Posted on: 05th Aug, 2010 01:58 am
our home is in pre foreclosure notice of default given a month ago. we owned this home for 15 yrs but my husband only put my name on the deed last year. he got a 2ndary mortgage years before and in anticipation of divorce planned it and took out all the equity of the house, when both the deed and loan were under his name, he then included my name on the deed to have me own a home that has no value.
do i have a right to call the lender if i am not on the loan but on the deed and negotiate with them , being only 50%owner and not having a quit claim from my husband?
at what point in time should i talk to the lender about renegotiating the loans? can i do that, if my name is currently not on the loan?.. and only on the deed. can i suggest that my relative will buy this house?
husband is uncooperative in giving me a quit claim deed and plans to file bankruptcy , i think chapter 7.
so the second loan he took would be taken care of in bankruptcy court and if not how can i protect myself? what are the chances that they may come after me to claim their money but i am no longer the owner of this house and my relative is?
if i negotiate with the lender and come up with the full primary loan amount in cash (help of relatives willing to help) , will i be able to own the house even though my husband refuses to give me a quit claim at this time...?
can i pay the primary mortgage in full before notice of default ends how will i be protected from the secondary coming and putting a lean on my house? also if my husband never quit claims and i can not get a court order before foreclosure starts , what other option do i have to negotiate with the lender. both loans are with the same lender and they both filed notice of default on the same day. there is no equity in this house. at what point does the lender cooperate with the spouse of the borrower? and how am i protected if my husband never quit claims? so many questions but i really need help.... thank you
do i have a right to call the lender if i am not on the loan but on the deed and negotiate with them , being only 50%owner and not having a quit claim from my husband?
at what point in time should i talk to the lender about renegotiating the loans? can i do that, if my name is currently not on the loan?.. and only on the deed. can i suggest that my relative will buy this house?
husband is uncooperative in giving me a quit claim deed and plans to file bankruptcy , i think chapter 7.
so the second loan he took would be taken care of in bankruptcy court and if not how can i protect myself? what are the chances that they may come after me to claim their money but i am no longer the owner of this house and my relative is?
if i negotiate with the lender and come up with the full primary loan amount in cash (help of relatives willing to help) , will i be able to own the house even though my husband refuses to give me a quit claim at this time...?
can i pay the primary mortgage in full before notice of default ends how will i be protected from the secondary coming and putting a lean on my house? also if my husband never quit claims and i can not get a court order before foreclosure starts , what other option do i have to negotiate with the lender. both loans are with the same lender and they both filed notice of default on the same day. there is no equity in this house. at what point does the lender cooperate with the spouse of the borrower? and how am i protected if my husband never quit claims? so many questions but i really need help.... thank you
"There is NO equity in this house."
"We owned this home for 15 yrs "
Above both statements contradict to each other.If you (OR your husband) is living in the house for last 15 years,you ought to have some sort of equity in it.
Now coming to your situation,
lender has filed notice of default on the same day and hopefully outcome will be also on same day.
Now your husband is not co-operating to you.Firstly he has given 50% equity transferred to you as far as divorce agreement is concerned.So he holds remaining 50% (unless it is specifically mentioned in the divorce decree to transfer 100% equity to you) .you can not force him by any means to transfer the remaining equity to you.
DIPA
"We owned this home for 15 yrs "
Above both statements contradict to each other.If you (OR your husband) is living in the house for last 15 years,you ought to have some sort of equity in it.
Now coming to your situation,
lender has filed notice of default on the same day and hopefully outcome will be also on same day.
Now your husband is not co-operating to you.Firstly he has given 50% equity transferred to you as far as divorce agreement is concerned.So he holds remaining 50% (unless it is specifically mentioned in the divorce decree to transfer 100% equity to you) .you can not force him by any means to transfer the remaining equity to you.
DIPA
hi , please let me clarify. my husband drained the equity in the past 2 years....
there is no equity in the house , because my husband obtained a heloc loan as a second mortgage and expended all of it and can not prove how he spent it!
after he used up all the equity, he then joined my name on the title/deed of the house. however my name was not on any loans of the house.
as a result of divorce, he failed to pay for the mortgage and now the house had gone into default.
i want to know , is there any way that i can deal with the lender (even though i dont have a quit claim from husband yet) since my name is on the deed now and not on loan, and see if i can negotiate to buy the house before foreclosure. my relative is the actual person that wants to help me buy this house however, my question is:
can i negotiate with the lender even though i am only on the deed and not on the loan? .. also my husband will not give a quit claim to me at the current time , what are my choices not to loose this house if i have a buyer that is willing to help me stay here...?
there is no equity in the house , because my husband obtained a heloc loan as a second mortgage and expended all of it and can not prove how he spent it!
after he used up all the equity, he then joined my name on the title/deed of the house. however my name was not on any loans of the house.
as a result of divorce, he failed to pay for the mortgage and now the house had gone into default.
i want to know , is there any way that i can deal with the lender (even though i dont have a quit claim from husband yet) since my name is on the deed now and not on loan, and see if i can negotiate to buy the house before foreclosure. my relative is the actual person that wants to help me buy this house however, my question is:
can i negotiate with the lender even though i am only on the deed and not on the loan? .. also my husband will not give a quit claim to me at the current time , what are my choices not to loose this house if i have a buyer that is willing to help me stay here...?
there is no equity and that is a fact since husband took out a heloc loan and premeditated to expend the loan prior to divorce.
the problem is with the deed. how can i refinance with the lender if i am not on the loan but on the deed?
how can my husbands name no longer be on the deed if another buyer purchased the loan to the house or refinanced the loan?
at what point does his name come off the deed?
the problem is with the deed. how can i refinance with the lender if i am not on the loan but on the deed?
how can my husbands name no longer be on the deed if another buyer purchased the loan to the house or refinanced the loan?
at what point does his name come off the deed?
"can I negotiate with the lender even though I am only on the deed and not on the loan?"
you are not on the loan and only on deed,person who is on the loan (or his/her representative) are only eligible to negotiate with lender for refinance.
You do not owe anything to lender then where the question comes about negotiating. I am not trying to disappoint you rather just putting forward some of the facts.
Now with this situation you should get a stay order from court on the foreclosure of the house.immediately you should sue your husband for alimony because what you have got in the divorce settlement from him was never a property of him.He just signed someone Else's (to be precise bank's) property to you in the name of divorce settlement.
Get a divorce attorney and just sue your husband by that time apply for a stay order on the foreclosure of house in the court.
If you are not able to afford fees of an attorney just go through this link to avail free/subsidized legal service for those who can not afford it.
http://www.abanet.org/legalservices/probono/directory.html
DIPA
you are not on the loan and only on deed,person who is on the loan (or his/her representative) are only eligible to negotiate with lender for refinance.
You do not owe anything to lender then where the question comes about negotiating. I am not trying to disappoint you rather just putting forward some of the facts.
Now with this situation you should get a stay order from court on the foreclosure of the house.immediately you should sue your husband for alimony because what you have got in the divorce settlement from him was never a property of him.He just signed someone Else's (to be precise bank's) property to you in the name of divorce settlement.
Get a divorce attorney and just sue your husband by that time apply for a stay order on the foreclosure of house in the court.
If you are not able to afford fees of an attorney just go through this link to avail free/subsidized legal service for those who can not afford it.
http://www.abanet.org/legalservices/probono/directory.html
DIPA
Your query has been replied to in the given page:
http://www.mortgagefit.com/quitclaim/deed-forecloseproperty.html
Take a look at it. Hope it helps you.
http://www.mortgagefit.com/quitclaim/deed-forecloseproperty.html
Take a look at it. Hope it helps you.
There is no equity since Heloc loans were all taken out.
what do you mean by outcome on the same day?
response is vague but thanks anyway
what do you mean by outcome on the same day?
response is vague but thanks anyway