Posted on: 22nd May, 2012 09:39 pm
12 years ago my wife who was newly divorced and with three kids moved in with her mother and grandmother. she got a decent job. her grandma and mom decided they wanted to have there own home instead of renting. so my wife, with nowhere to go at the time co-signed with the grandma and mom to have a house built. years later she wants a life of her own and asked her aunt to move in and help out financially in her absence. everyone agrees. my wife still helped financially when she could.
12 years later, we get married. i already have my own home and have a mortgage payment. we found out that the grandma's mortgage is six months behind. then her mother moves out and takes no responsibility to help out. grandma gets sick and can't live by herself, so she moves in with another daughter.
now we are stuck with an huge payment (7.5% int) for an empty house that we can't sell because it is underwater. we can't rent because the payment is too high and her grandma is the primary signer so we cant' reap any tax benefits. my house is being remodeled so selling mine is out of the question.
midland mortgage, who bought our note will not refinance in our state. if i buy the house i need $20000 to get a loan with payments low enough to use as a rent house. we make decent money but the extra $750 payment is really hurting.
don't know how to get out, backs are against the wall. if we let it forclose, my wife will be the first one they come after since she is the one with the job.
12 years later, we get married. i already have my own home and have a mortgage payment. we found out that the grandma's mortgage is six months behind. then her mother moves out and takes no responsibility to help out. grandma gets sick and can't live by herself, so she moves in with another daughter.
now we are stuck with an huge payment (7.5% int) for an empty house that we can't sell because it is underwater. we can't rent because the payment is too high and her grandma is the primary signer so we cant' reap any tax benefits. my house is being remodeled so selling mine is out of the question.
midland mortgage, who bought our note will not refinance in our state. if i buy the house i need $20000 to get a loan with payments low enough to use as a rent house. we make decent money but the extra $750 payment is really hurting.
don't know how to get out, backs are against the wall. if we let it forclose, my wife will be the first one they come after since she is the one with the job.
welcome scottbyers,
in my opinion, your wife should contact the lender and apply for a deed in lieu of foreclosure. if the lender accepts this option, then not only will she be able to sell off the property, but she won't even be liable for paying off the deficient balance to the lender.
in my opinion, your wife should contact the lender and apply for a deed in lieu of foreclosure. if the lender accepts this option, then not only will she be able to sell off the property, but she won't even be liable for paying off the deficient balance to the lender.