Posted on: 28th Oct, 2007 01:57 pm
hi,
my husband and some friends decided to start an investment company last year - they were flipping houses. well, all was well until this year when one of the partners skipped town and then the financial person (who was providing the money to fix up the homes) decided that he was no longer going to provide the money for the fixing up. unfortunately, they used me and my husband's credit to buy these homes - so the mortgages are in our names - however, the properties were quit claimed into the company(which my husband is one of the partners). and everyone is now saying that it is all in our hands that we have to take the fall for it all - however, they will not sign back over the quitclaim deed to us - so that we can move forward.
now, we are facing foreclosure on two properties (we are 60 days late on the payments) - because the money ran out. we have been in contact with the lender - however, we do not fully understand everything.
one of the homes has been up on the market for over 6 months - with no offers - would we be able to be considered for a deed in lieu of foreclosure?
this property is in mine and my husband's name.
the other property is not on the market yet - however, if we are able to get it up for 30 days - will it be able to be considered for a deed in lieu of foreclosure? this property is only in my husband's name.
and if we are able to do a deed in lieu of foreclosure or a foreclosure - will those who are on the quit claim deed be able to come back in the future and get money from this property or from us? even though we know we will not be making any money off of the property? or once it goes back to the lender is it the lender's and out of all of our hands?
also - because of this - my husband is considering bankruptcy. if he claims bankruptcy - will the lender come after me on both properties? or just the one that my name is on too? or will he have a hard time filing bankruptcy on the properties - since it has been quitclaim deeded?
we just need to know what would be best to do - for us. since no one in the company seems to care - however, are unwilling to let go of the properties. if you could advise me - i would really appreciate it.
my husband and some friends decided to start an investment company last year - they were flipping houses. well, all was well until this year when one of the partners skipped town and then the financial person (who was providing the money to fix up the homes) decided that he was no longer going to provide the money for the fixing up. unfortunately, they used me and my husband's credit to buy these homes - so the mortgages are in our names - however, the properties were quit claimed into the company(which my husband is one of the partners). and everyone is now saying that it is all in our hands that we have to take the fall for it all - however, they will not sign back over the quitclaim deed to us - so that we can move forward.
now, we are facing foreclosure on two properties (we are 60 days late on the payments) - because the money ran out. we have been in contact with the lender - however, we do not fully understand everything.
one of the homes has been up on the market for over 6 months - with no offers - would we be able to be considered for a deed in lieu of foreclosure?
this property is in mine and my husband's name.
the other property is not on the market yet - however, if we are able to get it up for 30 days - will it be able to be considered for a deed in lieu of foreclosure? this property is only in my husband's name.
and if we are able to do a deed in lieu of foreclosure or a foreclosure - will those who are on the quit claim deed be able to come back in the future and get money from this property or from us? even though we know we will not be making any money off of the property? or once it goes back to the lender is it the lender's and out of all of our hands?
also - because of this - my husband is considering bankruptcy. if he claims bankruptcy - will the lender come after me on both properties? or just the one that my name is on too? or will he have a hard time filing bankruptcy on the properties - since it has been quitclaim deeded?
we just need to know what would be best to do - for us. since no one in the company seems to care - however, are unwilling to let go of the properties. if you could advise me - i would really appreciate it.
Welcome Guest,
I understand it must be quite frustrating for you but don't lose hope. You just need to take the right move here. The property that is up for sale for 6 months now needs to be taken back if you wish to go for deed-in-lieu. Once you go for it, the property is lender's and not any of you. What you do in deed-in-lieu is quitclaim the property to the lender and let him sell it to retrieve the unpaid debt. I have a question here - are the properties having separate mortgages?
I understand it must be quite frustrating for you but don't lose hope. You just need to take the right move here. The property that is up for sale for 6 months now needs to be taken back if you wish to go for deed-in-lieu. Once you go for it, the property is lender's and not any of you. What you do in deed-in-lieu is quitclaim the property to the lender and let him sell it to retrieve the unpaid debt. I have a question here - are the properties having separate mortgages?
Yes - they have separate mortgages - but from the same lender.
So - do we need to have the quitclaim that was signed by the company quitclaimed back to us? Or can we just go ahead and do the quitclaim with the lender?
So - do we need to have the quitclaim that was signed by the company quitclaimed back to us? Or can we just go ahead and do the quitclaim with the lender?
Hi,
You can opt for a deed in lieu with the property that has already been on the market for a few months. You need to talk to your lender regarding this and explain your situation clearly.
You can opt for a deed in lieu with the property that has already been on the market for a few months. You need to talk to your lender regarding this and explain your situation clearly.