Posted on: 05th Aug, 2010 02:10 pm
hi please help.
facts:
-i am going through a very bad divorce, filed 1 year ago but is pending trial...
-have proof that husband did not want me to benefit from our residence bought 15yrs ago
-i live in the home and my husband abandoned and left without paying the mortgage for 7months
-notice of defualt has been given on residence which gives me 3 months to save it from foreclosure.
- i have a buyer willing to buy or co sign for me to save this home before foreclosure if possible
-no equity in the home currently upside down since husband obtained heloc loan and withdrew all of it in anticipation of divorce. he did this premeditatedly .
- no decree in divorce as of yet from the courts regarding house because we have to go to trial to determine results
-i was placed on the deed of trust 2 yrs ago but not on any loans of the house
*i was not on the deed nor loan when husband obtained heloc loan against house and spent it all leaving no equity
- i can not get him to cooperate to quit claim on the deed before foreclosure begins, since he plans to do bankruptcy chapter 7
is there any help out there for me?
q) is there any way i can by myself contact the lender and inform them of what is going on and negotiate a better loan even if my husband does not give me the quit claim before foreclosure?
q)- will my husband be the owner of the house if his name is on the deed but another buyer helped to buy the house? even if he was not paying and the loan had gone into default?
q- what are the terms of a quit claim?
q-at what point is a person's name removed from the deed, if he himself does not do a quit claim before filing for bankruptcy.
q- if a property is in pre foreclosure status can the person who is on the deed use a different qualified buyer to buy the house before foreclosure?
q- can the bank remove owners name from the deed by filing a quit claim deed, if he does not himself if the property is refinanced and sold to a new buyer?
- at what point does the lender consider other buyers that don't have their name on the loan but have their name of the deed of trust to offer a negotiation before foreclosure?
facts:
-i am going through a very bad divorce, filed 1 year ago but is pending trial...
-have proof that husband did not want me to benefit from our residence bought 15yrs ago
-i live in the home and my husband abandoned and left without paying the mortgage for 7months
-notice of defualt has been given on residence which gives me 3 months to save it from foreclosure.
- i have a buyer willing to buy or co sign for me to save this home before foreclosure if possible
-no equity in the home currently upside down since husband obtained heloc loan and withdrew all of it in anticipation of divorce. he did this premeditatedly .
- no decree in divorce as of yet from the courts regarding house because we have to go to trial to determine results
-i was placed on the deed of trust 2 yrs ago but not on any loans of the house
*i was not on the deed nor loan when husband obtained heloc loan against house and spent it all leaving no equity
- i can not get him to cooperate to quit claim on the deed before foreclosure begins, since he plans to do bankruptcy chapter 7
is there any help out there for me?
q) is there any way i can by myself contact the lender and inform them of what is going on and negotiate a better loan even if my husband does not give me the quit claim before foreclosure?
q)- will my husband be the owner of the house if his name is on the deed but another buyer helped to buy the house? even if he was not paying and the loan had gone into default?
q- what are the terms of a quit claim?
q-at what point is a person's name removed from the deed, if he himself does not do a quit claim before filing for bankruptcy.
q- if a property is in pre foreclosure status can the person who is on the deed use a different qualified buyer to buy the house before foreclosure?
q- can the bank remove owners name from the deed by filing a quit claim deed, if he does not himself if the property is refinanced and sold to a new buyer?
- at what point does the lender consider other buyers that don't have their name on the loan but have their name of the deed of trust to offer a negotiation before foreclosure?
Hi liliflowerpower,
You've mentioned that there is no equity in the property. In that situation, you won't be able to get a loan.
If your husband's name is mentioned on the property deed, then he would be considered as one of the owners of the property. A quit claim deed simply transfers the property from one person to another. However, if both the parties want, they can add clauses to the deed under the supervision of an attorney.
If a person does not remove his name from the property, then his or her name will remain on it though he or she files for bankruptcy.
If a property is in a pre-foreclosure status, then it can be purchased by someone else but the lender has to agree to it. A bank cannot remove anyone's name from the property deed.
Thanks
You've mentioned that there is no equity in the property. In that situation, you won't be able to get a loan.
If your husband's name is mentioned on the property deed, then he would be considered as one of the owners of the property. A quit claim deed simply transfers the property from one person to another. However, if both the parties want, they can add clauses to the deed under the supervision of an attorney.
If a person does not remove his name from the property, then his or her name will remain on it though he or she files for bankruptcy.
If a property is in a pre-foreclosure status, then it can be purchased by someone else but the lender has to agree to it. A bank cannot remove anyone's name from the property deed.
Thanks
Thank You for your answer jameshogg.
"If a property is in a pre-foreclosure status, then it can be purchased by someone else but the lender has to agree to it. A bank cannot remove anyone's name from the property deed. "
Since my name is not on the loan but on the deed and divorce (California) is not finalized and pending trial at a future date and lack of husbands cooperation , What is the best way to contact the lender?
Is it wise to write and explain about the facts or is it a waste of time since typically lenders deal with their borrower? how about spouse of borrower,even if my name is not on the loan?
Thanks
Since my name is not on the loan but on the deed and divorce (California) is not finalized and pending trial at a future date and lack of husbands cooperation , What is the best way to contact the lender?
Is it wise to write and explain about the facts or is it a waste of time since typically lenders deal with their borrower? how about spouse of borrower,even if my name is not on the loan?
Thanks
Welcome liliflowerpower,
Lenders will always prefer dealing with the borrower. However, you can write a letter to the lender explaining him the whole situation and check out of he would be ready to deal with you.
Lenders will always prefer dealing with the borrower. However, you can write a letter to the lender explaining him the whole situation and check out of he would be ready to deal with you.