(Closed) NWR-CALLING ALL LAWYER or REAL ESTATE EXPERT BEES, I HAVE A QUESTION….

posted 6 years ago in Home
Post # 3
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I’m not an expert but I would suggest that he tries talking to the bank about a short sale.  Unless they qualify for one of the government loan assistance programs, the bank might not want to refinance or be able to refinance since they owe more than it’s worth.  I would look into getting rid of the house any way that you can.  If it ends up as a short sale or foreclosure and the two of you want to buy a house later, just put the loan and home in your name.

Post # 4
Member
92 posts
Worker bee
  • Wedding: April 2010

I Am not an expert, but it might be time to just walk away from the home.  We have debated this as wecould by an equitable house at the same time and be done paying it off before weseven out on our home.  It sucks but our bank won’t work with us either.  Yes, we could keep it up but it may not make sense to.

Like pp said buy a new house in your name only.

Post # 10
Member
7383 posts
Busy Beekeeper
  • Wedding: October 2010

If your house is Indiana (guessing from your profile), be careful about trying to have a short sale or a forclosure.  Indiana is a “deficiency state”, or a “judicial forclosure state”.  That means, for example- if you owe $200K on the house but then when the bank forcloses and resells it for $150K (if that is all they can get), then they can sue your Fiance for the difference- 50K in this example.  So he would not be off the hook for the money and then would have ruined his credit as well.  Not all states have this law- so if the house is not in Indiana- you may be fine.  You REALLY shoud meet with a lawyer.

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