Anonymous
Posted on: 03rd Oct, 2008 08:45 pm
i made the tremendous mistake of putting a former employee onto a mortgage so he would build his credit with a bank that i worked with. now, nearly a year later and multiple lates on this property, we are looking at a deed in lieu of foreclosure (and the bank has agreed to.) my wife and i both are in the 700's and we own a total of 5 properties at the moment. will the deed in lieu of foreclosure affect any of my other properties?
thanks for the help...
thanks for the help...
Hi Nathaninnaples,
Usually in a deed-in-lieu, lenders don't ask for the deficiency payment and if such is the case here, then the other properties won't be affected. By the way, is the mortgage entirely transferred to the employee's name? who's on the deed right now?
Regards,
Jessica.
Usually in a deed-in-lieu, lenders don't ask for the deficiency payment and if such is the case here, then the other properties won't be affected. By the way, is the mortgage entirely transferred to the employee's name? who's on the deed right now?
Regards,
Jessica.
The mortgage itself is in my name, my wife, and the employee. The deed is held in my LLC. Does that help me as well?
what you did makes no sense, honestly. inasmuch as you were obligated on this mortgage as well, didn't it make sense to you to monitor the payments? was this a property you already owned? wouldn't you try your best to maintain your own interests in the property?
i really cannot fathom what took place here, and why.
i really cannot fathom what took place here, and why.
