Re: Help for a foreclosure - Posted by JT-IN
Posted by JT-IN on April 26, 2002 at 18:26:29:
I wonder if this is a situation that your sister is aware of…? If not, then you should advise here of the ramifications here. This will not effect her credit, but it will definitely affect their ability (jointly) to effectively buy/borrow anything. Should there be a deficiency judgment against her new husband, this could be a large matter for them to deal with, for some time to come.
Secondly, as to the foreclosure, and what can you do there… ? Probably not much, since you have little in the way of funds. Foreclosure investing, and curing defaults is big time stuff… and this takes cash to resolve these matters.
Without your future brother-in-laws authorization, which takes his signature, the only thing that you “could do”, (provided that you had the money) would be to purchase the mortgage directly from the lender. Again, I would not advise this. Curing any default would require their (he and his ex-wifes) permission… and apparently you haven’t spoken to him about this, so you can’t.
If I were you, I would concern myself with putting your sister on notice of these implications, and stay away from the rest of it, unless asked for help. It sounds like this may be out of your league anyway. Please do not take that personal, but it is beyond your ability to effectively offer solutions here, due to the lack of resources.
Just the way that I view things…