Posted on: 22nd Sep, 2008 10:11 am
first let me say thank you for all who answered my previous questions.
i went to a real estate lawyer and asked if i would still be liable for the mortgage even if i filed for a quit claim. i told him that my name is not on the note or the loan papers but is on the mortgage. he told me the since i signed on the mortgage the lender could possibly sue me for the amount owed on the property should the other owner default on the loan. he suggested i contact the lender and ask to be released from the mortgage and have my name only removed, or have the other owner refinance the loan. refinancing is going to be a big problem because the person has had two major pay cuts this year and can not afford any down payment. so my question is how hard is it to get a release from a mortgage? also, does anybody know how to get in touch with someone from bear and sterns mortgage and/or emc mortgage corp? the only phone number i could find just has a busy signal.
thank you.
i went to a real estate lawyer and asked if i would still be liable for the mortgage even if i filed for a quit claim. i told him that my name is not on the note or the loan papers but is on the mortgage. he told me the since i signed on the mortgage the lender could possibly sue me for the amount owed on the property should the other owner default on the loan. he suggested i contact the lender and ask to be released from the mortgage and have my name only removed, or have the other owner refinance the loan. refinancing is going to be a big problem because the person has had two major pay cuts this year and can not afford any down payment. so my question is how hard is it to get a release from a mortgage? also, does anybody know how to get in touch with someone from bear and sterns mortgage and/or emc mortgage corp? the only phone number i could find just has a busy signal.
thank you.
bear stearns/emc is one of the very-much troubled outfits on wall street these days. do an internet search to try to find out who has purchased that company, and that's who you'd have to do business with.
based on the turmoil in the markets these days, i would think it isn't going to be very easy to persuade anyone to release you from responsibility.
based on the turmoil in the markets these days, i would think it isn't going to be very easy to persuade anyone to release you from responsibility.
Thank you for response.
We tried to do things right and thought we did when we bought this house. At that time we had no problem making the payments. Little did we know at the time real estate market would take such a dive! The loan payment will go up in August 09. I just hope something good happens before then. If I can sell other property I own and pay off a good chunk of the loan on this house, then I would stay here and not do a Quit Claim. (which Id rather stay here) But with the market so out of whack this house isnt worth the money that is owed on it. Any suggestions? Anybody want to by some waterfront property?????
I heard about some help where they (current lender, other lenders or Government loans??) possibly rewrite or refinance a loan at current market value and the existing lender takes the loss on the rest. Is this true or am I mistaken?
We tried to do things right and thought we did when we bought this house. At that time we had no problem making the payments. Little did we know at the time real estate market would take such a dive! The loan payment will go up in August 09. I just hope something good happens before then. If I can sell other property I own and pay off a good chunk of the loan on this house, then I would stay here and not do a Quit Claim. (which Id rather stay here) But with the market so out of whack this house isnt worth the money that is owed on it. Any suggestions? Anybody want to by some waterfront property?????
I heard about some help where they (current lender, other lenders or Government loans??) possibly rewrite or refinance a loan at current market value and the existing lender takes the loss on the rest. Is this true or am I mistaken?
there are agencies that can assist you in mitigating this situation. go to www.hud.gov and search for your state and agencies that will help with loss mitigation, foreclosure, etc. contact one of those agencies to better determine where to go from here. i don't know what to tell anyone whose loan is with emc or bear stearns - those entities are dinosaurs now.
try fha first.
try fha first.
Thank you for the HUD address.
So what happens to the loan now that EMC and Bear Stears are (i guess you could call them) defunked? I still have to make the payment every month, will it be will it eventually be rewriten by the company that took over?
So what happens to the loan now that EMC and Bear Stears are (i guess you could call them) defunked? I still have to make the payment every month, will it be will it eventually be rewriten by the company that took over?
the servicing of your loan will simply be turned over to another company. the terms of your loan cannot be changed. if it is a fixed rate, it will remain so; if it is a variable rate, it will remain so.
and yes, they are defunct.
and yes, they are defunct.