Posted on: 15th Apr, 2010 05:38 pm
Will filing a In lieu partition sale on my home, prevent it from going into foreclosure? I co-own a house with a person who is threatening to drag me down into foreclosure with him. I don't live at the property he does and has stop making payments. I am unable to refi and either is he. he wants to stay at the house until he is made to leave.
Are the mortgage payments suspended when the partition sale is filed, or does it continue to rack up and default?
Also if it sells at auction for less then what the mortgage is, do we seperately pay back the difference? Will that save my credit?
Are the mortgage payments suspended when the partition sale is filed, or does it continue to rack up and default?
Also if it sells at auction for less then what the mortgage is, do we seperately pay back the difference? Will that save my credit?
hi orandaz!
welcome to forums!
you can apply for a deed in lieu of foreclosure and try to sell off the property. this will help you in avoiding foreclosure. a partition lawsuit can also be filed in order to sell off the property. but i don't think this will help you in suspending the mortgage payments. after the court sells off the property, the mortgage dues will be paid off first and then the rest of the amount, if any, will be divided amongst both of you.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can apply for a deed in lieu of foreclosure and try to sell off the property. this will help you in avoiding foreclosure. a partition lawsuit can also be filed in order to sell off the property. but i don't think this will help you in suspending the mortgage payments. after the court sells off the property, the mortgage dues will be paid off first and then the rest of the amount, if any, will be divided amongst both of you.
feel free to ask if you've further queries.
sussane
You have to short sale your home for 90 days first before you can In deed of lieu foreclousre. This affects your credit, plus the bank has to accept the short sale in which you must produce alot of documents in which I don't have.