Posted on: 23rd Aug, 2010 06:26 pm
I HAVE AN ARM WITH THE DEVIL AKA WELLS FARGO AND MY RATE HAS BALLOONED TO ALMOST 12% ESCALATING MY MONTHLY PYMT TO $ 1100 I HAVE BEEN DENIED FOR MODIFICATIONS AND TO ADD SALT TO THE WOUND I REC'D A LETTER IN THE MAIL TODAY STATING THEY ARE COMSIDERING FORCLOSURE PROCEEDINGS. MY HUSBAND ALSO REC;D SAME LETTER HOWEVER HIS NAME IS NOT ON THE LOAN: I PHONE ABOUT THIS LETTER AND THEY MADE NOTE OF "DOWER RIGHTS"...iS HE RESPONSIBLE FOR MY DEBT IF I DO A DEED IN LIEU OF FORCLOSURE AND IF WE LOSE OUR HOME CAN HE OBTAIN A HOME LOAN FINANCING IT ON HIS OWN SINCE A TITLE SEARCH APPARENTLY REVEALED THESE "DOWER RIGHTS" WHATEVER THEY ARE?
SUGGESTIONS?
SUGGESTIONS?
Hi jules,
Welcome to mortgagefit,
Firstly 'dower Rights' is totally different concept and is not applicable in this case.So no need to worry about it.
I do not find any valid/legal reason why they have sent a notice to your husband,when he is not on title & mortgage ?
If you are considering to buy a new house on your husband's name (after DIL of current one) and planning to save taxes as first time home buyers, It could only be possible if...............
1.Your husband's does not have name on the title/mortgage of the current home.
2.You and your husband should not own any other property (house).
Feel free to ask any further query.
DIPA
Welcome to mortgagefit,
Firstly 'dower Rights' is totally different concept and is not applicable in this case.So no need to worry about it.
I do not find any valid/legal reason why they have sent a notice to your husband,when he is not on title & mortgage ?
If you are considering to buy a new house on your husband's name (after DIL of current one) and planning to save taxes as first time home buyers, It could only be possible if...............
1.Your husband's does not have name on the title/mortgage of the current home.
2.You and your husband should not own any other property (house).
Feel free to ask any further query.
DIPA