Comments for Mortgage Rent Relief

Comment on Getting a Mortgage With Friends by audrey j

audrey j — Fri, 18 Feb 2011 15:01:59 +0000

contact ACCORN housing or neighborworks america homeownership preservation program for help.

http://www.oaklandmortgageadvisor.com
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Comment on Getting a Mortgage With Friends by frankie b

frankie b — Fri, 18 Feb 2011 14:59:59 +0000

You got some bad information from your friend. If you don't pay they foreclose. It doesn't matter if there are 100 people on the deed. You can deed you property to anyone, but if its not paid, they take it. Most the time if you ad someone to the deed they have the right to call the loan in in full anyway.
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Comment on Getting a Mortgage With Friends by Ken

Ken — Fri, 18 Feb 2011 14:57:59 +0000

I cannot believe the misinformation here. There are 3 documents in question: A deed, a mortgage and a Note. ALL PARTIES ON THE DEED AT THE TIME OF THE MORTGAGE MUST BE ON THE MORTGAGE NO EXCEPTIONS. All parties on the deed do not have to be on the Note. It is not uncommon for one person to not be on the note.

Now the question is was your wife in title when the mortgage was taken out or was she added later? If she was added later her interest is subject to the mortgage.

Second question, are you sure she is not on the mortgage? She may be only left off of the note.

If she was in title and she did not sign the mortgage, the mortgage company will have to pursue an equitable title claim meaning that your wife benefitted from the mortgage (especially if it was purchase money) and therefore, is subject to the terms thereof. Different states have different policies with regard to such claims. Check with a local real estate attorney. The short answer about time is, yes if this is the case it will delay the foreclosure. Don’t forget though that every month you do not pay your principal is going up by the amount of the mortgage payment.
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Comment on Getting a Mortgage With Friends by goheels08

goheels08 — Fri, 18 Feb 2011 14:55:59 +0000

The fact that your wife isn’t on the mortgage has no bearing on the foreclosure. One spouse can get the mortgage in their name only, but both the husband and wife have to be on the deed. I suggest you call some investors and see if someone will buy you out.
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I’m a Realtor

Comment on Watch for Hidden Mortgage Costs by Daniel F

Daniel F — Fri, 18 Feb 2011 14:53:59 +0000

Want better service ,than raise the taxes.
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Comment on Getting a Mortgage With Friends by Gene and Allum

Gene and Allum — Fri, 18 Feb 2011 14:53:59 +0000

WRONG! Your wife doesn’t have to be on the NOTE in order to be on the DEED. The note is just a promise to repay. The deed is the ownership. If you two were married at the time of the mortgage, then her name would automatically go on the deed. But, doesn’t mean she has to go on the note.

contact your mortgage company and apply for a pre foreclosure sale program. Since your home has been listed at fair market value for at least 90 days, you may qualify for sell it for less then what is owed.
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ME. have worked in the mortgage industry for 9 years.

Comment on Watch for Hidden Mortgage Costs by brucec83

brucec83 — Fri, 18 Feb 2011 14:51:59 +0000

This is why I laugh at all those who think we can deport all the "illegal aliens".

Last year the Border Patrol did only about 16000 formal deportations. ICE did another 16000. All the rest came out of the prisons or agreed to go home voluntarily.

WE DONT HAVE THE RESOURCES TO PROSECUTE ALL THE SMUGGLERS, SO FORGET ABOUT THE ILLEGALS!!!!
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Comment on Getting a Mortgage With Friends by juniorsweapon

juniorsweapon — Fri, 18 Feb 2011 14:51:59 +0000

Unfortunately they can forclose. The problem is that no one has made payments on the property and that is cause enough for the bank to forclose. Keep your head up though.
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Comment on Watch for Hidden Mortgage Costs by mamboman

mamboman — Fri, 18 Feb 2011 14:49:59 +0000

coragryph explained it pretty well
he did leave out the fact that Bush’s cronies are also above the law
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Comment on Getting a Mortgage With Friends by daeve930

daeve930 — Fri, 18 Feb 2011 14:49:59 +0000

This would be a good time to consult a real estate lawyer.

The lien is on the house, not you personally. Your wife signed something acknowledging she’s aware that property in which she has an interest is being used as collateral on a loan.

Call the bank. Try to work this out. It may be that it’s too late, but you’ll never know if you don’t try.
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