Help with Foreclosure (long) - Posted by Brad
Posted by Brad on August 17, 2003 at 20:11:46:
I would like to know what information I need to gather and what steps I need to take to help my girlfriend save her house from foreclosure.
Her situation is this, She had purchased a house from her parents on land contract and made payments faithfully to them for several years. In January of 2002 she went to a bank a recieved a loan to pay her parents off. When she got the loan her deadbeat boyfriend who never had a job and never made a payment on the house begged her to put his name on the deed (she knows a big mistake). Payments were made on time every month for 11 months by my girlfriend. In December of 2002 she asked her boyfriend to move out because she could not deal with him any longer and she was scared of him. He refused saying he owned the house, so my girlfriend and her daughter moved into an apartment. To make an allready long story shorter he has not made a payment since February and she was also unable to make the payments on the house and the apartment so she has received notice from the bank that they are foreclosing on the house.
The loan is for approx. $63,000 with payments including taxes and insurance of around $550. No payments have been made since Febraury. I am told by my girlfriend and her brother that the house would appraise for approx $90,000.
How do I save my girlfriends house and equity, and what can we do about the ex who seems stubborn and does not really care about his credit. Sorry so long.