Question concerning the christen on a mortgage vs. the name on the work to our home.?
I own a home in which the mortgage is in my identify and both my husband and my names are on the deed. We nominated the house for sale one year ago and still it has not sold. Since later, we had to move and purchased another home in which the mortgage and work is in my husbands name solely. The house I have the mortgage on has begin forclosure. Can the house we live in now be used as collateral even though it is surrounded by my husbands name only? Are we at risk for loosing our current house too?
Answers:
This depends on if you are surrounded by a community property state or not. If you are then yes, your debt is community property too.
Your 2nd property cannot be used as collateral for the loan on the 1st property. However, if the first house sells for smaller number than the amount of the loan, a deficiency will result (which means that guard wasn't able to sell the house for an amount of money that would cover your total debt - the mortgage amount, unpaid fees and interest, and legal fees involved in the foreclosure). The sandbank will try to collect the deficiency and can put a lien on your current property (if your husband is on the note too - you didn't specify as to whether he be on the note). A deed shows ownership; the note is securing the debt - it would functional to know if your husband is also a signor on the note for the first home. A deficiency taste would be a "judgment" lien and the bank cannot foreclose on your 2nd property pursuant to judgment lien - they can trimmings wages or require that it be paid off if you ever put up for sale the 2nd property in order to deal in your 2nd property with clear title.
I would recommend consulting a real estate/property attorney as to option with regard to your first property. If you do not believe that you can provide the property in time (before the foreclosure is completed), there are option - such as a deed in lieu - where on earth you basically give the ridge your property in exchange for settling the debt owed - this has to be analyzed on a overnight case by case basis by your mortgage company. (this looks better credit-wise than have a foreclosure on your credit report). You always have the prospect of filing bankruptcy, but I would conspicuously recommend consulting a specialized attorney in this area since this would also subject your current property to the decision of the bankruptcy court.
*Please be advised that this is in recent times my general opinion and does not consitute permitted advice nor form an attorney/client relationship.
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Answers:
This depends on if you are surrounded by a community property state or not. If you are then yes, your debt is community property too.
Your 2nd property cannot be used as collateral for the loan on the 1st property. However, if the first house sells for smaller number than the amount of the loan, a deficiency will result (which means that guard wasn't able to sell the house for an amount of money that would cover your total debt - the mortgage amount, unpaid fees and interest, and legal fees involved in the foreclosure). The sandbank will try to collect the deficiency and can put a lien on your current property (if your husband is on the note too - you didn't specify as to whether he be on the note). A deed shows ownership; the note is securing the debt - it would functional to know if your husband is also a signor on the note for the first home. A deficiency taste would be a "judgment" lien and the bank cannot foreclose on your 2nd property pursuant to judgment lien - they can trimmings wages or require that it be paid off if you ever put up for sale the 2nd property in order to deal in your 2nd property with clear title.
I would recommend consulting a real estate/property attorney as to option with regard to your first property. If you do not believe that you can provide the property in time (before the foreclosure is completed), there are option - such as a deed in lieu - where on earth you basically give the ridge your property in exchange for settling the debt owed - this has to be analyzed on a overnight case by case basis by your mortgage company. (this looks better credit-wise than have a foreclosure on your credit report). You always have the prospect of filing bankruptcy, but I would conspicuously recommend consulting a specialized attorney in this area since this would also subject your current property to the decision of the bankruptcy court.
*Please be advised that this is in recent times my general opinion and does not consitute permitted advice nor form an attorney/client relationship.
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