Posted on: 15th Jan, 2009 10:46 am
My husband is Title only on our home. He is not on the mortgage. Our home is currently 110,000 upside down and I can no longer afford to make the payments. I have completely depleted my savings attempting to keep this mortgage up. I am currently making less than half what I made when I first purchased the home. I'm sure our currentl financial situation had a lot to do with it but we have decided to separate (have not made anything formal yet). As soon as this house situation is taken care of I plan on filing for bankruptcy and moving up north. (Our home is in FLorida) where I have relatives. My question is: can my husband purchase the home as a short sale from me? Or can he purchase it at foreclosure if he so chooses. He would like to keep the house but is not on the mortgage and couldn't make the payment as it stands anyway.
I just want out. What can I do?
I just want out. What can I do?
Hi stardove!
Welcome to forums!
If you chose to foreclose or short sale your property, your husband can purchase it from the auction. However, for a short sale you need to apply to the lender. If the lender agrees to it, then only you can place the property for a short sale. However, I think, if the lender agrees for a short sale, then your husband can directly speak to the lender and express his intent to purchase the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you chose to foreclose or short sale your property, your husband can purchase it from the auction. However, for a short sale you need to apply to the lender. If the lender agrees to it, then only you can place the property for a short sale. However, I think, if the lender agrees for a short sale, then your husband can directly speak to the lender and express his intent to purchase the property.
Feel free to ask if you have further queries.
Sussane
Even if he is Title only and technically already has a "vested interest". I was told this was a conflict of interest.
Can he still do that if he is already on the title nad technically has a "vested interest" in the property. Plus is he going to receive any repurcussions to the forclosure if he is on the title and if he will is there a way to remove him. He is not nor has ever been on the mortgage and the only reason he was added to the title was for our insurance purposes as the homeowners insurance is through his USAA.
If he is on the title of the property and not on the mortgage, then he will not be affected by the foreclosure. His credit will not be affected due to the foreclosure. And I think he will be able to purchase the property at the foreclosure sale.