my husband's house forclosed. bank is reselling. Can...
Submitted by tina748596
from CA
- 10/31/2008 - 9:35am
my husband's house forclosed. bank is reselling. Can I buy it? would I be doing something illegal?... When he bought it I singed the form that released me from being in the tittle. My credit is good and I'm already qulified. I saw that house in the market and thought of buying it back. I don't see why they wouldn't sell it to me?.. but you never know, just want to be sure I'm not doing anything illegal.
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You would want to be very careful doing this, as it might reinstate the debt that was wiped out by the foreclosure sale, giving those creditors rights again against the property. Your title company may be able to advise you further, and you will definitely want a title insurance policy that insures you against the re-attachment of those debts.
My husband has a bankrupcy that was discharge on August of 2008 and the house was included in the bankrupcy. Could they still come back and try to charge me if I buy it even though I had nothing to ever do with the house, I signed the notice to quit deed (i think that what it's called).
Forgot to mention I am doing an FHA loan, would that secure me from anything that the bank might want to do against me?
thanks
While you may have quit your claim to his house, I would not take that to mean that his lenders don't have a claim against you or your assets. If I was forced to guess, I don't think they would - but laws around community property vary a great deal by state. Personally I'd check with an attorney to be sure. Your husband's bankruptcy attorney is probably a good place to start. Should not cost more than $500.
thanks for the advice, I appreciate it.
by the way I am in california..
Just found out this morning that I could not buy the house that was forclosed on my husband because even though I signed the quit claim deed, I was on the tittle for at least those seconds , before I signed that paper. Witch is very intresting becuase I thought once you sign that paper you'r name would never show up as you ever being and owner. It was intresting to know that and also more because the answer came all the way from Washington DC. Yeah my lender had to contact them because no one knew what to tell him.
Thanks for letting us know the outcome. Good luck with your hunt for a new place.
I have a question somewhat similar above. We have a house which me and my wife live in. The house is only under her name and we still making payments on time barely. If we foreclose this house which is only under her name and me buying another one. What do we have to do? We were thinking of skipping payments so we can save it for down payment but not to sure about the consequences like will that affect my chance of buying another house after this house foreclose. Any help will do. Thanks in advance. By the way me and my wife filed joint on tax. Do we have to file separate?
When you try to buy a house they will need to pull your wifes credit and any debt that she has, they will through it to you debt to income ration.
At lease thats what they did to me.. I was kidda lucky because my husband had already finalized banckrupcy and he was clean from debt. So my income was just for the new house that I've purchased under my name... The lender did tell me that in the future what the lenders are gonna want to do is check your spouse credit and if she has a forclosure on file they will not lend you any money. I'm in california, I don't know if it's difrent in other state. I can only talk for my experience I', not an expert on this subject.
hope that helps.
I'm curious about short sales or loan modifications on a HUD rental property that my husband owns. The market value on the house took a HUGE dip since the economic downturn. It was market valued at $90,000 and our loan amount if $60,000. Now the MV on the house is $30,000 (in-sane) b/c many of the houses in the neighborhood were foreclosed on. Is there any legal way to do a loan modification or short sale to correct it to the current MV or atleast closer to the MV. It just seems odd that this house is valued at the same price as some mobile homes. He is current on all payments, but to have it mtg'd for that much when we thought we made a wise business decision at the time is scary. I don't see it ever coming back up to even the loan amount that he owes. Any suggestions?
If you are happy with the return on investment you are getting from the rent, you might just consider not worrying about it. Over time the value will return (due to inflation if no other reason).
Unfortuntatey if it is an investment property the chances are pretty low the lender will simply forgive the other $30k.
are there investors who can buy your house then resell it to you at the cost they bought it from the bank? We just got notice from bank that our house will start forclosure if we don't pay....the modification is taking forever...and I really want to keep my house.
Two issues:
1. No investor is going to do it at the cost they bought it at. They go to the steps to make a profit.
2. Any debt wiped out by the sale will likely re-attach to the property if you buy it back. Laws were put in place to keep people from letting their properties go to foreclosure as a method of avoiding full repayment of debts. (Free month of ForeclosureRadar to anyone who can cite the specific code, I've been meaning to go hunt it down but haven't had time).
The house is in my husbands name. If he gets forclosed on can I still buy a house later in just my name.
I am married but my house is only in my maiden name and not my married name and my husband has never been on it. Can i sell my house my house to him legally?
I like this topics, will help those who face problems with this.
I want to know more about this reselling.
Thanks
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