Exhusband Still On Deed, Can't Refinace Or Sell- What To Do?
my sister has a property headed for foreclosure in two weeks. Divorce situation. husband will not quick claim over his interest, or cooperate. As such, wife can not refinance or make a deal. how do I loan her the money to pay it off without adding to his equity?
how do I protect my position? Can she quick claim her interest over to me without his approval? We have a court date to remove him from the title in Feb. at which time I can refinance and consolidate. No net equity involved, just trying to keep a house over her kids in the northern winter. thanks
When you say, "headed for foreclosure in 2 weeks" what does that mean? Has a sale been scheduled... or do you expect a breach letter?
Divorce situation? Still in the talking stages, or is there a Decree?
Your sister should consider a Chapter 13.
I'm not familiar with chapter 13, I'll have to check it.
divorce status is that arguing stage- That grey area somewhere between initial court dates, and final decree and division. Certainly won't happen this side of Dec. 27th.
Property has been to court and goes back to the bank on the 27th. Then, how long before it goes to HUD?I'm assuming that is a breach decree. Sale has not been scheduled. Is it better to negotiate with the bank after they have it, or threaten them with actually having to take it?
I've also written a letter to the loss mitigation unit at the bank asking them to forgoe the 18 months of back interest in exchange for bringing the loan current. Any thoughts or stategies in this action.
On 2004-12-13 17:44, spencerF wrote:
I'm not familiar with chapter 13, I'll have to check it.
That's something for your sister to do. She should ask her divorce attorney to recommend a bankruptcy attorney. A Chapter 13 (wage earners' plan) might allow your sister to avoid foreclosure, and make up the back payments over time....
Property has been to court and goes back to the bank on the 27th.
What do you mean the property has been to court?
I'm not sure what you mean.
The Property doesn't necessarily go back to the Bank, even though the bank can bid at the Public Auction. You indicate that there has not yet been a sale, presumably you mean the Public Auction. If that's the case, the property won't be going back to the bank until a Public Auction has been scheduled, held, a winning bid accepted.
You said, "Citimortgage was granted the right to foreclose", that means they haven't foreclosed yet, but have a right to foreclose, that means you sister is still the owner.
"Does title transfer at the auction?" Yes.
"Does the bank or court transfer it directly to HUD, who then sells it?" I don't know about your state, in California for example the Trustee is responsible for selling it.
"What is the usual and at what time frame?" Again, you need to check with your state's foreclosure laws.
"I can't get any information from the Citimortgage foreclosure Dept.. just continuously transfered to collections. A very ineffective voice mail system and service reps who don't return calls." Keep trying to talk to them, eventually you will succeed. Ask for managers, if needed.
Good Luck.
Natalie.