surfer asked:
We bought our house 3 yrs ago and got a mortgage just under my spouse’s name. We then added my name in the title after closing. Do I have to get my name removed from the title before we foreclose so my credit wont be affected or…do nothing since my name is not on the loan?
Brittany
We bought our house 3 yrs ago and got a mortgage just under my spouse’s name. We then added my name in the title after closing. Do I have to get my name removed from the title before we foreclose so my credit wont be affected or…do nothing since my name is not on the loan?
Brittany
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
It’s too late to make a difference. Because you have both been on title and mortgage, you both will be impacted in a negative way credit wise. Have you contacted the lender to try and work out a loan modification? Or ask them about “deed in lieu” of foreclosure? Have you done your homework on bankruptcy? Even if you divorced at this point, both of you will have credit issues. I would call 888-995 HELP it is a non profit org helping people in your shoes. Best of luck
Do anything possible not to let your home be foreclosed!!! Regardless of whether your name is on title or not. I urge you to do whatever is necessary, both of you get extra jobs to keep your home. Make contact with the lender to work out a plan, do not just ignore the fact that you have a responsibility to pay for your home. If you allow your home to be foreclosed, you give up!! Believe it or not the lenders do not want to foreclose, especially right now. Write them a letter, call them, take the first step. Let them know any hardships you have faced or the reason why you are behind in your payments.
I’m curious if you put any money down on this home when you purchased. It seems that the many people allowing their homes to be foreclosed did not put anything into the biggest purchase of their lives, they got 100% financing, the seller paid their closing costs and they got a home without breaking a sweat!! I’m not judging you, b/c many people did that.
If you have kids, you have to be a role model and show them that you will keep them safe and secure in their home. If you don’t you still want four walls around you.
If you are in debt up to your eyeballs, stop using credit, and begin today making a plan to pay off your debt, but most importantly take care of the 4 basics (Shelter, Food, Clothing & Transportation)….Transportation is important so you can start earning extra money by delivering pizza’s or throwing papers.
Be one that helps our economy, not one of the ones who is harming it, by giving up and having their home foreclosed!!!