Please email me at :pkc2590915@yahoo.com
I may be able to help you.

This is one of the biggest problems facing the housing industry right now, people that were given loans that should have never qualified. The foreclosure rates are rising quickly, you are not alone. And there are things you can do.

As one or two people already pointed out, your husband being on the loan is the biggest problem. His credit is going to take a huge hit if the house goes into foreclosure. The damage to his credit will already have started, anytime a payment was 30 days late it hit your husbands credit as well as his fathers. Your best bet is to try and rectify the foreclosure so as to avoid further credit issues for your husband, and you too… if his credit is awful it will make it more difficult for the two of you to qualify for credit together in the future. I am not trying to make it seem worse than it already does… sorry.

The first thing your husband needs to do is call the lender. If he can explain the situation, work out an arrangement to pay whatever is due (through payments) it may not be too late to reinstate the loan (there is a specific type of agreement that many lenders offer for this type of situation, but the name of it escapes me now). Then you can proceed from there with a bit of breathing room. Then…..

Although the market is slow, why not try to sell. Many lending institutions will put a stay on the foreclosure proceedings if a sale is pending. It is in their best interest to let you do the work, it also guarantees they will get more of their money back.

While it is VERY unlikely in the current market, your father in law could try to refi on his own. I would not reccomend going with any broker (see above) who implies that that would be easy. In the market today (70+ lenders have gone out of business since January, some very large ones) it is not very easy to qualify with less than average credit and with a poor payment history.

As for your husband being on title, he could be deeded off but that does not fix the credit situation. A real estate attorney could prepare and record a quit claim deed and remove your husband from title, however, that does not remove your husband’s obligation to the lender that holds the loan. Since he had to be on title to be on the loan he is still responsible for the debt same as his dad. You say he has never held interest in the property but that is what being on title is, interest in the property. It is unlikely that a real estate attorney is going to be able to help you with this aside from preparing a deed.

I am actually a loan officer and I help people in those situations all the time…He can absolutely be removed a couple of ways. The number one way I reccomend is to have his father refinance again and take him off and even though he may not be working or may not have a lot of income there still may be other ways to get this done. Secondly, he may be able to quit claim deed himself off of the property which he can do without an attorney down at the courthouse as long as his father signs. The only problem is with the loan already nearing foreclosure the current lender may still include the foreclosure on his credit. I would gladly see what can be done for your husband and father in law in that situation. Email me in the office tomorrow…I’ll give you a free analysis and let you know based on the specific situation what I think can be done.
Hope to hear from you soon…and good luck.

I have bad news for you: hubby is on the hook. If the house is foreclosed, his credit rating is toast. See if you can sell the thing.

In order for your husband to get off the loan, your father in law is going to have to refinance. A real estate attorney can draft a deed for him so he can be removed as a legal owner of the property, but your husband’s name will remain on the loan until it is refinanced or the property is seized by the bank and sold at Sheriff’s auction. Then the mortgage is nullified. That is going to kill your husband’s credit rating.

This is one of the biggest problems facing the housing industry right now, people that were given loans that should have never qualified. The foreclosure rates are rising quickly, you are not alone. And there are things you can do.

As one or two people already pointed out, your husband being on the loan is the biggest problem. His credit is going to take a huge hit if the house goes into foreclosure. The damage to his credit will already have started, anytime a payment was 30 days late it hit your husbands credit as well as his fathers. Your best bet is to try and rectify the foreclosure so as to avoid further credit issues for your husband, and you too… if his credit is awful it will make it more difficult for the two of you to qualify for credit together in the future. I am not trying to make it seem worse than it already does… sorry.

The first thing your husband needs to do is call the lender. If he can explain the situation, work out an arrangement to pay whatever is due (through payments) it may not be too late to reinstate the loan (there is a specific type of agreement that many lenders offer for this type of situation, but the name of it escapes me now). Then you can proceed from there with a bit of breathing room. Then…..

Although the market is slow, why not try to sell. Many lending institutions will put a stay on the foreclosure proceedings if a sale is pending. It is in their best interest to let you do the work, it also guarantees they will get more of their money back.

While it is VERY unlikely in the current market, your father in law could try to refi on his own. I would not reccomend going with any broker (see above) who implies that that would be easy. In the market today (70+ lenders have gone out of business since January, some very large ones) it is not very easy to qualify with less than average credit and with a poor payment history.

As for your husband being on title, he could be deeded off but that does not fix the credit situation. A real estate attorney could prepare and record a quit claim deed and remove your husband from title, however, that does not remove your husband’s obligation to the lender that holds the loan. Since he had to be on title to be on the loan he is still responsible for the debt same as his dad. You say he has never held interest in the property but that is what being on title is, interest in the property. It is unlikely that a real estate attorney is going to be able to help you with this aside from preparing a deed.