my husband's house forclosed. bank is reselling. Can...
Submitted by tina748596
from CA
- 10/31/2008 - 8:35am
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
I have tried to have my mortgage modified from Bank of America. I started this process more than 9 months ago only to be told everytime i called "im in review". Very frusterated I found a mortgage attorney that will represnt me in lowering my mortgage. I bought the house in 2006 in Illinois. Everything is in my name only in regards to mortgage documents. I got married in 8-2007 never refinanced my mortgage with my wife on the loan. Can I let our ever small house go or rent out and get another mortgage in only my wifes name? This was only a home for one (me) and now our family has grown to four people and we simply need more space. What are my options? Thank you in advance!
Hi Brian,
If the loan is not in your wife's name then the foreclosure is not affecting her credit. It would be possible to get a new loan in her name. You would want to contact a loan officer in your area for more information.
I live in Michigan, and moved in with my husband in 2008. He had a bad mortgage that payment almost doubled. Like others we attempted the loan modification program 2 times but was denied. We are left assuming that forclosure will begin shortly. The mortgage is only in my husbands name. I work full time and have a pretty good credit score and a full time job. Would I be able to buy the home if it goes into foreclosure.
The property value has dropped that the loan is 40,000 more than what the home is worth. Would the bank re-fi to me?
Hi JoJo,
We do not cover Michigan so I am not familiar with the laws of that state. I know that in CA the debt could potentially reattach to the property if there has not been a break in the chain of title. Since you are married and if Michigan is a community property state it MAY be possible that the outstanding debt could reattach to the property. In CA you would probably not be able to purchase the property, not because the lender would not lend you the money (which may also be true) but because a title insurance company will not insure the transaction. You may want to consult with an attorney in your area before you proceed.
Some of these situations sound similiar to mine. Here is my story, I have no legal attachnment to this home. My wife and her prior husband the ex husband bought this house 10 years ago. House went into forclouser. House is located in CA and I currently live in Indiana and will be moving to CA. I have only been married to her since November of 2010. If the house forcloses is it against the law ot buy the house in my name only?
Hi Jim,
You can absolutely buy a home in your name only. The loan that went into foreclosure was not in your name and does not affect your credit. You will need to qualify for the loan solely on your own income. You will be purchasing the property as a married man, sole and separate. Your wife will most likely need to sign an interspousal grant deed at the time of closing which allows you to purchase as your sole and separate property since this is a community law state.
At a later date you can always add her name onto title but the loan will remain only in your name.
my boyfriend filed bankruptcy and included his home which the bank is threatning to foreclose on, since they have not foreclosed and this debt was discharged is he able to buy ahouse in michigan credit report shows no foreclosure . thank you
Hi Donna,
Most lenders will not lend to someone that has filed Bankruptcy within 7 years. In many cases a bankruptcy and a foreclosure are weighted very similarly in terms of loan qualification. Your best bet is to reach out to a mortgage broker in your area that can run your credit and let you know if there is a loan program for you.
hi i have a question concerning a morgage that is getting ready for foreclosure. my ex husband and myself were married for 15 yrs. and we have been divorced since 2009 and we had a house that is in his name but my name is on the dead that was put up for caladeral as well as his threw the divorce we were to split assetes and liabilities and i never got anything but my question is since he is in jail and the house is about to go to foreclosure can i pay the money to keep it and can i have it put in my name and if so how do i go about that?? i was told if it is foreclosed on since im on the dead i will be petalized and i would like to keep the home but dont want to make payments on something that is in his name and have him want to take it over when he is released from jail.what can i do????
Hi Jessica,
You would first want to see how you hold title to the property. If it is in both of your names then you could have your ex-husband sign a Grant Deed which would give you title to the house. A local real estate agent should be able to help you obtain a copy of your grant deed.
If his name remains on the property and you cure the foreclosure he would still have rights to the property.
We bought a house in nevada back in 06. At the time I had major credt issues so the lender said I couldn't be anywhere on the loan, mortgage, or title. My dad actually put 20% down for us at the time. There is nothing about this house in my name. I am in the final stages of buying a home in my name only because my wife doesn't work and the home is in her name. If we were to forclose on our home in Vegas could anything happen to me, the new house, or anything else? Am I missing something? I feel like the only negative thing would be my wife would have really bad credit for some time. Is that it? Thanks for any help
wife and I seperated, we own a home together, if it goes into foreclosure can/will bank put a lien on a home that she owns by herself for repayment on the foreclosed home?
Hi Jerry,
It would depend on the state and the specific loan status. If you are an a state that allows a deficiency judgment then the lender could seek a judgment against both of you. This does not typically result in the attachment of a lien to any other property. The laws vary from state to state.
thank you for your quick response, this is in washington state, right now I have been trying for loan modification for over 1 1/2 years, they reduced my payment by $300 , I still am having trouble with that, on SS, she lives in a 1989 trailer and is on SS too, right now I am $7000. in arrears. I will try to find out more from wa laws
Hi Jerry,
Deficiency judgments are not allowed in WA on non-judicial foreclosures. http://www.foreclosureradar.com/wa-foreclosure-process
I lost my home to a foreclosure in December 2011. An investor purchased the home at a foreclosure sale and made minor improvements! I have a friend that wants to help me by purchasing the home and then I can rent the home for about one year while I clean up my credit history and foreclosure! If I am able to purchase the home in one year would the bank still be able to reattach the debt forgiveness after one year? Thanks for your help!
Hi Eric,
If there has been a break in the chain of title and you do not have any other liens or loans that were stripped then you should not have a problem. The bigger question is whether or not a title insurer will insure the title at that time. Title insurers are very cautious about insuring title in cases like this.
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