have to rely on the other person not to ruin your credit....good luck to you
2007-09-11 10:43:35 · answer #1 · answered by createaclick 3 · 2⤊ 1⤋
Well there are a lot of factors that come into play. First off you need to contact the mortgage company and find out if there is anything you can do to save the house. These lenders want to work with you as much as you want to work with them. CALL THEM. Second off how much equity is left in the home? If there is a large amount then a hard equity lender may be your only answer. It sucks and its rough but so is a foreclosure on your record. This will haunt you for years to come. Also consider kicking your moms *** for not making payments. It takes a lot for a company to foreclose. Its not an overnight process. I am taking about several missed payments. I would bet she is at least 6 months behind on her payments. You may be able to pay a sum off to get her caught up. But all and all mommy needs to go. She has no concept of trying to clear matters up and this will put stress on you and your new husband. Contact me with any questions
ajimenez@malcap.com
Also- after reading some of the responses. You can quit claim but that will only release you from deed not the loan. A foreclosure will stay on your record as long as a bankruptcy but most lenders stop looking at it after about 3 years.
2007-09-11 10:58:44 · answer #2 · answered by alex j 2 · 0⤊ 0⤋
If there is "no way to avoid her foreclosing," then your credit is already ruined. If she is about to be foreclosed on, your credit already has a 90 or 120day late and, by the sounds of it, your mom is going to lose her house.
I have a few lending relationships with some private money investors that like to buy people out of foreclosure (given the right situation). I may be able to help! Email me.
2007-09-11 10:47:51 · answer #3 · answered by Anonymous · 1⤊ 1⤋
You can do a quit claim deed, but you should probably get in touch with an attorney. I don't know whether that will keep your name out of the foreclosure. The good news, is that this is not a bankruptcy, so it won't be on your credit record as long as a bankruptcy.
If you get your name off of the deed before the bank starts the proceedings, you might have a chance.
Good luck.
2007-09-11 10:47:30 · answer #4 · answered by Steveo 5 · 0⤊ 1⤋
If your name is on the loan papers ,
The only way to get it off is a refinance or sale .
Talk to a Realtor and see if it can be sold for at least the balance on the loan .
If not , try to rent it out .
Tenants are veryyyyyy risky but if foreclosure is unavoidable , that is bad too .
So , go for tenants .
Your name is on the loan , you have every right to try and salvage / remedy the situation .
>
2007-09-11 10:46:36 · answer #5 · answered by kate 7 · 0⤊ 0⤋
The bad news is, if your name is on the mortgage, your credit is already shot from the mortgage lates. If it is not too late contact the lender and inquire about a short sale.
A short sale is when a lender agrees to accept whatever reasonable offer you can get for your house rather than foreclosure.
Foreclosures cost your lender a lot of money and time they would rather not spend on your property. Open a line of communication with your lender and see that can be done. It may be your bailout.
Good luck!
2007-09-11 10:47:40 · answer #6 · answered by loancareer 3 · 2⤊ 1⤋
If there is "no approach to evade her foreclosing," then your credit is already ruined. If she is approximately to be foreclosed on, your credit already has a ninety or 120day previous due and, via potential of the sounds of it, your mom is going to lose her place of abode. I also have a pair of lending relationships with some guy or woman money clientele that desire to save for persons out of foreclosure (given the acceptable quandary). I is likewise able to help! digital mail me.
2016-10-04 09:47:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Don't worry to much about Mom she did not when at 19 she got your credit tied up in this mess!
A quit claim takes your name off of the title alone. You are still responsible for the mortgage with absolutely no claim to the property if you do it that way.
2007-09-11 10:45:51 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You can try going to a lawyer and see what the procedures are to get you name off. It can be done but has to be done before the foreclosure. You mother also has to agree to take it on her self.
2007-09-11 10:49:16 · answer #9 · answered by cfb193 5 · 0⤊ 0⤋
I just received a form 1099-A from my former lender who foreclosed on my home in October. My question is do I claim the difference between fair market value and principal outstanding on this years taxes?? Unsure of what to do any help appreciated!
2015-01-15 08:35:23 · answer #10 · answered by elizabeth turbeville 1 · 0⤊ 0⤋