Did you guys see that Old Republic is no longer issniug title policies on the no-name bank and GMAC REO's? There has been no mention in anything I've read to indicate that it's limited to the 23 states. Just more of a reason to buy a short sale instead. October 6, 2010
winston - Thanks Paul She's not really a model,she is one of grace's frdenis =P This wasn't planned shoot just sorta happened with the last few minutes of sunlight when we arrived because had to turn the car around to go back down the mountain.
The only assumable loans are VA loans, and the ansmuisg party has to qualify.You can not convey title while there are outstanding liens. You're options are to rent it out and keep paying the mortgage, sell it, or foreclose on it.
The problem is: Who would take over the pytnemas if the total loan is greater than the value of the home.If the loan is less than the value, you should just sell it for what it's worth, an d move.Alternatively, find out what it could rent for and jjust rent it out for a few years.
It all depends on your deotniiifn of taking over your payments. Most mortgage documents will not allow you to assign the mortgage agreement with the lender without first approving the new applicant. So lets start there. Why dont you just the ask the bank and explain you cannot afford the payments anymore and are seriously thinking about walking away from your home because it cannot be sold. They may suggest: 1. Deed in lieu 2. Short Sale 3. Consent Foreclosure-if allowed in your state.Then ask them if they would consider assigning the mortgage to someone if they can qualify? The banks are adjusting policies everyday to prevent foreclosures so anything might be possible.If the answer is no, then the only viable option would be to draft up a rent to own agreement which does not transfer ownership but transfers future equity. Also contact the bank and add the person to the account as an authorized user. This will require you to submit an authorize user agreement. Once they have authorized user status they will be able to contact the bank directly, and perform most functions as if they were the owner. If in the future there is a problem you can always cancel the authorize user agreementAs long as the person continues to make the mortgage payments at some future date of their choosing they will be able to purchase the property.
Yes, but it's a secret .I'll share with you! First, when you say stop do you ueradstnnd you are halting the process only and not the lenders rights under sate code. Anything can be negotiate up till a notice of sale (i.e. California). Then all bets are more or less off. If you want to negotiate a settlement then talk to the lender before a sale date is set. Attorneys can also seek a temporary injunction for a valid claim against your lender. NOW THE SECRET: But if you think you have a wrongful foreclosure action then DON'T stop the process let it continue. After the home goes back to the lender it's only then you have grounds for a wrongful claim. Stay in the home afterwards by responding to the unlawful detainer the lender will file to have you removed. Make your claim strong as to decepetive and predatory isntances a good auditor can determine for you. Some folks have gotten back their home at 50 cents on the current loan against their house under a negotiated settlement.
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