Posted on: 19th Jan, 2011 11:15 am
We just contatcted a debt consolidating company to try and remedy the/ or lessen the blow. We told him of all the debt then he tells us that the house we are trying to keep afloat needs to go away because we cant afford it. He then asked about the second mortage, and come to find out (from him) that because my mom and i are considered owners and that she didnt sign for the second then I can claim banqruptcy on all but the car and 1st mortgage and quit claim the property to her. Is a line of credit tied to the house even if both owners did not sign.
THe fiirst is a fha with mortagage insurance does that benifit me any at all?
THe fiirst is a fha with mortagage insurance does that benifit me any at all?
Hi budman!
Welcome to forums!
As you have a mortgage insurance, if the property is sold off, the insurance company will pay off the deficient balance to the lender so that the lender can recover the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you have a mortgage insurance, if the property is sold off, the insurance company will pay off the deficient balance to the lender so that the lender can recover the deficient balance.
Feel free to ask if you've further queries.
Sussane