Posted by KeithK2 on February 21, 2002 at 11:41:03:
Have you approached the mortgage holders and offered to cash them out? Sounds like they might willing to take the hit and be shuck of this deal.
Can’t see what hubby stands to gain by letting his soon-to-be-ex go under since his name is (presumably) on the mortgage (since he’s also on the deed) and he’ll take an equal hit for any deficiency experienced by the mortgage holder in the event of a foreclosure. Sounds like he’s still stuck in the anger stage of his impending marital breakup and will do ANYTHING to get back at his spouse.
Perhaps you miught reason with him but I’d still want to see if the note holder will sell. That way you can gain an interest in the house and deal from a stronger position
I currently am investigating a house that came to my attention through a wrong number (believe it or not). Apparently the woman misdialed and listened to the schpeel on my voice mail and decided to leave a message.
At any rate, she has a house in horrible condition and is currently on a payment plan but is three months behind on this plan. The problem is that she is separated and her husband would rather watch her go down with the ship than sign off on the papers. She has already offered him half the profits but he refuses to sign.
I also believe the mortgage company will have to take a 15,000-20,000 hit on a 64,000 balance to make the deal work. I think the house would fetch 80,000 in good shape, but it need 15,000+ in work to get that.
Does anyone have pointers on dealing with irate spouses, and /or mortgage holders?