Posted by Max-Va on April 17, 2007 at 22:15:07:
Foreclosure laws are state specfic. All will allow you to pay the back payments and reinstate the loan. Most states allow this up to sale date and time some states allow you to redeem the property even after the sale. Time is running talk to the lender tonight or at least first thing in the morning
foreclose and divorce - Posted by Kenny
Posted by Kenny on April 17, 2007 at 11:08:56:
I found out today that my property is being foreclosed on I have 50k in equity my ex to be is living in the property with my 3 children. I proposed to her lawyer to catch the back payments up $3400 but she has to leave the property. Is there anyone out there that can advise of some creative way to keep my house. Once house is in foreclosure can I get it out of foreclosure and keep my house. any adise at this time will be appreviated. Thx in advace. desparately seeking advice immediatly.
Re: foreclose and divorce - Posted by Atlanta_bob
Posted by Atlanta_bob on April 18, 2007 at 22:46:47:
Hello Kenny:
As already mentioned, you can send your lender the 3-months back-payments (plus late fees) and return your mortgage loan back into good standing with the lender, thereby stopping the foreclosure altogether. However, if I read between the lines, most divorce proceedings (with children) require one party to pay certain living expenses to the other party and that other party is required to make those payments. So, if your estranged wife is not making those mortgage payments, but is required (by court order) to do so, then you might mention that to your divorce attorney, huh? Seriously doubt that you can force wife plus 3 kids to leave house voluntarily, but you can suggest the lawyers agree for you to make future mortgage payments and reduce your monthly payments to estranged wife. This is clearly outside the realm of REI, but hope it helps anyway.
Atlanta_bob