Posted on: 30th Jun, 2011 01:41 pm
Ok, so here is a interesting situation: We saw the direction of the economy and housing market years ago and attempted to protect ourselves by keeping one person on the house. I originally owned the house and was the sole mortgagee. I eventually sold the house to my wife so we could get a much better rate. Public records show me as the owner of the property, but I am NOT the mortgagee. We have confirmed that I am not on the mortgage with Chase, just my wife. Now that we are doing all we can to postpone foreclosure, is their any avenue which would disallow Chase from foreclosing…even temporarily?
the only ways you can stop the foreclosure, is to pay the note current, obtain a loan mod, sell the home, do a deed in lieu of foreclosure, or get more drastic and find a violation in the loan documents, qualification process and take the lender to court. many home owners have forced the bank to court, to prove that they are the rightful holder of the mortgage. if the lender cannot provide the "promissory note" many judges have ruled the home free and clear. google the promissory note and see the stories that are out there. your other option would be bankruptcy, but this is only a temporary fix. good luck!
But of course, you are the Mortgagor and the lender is the Mortgagee. This might seem like small potatoes, but I'm trying to avoid confusing all the folk who might read this thread, not knowing the proper terminology.
I'm surprised, slightly, that you were able to wrangle a lower rate in your less than arms-length transaction; certainly under current guidelines that'd not be happening.
I'm surprised, slightly, that you were able to wrangle a lower rate in your less than arms-length transaction; certainly under current guidelines that'd not be happening.
You should let a mortgage broker help you with that problem. It's hard to give you the right advice when in fact there are several factors that we should be looking at in your case. Consult to an expert and give the necessary details about your situation.
It's inconceivable that a mortgage broker is going to be the perfect bankruptcy/short sale/foreclosure specialist that a person can find. In any event, when dealing with these sorts of issues, the first person's occupation that ought to come to mind is ATTORNEY. It bedevils me to see sloppy advice provided, and it troubles me that people are wont to pay a lawyer's fees when that's the only person on the face of the planet who has the expertise to provide clear guidance for the particular misery.