Foreclosure . . .?

Question:

My home is under foreclosure and expected to go to auction on July 26. The house is in my husband's name (I'm not even on the deed). If he were to transfer the deed to me, and I was able to refinance the home, would that save the house? At least long enough for us to find a buyer . . .

Answer:
It's definitely worth a try, but you need to waist no time in exploring if you can get a refinance, and how quickly you can close on it. Make sure that you can get it done before transferring the deed. I'm not sure if the deed can be transferred if there's a lien against the house, but definitely worth looking into. Also, you might want to consider filing bankruptcy, it could save your house as well. I know it sounds like something you don't want to do, but it's actually not that bad of an idea. I'm currently looking into several options to save my home as well, but I'm not into foreclosure yet.
GOOD LUCK!

Wow, I'm sorry this is happening to you! I would do ANYTHING to save your house. However, once the home is in your name and it happens to foreclose, that will be on your credit hindering your chances of obtaining another mortgage loan for a long while.

I would take action on your plan. What you have in mind is better than sitting and letting your home go. This will ruin your credit!

most lenders will cap the transaction at 65% ltv.so as long as there is equity in the home it may work..but you have to take into account there will be fee's that have been added on.you will also have to have a lawyer do a quit claim deed asap to get you on the deed first.

It would save the house IF you can accomplish it before July 26. It won't matter if he deeds it to you or not if the refinance doesn't happen before the auction date.

Get busy, and good luck!

Foreclosure . . .?

Hot Topic