Posted on: 07th Oct, 2007 05:39 pm
About 3 years ago, my former husband committed the ultimate con and as part of it, he signed and had notorized a "power of attorney" saying that the house was mine. Although he took out a 2nd mortgage and had plans of taking the remainder of the equity out in a "HELOC" that I didn't know about, it still remains that I have this piece of notorized paper with him giving me the house. I have since obtained a divorce, the final decree has yet to be issued by the court - I think because his unthinkable actions are too diificult for the court to figure out. This is just one of the scams that he committed - but to keep it simple I need to ask the following question.
I have made the 1st mortgage payment in a timely fashion for almost 3 years, he was to have made the 2nd mortgage payment until the decree was final. However, he has been late numerous times, and come close to default and excelleration several times. As a result this has damaged my credit.
Please don't tell me to go to the court - I have but am still waiting. In the meantime, can I do a quitclaim deed - or something else that may help? He took out a crazy prime-plus loan that was a bad move. Can you suggest anything that I might do until the decree is in hand? Thanks, Annie
I have made the 1st mortgage payment in a timely fashion for almost 3 years, he was to have made the 2nd mortgage payment until the decree was final. However, he has been late numerous times, and come close to default and excelleration several times. As a result this has damaged my credit.
Please don't tell me to go to the court - I have but am still waiting. In the meantime, can I do a quitclaim deed - or something else that may help? He took out a crazy prime-plus loan that was a bad move. Can you suggest anything that I might do until the decree is in hand? Thanks, Annie
Hi Tarheel,
Welcome to forums.
A power of attorney does give you the legal rights to act on behalf of the actual owner of the property. But the rights may range from paying bills to selling your property. So, first of all, you need to understand what your rights as a poa are. Try to find out what rights you have been given as poa.
As far as the mortgages are concerned, it is good news that you've paid the first loan in full. Now for the second loan, either you can request the lender for a charge-off wherein the lender would forgive the unpaid debt. But this is possible only if you can prove that you are in financial hardship.
However, there's something that I would like to ask you - why isn't your husband paying? - it's his loan after all. Didn't you raise this question is court and what does the court say about the payments after your divorce?
The best move I think would be to pay off the second loan as much as possible, if you have the funds and then try to convince the lender to go for a charge-off. Or else, if the court directs your husband to pay, then that'll be fine.
Thanks
Welcome to forums.
A power of attorney does give you the legal rights to act on behalf of the actual owner of the property. But the rights may range from paying bills to selling your property. So, first of all, you need to understand what your rights as a poa are. Try to find out what rights you have been given as poa.
As far as the mortgages are concerned, it is good news that you've paid the first loan in full. Now for the second loan, either you can request the lender for a charge-off wherein the lender would forgive the unpaid debt. But this is possible only if you can prove that you are in financial hardship.
However, there's something that I would like to ask you - why isn't your husband paying? - it's his loan after all. Didn't you raise this question is court and what does the court say about the payments after your divorce?
The best move I think would be to pay off the second loan as much as possible, if you have the funds and then try to convince the lender to go for a charge-off. Or else, if the court directs your husband to pay, then that'll be fine.
Thanks