Posted on: 11th Nov, 2010 05:47 pm
i bought a house with my fiance 4 years ago. we broke up. he has moved out and we are 2 months behind on the first mortgage. the first mortgage is in his name only. the second mortgage is in both our names. both our names are on the deed, i believe as tenants in common..i have been paying the 2nd mortgage and all the other utility bills. he wants to sell the house, and i want to keep it. how should i proceed with this? i know i need a lawyer but is there any chance i could keep the house? how long before the bank forcloses? the house has not gained any equity , as a matter of fact, the mortgage is probably upside down at this point...will the foreclosure affect my credit dramatically??
welcome dawnmichele,
you can ask your fiancé to sign a quitclaim deed and transfer the property to you. once you get the property, you should refinance both the loans into one and pay off the dues on time. this will help you in saving the property. however, you'll be able to refinance the mortgage only if you've equity in it. if the property is foreclosed by the lender, then it will lower your credit score by 250 points.
you can ask your fiancé to sign a quitclaim deed and transfer the property to you. once you get the property, you should refinance both the loans into one and pay off the dues on time. this will help you in saving the property. however, you'll be able to refinance the mortgage only if you've equity in it. if the property is foreclosed by the lender, then it will lower your credit score by 250 points.