Question: My house was going into
foreclosure and I signed the deed to the house in
lieu of
foreclosure over to my wife. My wife has not lived
in the house for 8 years. She was told by the court to
sell the house, but instead somehow
refinanced it for 44 years without telling me about
it. She would not take my name off the original
mortgage. Do I have the right to sell the house or any
other rights? I don’t have the money to fight this
anymore, please help!
Response: When you signed the deed
over to your wife, you gave ownership of the house to
her. It did not change the mortgage obligation you
originally had. That’s why a quit claim deed was a must
for your wife to
modify
the loan without your signature. At this point, you
have no rights to the ownership of the house and cannot
sell the property. The only way she can take your name
off the mortgage is by
refinancing the loan but since people in
foreclosure have poor credit history, no lender will
give her a loan and that’s why
modification becomes the only option. It is very
likely that your wife wanted to remove you from the loan
just as badly as you wanted it but that’s not an option.
Your wife did nothing wrong and if I were you, I would
not invest money into fighting this. As long as the
mortgage will be getting paid now, you will not be
affected.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
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Deed-in-Lieu of Foreclosure for Seniors Overwhelmed with Home Payments
Question: We are seniors, living on
a pension. We had our home on the market for over 3
years and we were unable to sell it. We can no longer
keep up with the home payments and we need to go live
with our son for health reasons. We were told that we
can sign the deed to our home over to our lender. What
would happen if we did that?
Response: If you have a clean title,
you can do a
deed-in
lieu of
foreclosure where the lender takes the deed to your
house and you walk away mortgage-free. The only caveat
is the potential tax consequences but if it’s your
primary residence, there may be none. You would need to
consult with your accountant. This depends on the amount
of your mortgage in comparison to the value of your home
and whether the lender has to
forgive a lot of your mortgage debt. More likely
than not, you will not face any tax consequences,
especially since you are retired. It is a much better
option than letting the bank
foreclose on your property.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
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