Posted on: 20th Jan, 2007 05:38 pm
There was a quick claim deed filed removing my sister and adding my boyfriend. During this time we have married. I am about to enter foreclosure and want to know how this will negatively affect my husband.
He is not on the mortgage.
We have a second home, in which the mortgage is solely his.
Can a foreclosure on one house affect our second home?
He is not on the mortgage.
We have a second home, in which the mortgage is solely his.
Can a foreclosure on one house affect our second home?
"There was a quick claim deed filed removing my sister and adding my boyfriend. During this time we have married. I am about to enter foreclosure and want to know how this will negatively affect my husband.
He is not on the mortgage."
Even if he is not on the mortgage, lender would be able to foreclose upon the property to recover his dues.
"We have a second home, in which the mortgage is solely his.
Can a foreclosure on one house affect our second home?"
Foreclosure on the first home will not have any affect on the second home. Depending on your state laws, lender can file a suit for deficiency judgment.
He is not on the mortgage."
Even if he is not on the mortgage, lender would be able to foreclose upon the property to recover his dues.
"We have a second home, in which the mortgage is solely his.
Can a foreclosure on one house affect our second home?"
Foreclosure on the first home will not have any affect on the second home. Depending on your state laws, lender can file a suit for deficiency judgment.
Hi RJS,
Welcome to the forum.
The foreclosure on one property cannot affect the other. It can only affect the property against which you have taken out a loan program.
Your husband may not be on the loan, but then his name is on the title. So, once the house is in foreclosure, the lender will take away the property and in this way your husband will lose his interest in the home.
Hope this information will help you.
God bless you.
Samantha
Welcome to the forum.
The foreclosure on one property cannot affect the other. It can only affect the property against which you have taken out a loan program.
Your husband may not be on the loan, but then his name is on the title. So, once the house is in foreclosure, the lender will take away the property and in this way your husband will lose his interest in the home.
Hope this information will help you.
God bless you.
Samantha
"I am about to enter foreclosure and want to know how this will negatively affect my husband."
RJS, try to avoid foreclosure as it negatively affects the credit profile and future borrowing capability. There are many loss mitigation plans which can help you avoid foreclosure.
Talk to your lender and try to make him agree to it. The lender will also not go for foreclosure as long as there is a possibility that you would be able to continue making payments, by deferral of the payments for some months to allow you gather your finances or by any other method.
Foreclosure procedure takes a long time to complete and lenders do not gain much out of it, if you are not sure how to convince the lender, take help from any foreclosure counseling agency to discuss any such foreclosure prevention plan with your lender.
David
RJS, try to avoid foreclosure as it negatively affects the credit profile and future borrowing capability. There are many loss mitigation plans which can help you avoid foreclosure.
Talk to your lender and try to make him agree to it. The lender will also not go for foreclosure as long as there is a possibility that you would be able to continue making payments, by deferral of the payments for some months to allow you gather your finances or by any other method.
Foreclosure procedure takes a long time to complete and lenders do not gain much out of it, if you are not sure how to convince the lender, take help from any foreclosure counseling agency to discuss any such foreclosure prevention plan with your lender.
David
if a debtor is only a month and a half behind in his mortgage, can a lender
foreclose immediately? This is a commercial property
foreclose immediately? This is a commercial property
Hi james.
Welcome to the forum.
I don't think that a lender can foreclose if the borrower is only one and half months delay. Has the lender send any default letter to you? If he has sent the default letter then you need to contact to the lender ASAP as try to avoid the foreclosure. BTW why are you one and half months late? You need explain your problem to the lender ask ask him to go for some repayment plan.
Best of luck,
Larry
Welcome to the forum.
I don't think that a lender can foreclose if the borrower is only one and half months delay. Has the lender send any default letter to you? If he has sent the default letter then you need to contact to the lender ASAP as try to avoid the foreclosure. BTW why are you one and half months late? You need explain your problem to the lender ask ask him to go for some repayment plan.
Best of luck,
Larry