Posted by Mike Daly (GA) on April 26, 2002 at 08:52:44:
In all likelihood it’s not going to be a deal – back payments owed are going to be considerable and there is probably little if any equity in the house. His exwife would need to agree to the terms of whatever agreement you came up with. You could ask him how much he owes to see if it’s worth pursuing.
Help for a foreclosure - Posted by J
Posted by J on April 26, 2002 at 08:28:25:
Am a real estate newbie and need some ideas. Just found out my sister is marrying a guy whose house is about to go into foreclosure. I looked up the records and it is a very nice newer home worth about $175,000. I would like somehow to get something going here but have the problem of it being kind of a touchy area to discuss (family and all). I do know that there is a large first mortgage and supposedly a large second. Would it be better to go directly to the Mortgage company and talk to them? I don’t have much money and would just like to maybe make a fee and get them out of the foreclosure situation. It is a divorce situation where the exwife is still living in the house but has paid nothing for nearly a year. Should I even get involved? J
Re: Help for a foreclosure - Posted by JT-IN
Posted by JT-IN on April 26, 2002 at 18:26:29:
J:
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…
JT-IN
Re: Help for a foreclosure - Posted by Heidi W
Posted by Heidi W on April 26, 2002 at 11:55:19:
The problem (as I see it) is not whether’s there is a deal here - or not - but the fact that your sister will be married to a guy - who will in all likelihood have a foreclosure on his record.
More experienced people - correct me if I’m wrong - but I think that will mess up her(your sister’s) credit for the next ten years (if they marry.) Find out if the bank considers your future brother-in-law liable for the loan?
If he is, finding a way to prevent the foreclosure (without filing bankruptcy) could be very generous wedding gift - profit or not.
Good luck!
Heidi