Posted on: 12th Nov, 2011 10:20 am
Hi, I have a mortgage loan (joint owned-previous marriage) that' in foreclosure (for the past 3.5 yrs).The property was not listed in the divorce proceedings as not to delay the divorce.; because he (coowner) didn't respond to the divorce suit.Since, then I've remarried. The co-owner (former spouse) is aware the mortgage is in foreclosure & refuses to work with me to get his name from the property-the property doesn't have any equity (purchased:$260k - as of date: $180k).
At one point, I wanted to sell the home & start fresh, tried to sale & deed-in-lei.So I moved into an apartment. The coowner woudnt even sign papers to have property listed for sale and/or deed-in-leu. After the house just sat for 1 yr+, I decided to move back into property & keep it, because I was spending more $ on rent. So I attempted to do a Loan Modification/releasing the coowner-all of us can move on. The only way based on the lender, I can get a loan modification without the "CoOwner" - 1) sue for the right to partition (which I did-it's still lingering in court now for 2.5 yrs- cowoners not responding to court notice) OR 2) Title Deed-In-Leiu (title company will not do, without the coowner). PLEASE HELP!!!
At one point, I wanted to sell the home & start fresh, tried to sale & deed-in-lei.So I moved into an apartment. The coowner woudnt even sign papers to have property listed for sale and/or deed-in-leu. After the house just sat for 1 yr+, I decided to move back into property & keep it, because I was spending more $ on rent. So I attempted to do a Loan Modification/releasing the coowner-all of us can move on. The only way based on the lender, I can get a loan modification without the "CoOwner" - 1) sue for the right to partition (which I did-it's still lingering in court now for 2.5 yrs- cowoners not responding to court notice) OR 2) Title Deed-In-Leiu (title company will not do, without the coowner). PLEASE HELP!!!
The only thing that can help you is if the co owner would respond, to any of the options you have provided. Without his signature and consent, there is nothing you can do. If it was me, and the court wont help you, then you should look into fighting with the lender. Demand with a qualified written request that the lender prove to you, that the lender holds the note to your home. if the lender cannot produce the promissory note, then you can sue the lender for illegal foreclosure, as they are not the rightful owner of the note. It happens all the time, where notes get lost. The note is the security or evidence of debt, without it, you have no debt to be paid...