Due to loss of income my wife and I are looking at foreclose. We both have been unable to acquire new jobs that will pay near enough to sustain us. We are almost 6 months behind and have already vacated the residence in fear of finding it locked up when we get home someday. The property has been on the market for 7+ months. We continue to substantially reduce the price every 3-4 weeks but have had no interest. The banks lawyer has finally wrote us a letter of intent to foreclose. I talking with a friend we discovered that my wife is on the Deed BUT not on the mortgage. My friend doesn't think the back can foreclose due to this error. If so, this would give me some extra time to try and sell the property. Does anybody know if this is true?
2007-09-27 07:40:18 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I cannot believe the misinformation here. There are 3 documents in question: A deed, a mortgage and a Note. ALL PARTIES ON THE DEED AT THE TIME OF THE MORTGAGE MUST BE ON THE MORTGAGE NO EXCEPTIONS. All parties on the deed do not have to be on the Note. It is not uncommon for one person to not be on the note.
Now the question is was your wife in title when the mortgage was taken out or was she added later? If she was added later her interest is subject to the mortgage.
Second question, are you sure she is not on the mortgage? She may be only left off of the note.
If she was in title and she did not sign the mortgage, the mortgage company will have to pursue an equitable title claim meaning that your wife benefitted from the mortgage (especially if it was purchase money) and therefore, is subject to the terms thereof. Different states have different policies with regard to such claims. Check with a local real estate attorney. The short answer about time is, yes if this is the case it will delay the foreclosure. Don't forget though that every month you do not pay your principal is going up by the amount of the mortgage payment.
2007-09-27 08:38:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You got some bad information from your friend. If you don't pay they foreclose. It doesn't matter if there are 100 people on the deed. You can deed you property to anyone, but if its not paid, they take it. Most the time if you ad someone to the deed they have the right to call the loan in in full anyway.
2007-09-27 13:34:41 · answer #2 · answered by frankie b 5 · 0⤊ 0⤋
The person on the mortgae is 100% responsible for the mortgage. The 2nd person is NOT. However, you only own 50% of the property. The other person owns 50%. This is why you NEVER!!!!!!!!!! put a person on the deed unless they also own. The 2nd person has no responsiblity for the mortgage if it comes to that. However, if they live there also, they should pay for half . . . and ususally the courts would rule like this. But if they move out, then usually not . . . .
2016-04-06 04:03:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes they can foreclose, it may buy you a couple of days if the people at your mortgage company aren't too bright but in the end you are still going to lose your home and be responsible for whatever the difference is between what you owe and what the bank can sell your home for.
2007-09-27 07:49:12 · answer #4 · answered by jpistorius380@sbcglobal.net 3 · 0⤊ 1⤋
WRONG! Your wife doesn't have to be on the NOTE in order to be on the DEED. The note is just a promise to repay. The deed is the ownership. If you two were married at the time of the mortgage, then her name would automatically go on the deed. But, doesn't mean she has to go on the note.
contact your mortgage company and apply for a pre foreclosure sale program. Since your home has been listed at fair market value for at least 90 days, you may qualify for sell it for less then what is owed.
2007-09-27 07:54:18 · answer #5 · answered by Gene and Allum 2 · 0⤊ 1⤋
This would be a good time to consult a real estate lawyer.
The lien is on the house, not you personally. Your wife signed something acknowledging she's aware that property in which she has an interest is being used as collateral on a loan.
Call the bank. Try to work this out. It may be that it's too late, but you'll never know if you don't try.
2007-09-27 07:49:20 · answer #6 · answered by Debdeb 7 · 0⤊ 1⤋
The fact that your wife isn't on the mortgage has no bearing on the foreclosure. One spouse can get the mortgage in their name only, but both the husband and wife have to be on the deed. I suggest you call some investors and see if someone will buy you out.
2007-09-27 07:56:37 · answer #7 · answered by goheels08 2 · 0⤊ 1⤋
The deed does NOT have to match the mortgage. There are a lot of companies out there that may buy your home, but most are a scam. Good Luck.
2007-09-27 07:45:33 · answer #8 · answered by TONYA R 2 · 0⤊ 1⤋
Unfortunately they can forclose. The problem is that no one has made payments on the property and that is cause enough for the bank to forclose.
Keep your head up though.
2007-09-27 07:51:57 · answer #9 · answered by juniorsweapon 2 · 0⤊ 1⤋
Of course they can foreclose!
2007-09-27 07:44:03 · answer #10 · answered by Bostonian In MO 7 · 0⤊ 1⤋