House will end up in foreclosure.?
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email me...i may have a few ways to help you. this isnt spam or any type of scam. i am loan officer that may know of some options
Talk to the bank and let them know your situation. Ask them what options you have.
hi, are you behind on the payments?is selling it out of the question?
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"My house is financed in my name only my husband is on the title."
I cannot imagine for the life of me why you would have done that.
For those of you out there who don't have everything you own with your spouse as joint tenants (unless it's something that you came into the relationship with), have everything - house, cars, bank accounts - in both your names. That way, neither of you can clean the other out or sell everything out from underneath each other if you eventually split up.
I know you never plan on having marital problems and can't even imagine getting divorced when you buy something like a house. But, you never know what happens and you both want to be protected.
In the scenario in the question, what would happen if the husband died? If the house were in both their names as joint tenants, the wife would just take over 100% ownership of the house. With the current situation, the house would go to probate, and she would have to hire an attorney and pay probate taxes just to get her own house back.
Anyway, as it is, you might end up getting foreclosed on, unless you work a deal where you keep the house owned as joint tenants, you make the payments and stay in the house, and you set a milestone (like if you ever get married again) where you then owe your husband 50% of the value of the house.
At that time, you and your new husband would buy your ex out, using both you and new hubby's income to get the mortgage.
That's what my mom and dad did when they got divorced some 30 years ago. 10 years later, my mom remarried and paid my dad off. It may be your only chance to keep the house, unless you have a friend or relative who wants to become a joint tenant with you under the same terms I just described. You don't have to be married or even related to be joint tenant owners of a property.
sell it and get a more affordable house
Try to sell your property. Contact the loan servicing dept and speak to someone in the foreclosure department.
However, if you are on the loan, just have your husband add you to the title and he can "quit claim" off. Why do you need to refi if you are the only one on the loan?
If you can't afford the house you must sell it. Try to get a "short sell" price (less than what you owe) so you can see it quick. A lender would rather go this route than let it foreclose.
It won't go into foreclosure as long has the payments are current. When you get the divorce finalized, I assume your asking for the house in the filings, the judge will order a quit claim deed (in some states the final decree alone ask as the quit claim) You also need to specify in the decree that the equity in the home will be yours alone or more problems may happen. If you get the equity then you could sell the house and get a smaller one that may be easier to qualify.
One last idea, if your current loan is an FHA, you don't have to qualify for an FHA STREAMLINE refinance.
I hope this helps alittle. Good luck, wish you the best
If the mortgage is in your name only, how did you get the loan in the first place? You would have been earning the same amount of money even without your husband, since he is not on the mortgage, but on the title.
Can you not make the mortgage payment if you reduce a few things you are doing currently?
Will your husband deed the property back to you as "a married women as sole and separate property." that is the only way you will be able to do anything with the property.
You may call your mortgage company, explain to them that the other debts were being paid by your husband, but his income will not longer be available to pay the other debts that he normally paid.
You may offer them the property back with a deed-lieu- of foreclosure.
You may attempt to sell the house.
I hope this has been of some use to you, good luck.
"FIGHT ON"
You should start by doing some research on how foreclosure works in your state, how much time you have to save the house, and what can be done to stop foreclosure. There are a lot of websites online that offer free information and advice, and you should call your lender to inform them of the problem with the mortgage. They may be able to help you in some way, or set you up on a forbearance agreement or modify the loan so that you can afford it. Here's a list of various ways to stop foreclosure to get you started, but not all of them will apply in every case, obviously.
The list of various methods to stop foreclosure that is presented below is a nearly comprehensive accounting of the most common ways homeowners can use to save their homes, either by staying in them and avoiding foreclosure, or by getting out of a bad situation with as much of their financial lives intact as possible. There are really no magical ways to end the foreclosure process -- but there are enough tools that homeowners have available, that they can choose from a number of options to help them out of their hardship situations.
1. Save up and get current on the mortgage by paying back the payments you've missed, plus the interest, late fees, attorney fees, etc. Understand that there are often thousands of dollars of extra charges that are added once you start missing payments and especially if the lender hires a law firm to pursue the foreclosure.
2. Work with the lender to put together a repayment plan, which would require you to put down part of the amount you are behind now and pay back the rest over a period of months, along with you current monthly payment. Usually, repayment plans can be worked out through your lender's loss mitigation department, and will result in you paying almost twice as much per month as your regular mortgage payment. This is to help you get caught up on the payments you missed while you are paying your original monthly obligation.
3. Work with the lender to modify the terms of the loan to say that the missed payments are spread out over the life of the loan or put on the back end of the loan. This is called a mortgage modification or loan modification. Some lenders will not do this because they do not hold the paper to be able to modify it. This is especially true for mortgage servicing companies, who only service their loans and collect payments, but who do not own the loans.
4. Refinance -- find a hard money lender or traditional lender that will consider foreclosure refinance loans. Qualifications include lots of equity and lots of income, since your interest rate will probably be over 10%. Foreclosure refinance loans can be difficult to qualify for and may result in higher monthly payments, but they are a good way for homeowners to get a fresh start with a new note and new lender.
5. If you have an FHA loan, you can get a one-time loan from the FHA that will bring you current and is placed as a lien on the property that you would have to pay back if you sell or refinance the home. This is called a partial claim. You would have to contact the FHA directly for this one time payout to get you caught back up on your mortgage.
6. Sell to a private investor or friend/family member and lease/rent the property back from them. That clears off the foreclosure loan on the property and uses someone else's good credit to get a new loan and allows you to stay in the property. Investors can also work out short sales on properties, allow they usually do this in the hope of flipping the property by reselling it quickly at a profit.
7. Bankruptcy will stop the foreclosure process, but is usually an expensive alternative to setting up a repayment plan, mentioned above. Attorney fees, trustee fees, court costs, and high monthly payments cause a lot of people to fail their bankruptcies. Only consider bankruptcy if you desperately want to prevent foreclosure and if you have a significant amount of income you can dedicate towards the bankruptcy payments.
8. Short sales are a good option if you owe more on the property than it is currently worth. A short sale means the bank accepts less than what they are actually owed, and would allow you to get out of the loan, at least. The bank would not be able to come after you for the rest of the loan amount, since, by accepting a lower amount, they forgive the rest of the debt owed on the mortgage.
9. Sell outright if the property is worth enough and you have a willing and able buyer. List the house yourself of through a local real estate broker. In some cases, it is the right decision just to unload the house to stop foreclosure and focus on repairing your credit until you can purchase a new, more affordable home in a few years.
10. If 1-9 do not work, you can offer the bank a deed in lieu of foreclosure, which means you're voluntarily giving the property back to the bank and they are agreeing that the property is payment in full of the loan. This is not much better than a foreclosure, and you have to leave the property anyway, but it will prevent the sheriff sale and eviction process. The bank will not be able to ask for any extra money or sue you for a deficiency judgment, because they accept the property itself as satisfaction of the loan.
11. If 1-10 do not work, you can just move out and walk away and forget about the property. This is definitely not recommended if you care about your credit and plan to borrow money for several years, but foreclosure should teach you not to rely on banks to help you out when you face a hardship. All they really do is promise great deals when you think of going with them, and then throw you to the foreclosure dogs if you miss a payment. Many homeowners simply walk away because the foreclosure situation is so intimidating, but, as listed above, there are numerous options that are better than just giving up on the property.
Those are the most common options that can be used to stop foreclosure. There are a few others (suing your bank, etc.), but they involve much more cost and legal involvement and may not end up stopping the foreclosure process in the end. To learn more about any of these options, though, please consider downloading our free foreclosure e-book, or if you need immediate foreclosure assistance, please fill out our foreclosure evaluation form. We would be happy to discuss your specific situation with you and help you find an alternative to losing your home to foreclosure.
Hopefully that helps a little. Good luck with the situation.
ForeclosureFish
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