Foreclosure in Staten Island>Question Details

Carl, Home Buyer in Staten Island, NY

I AM HALF OWNER OF A HOUSE. BY A MISTAKE I AM NOT ON MORTGAGE NOTE. THIS IS A TWO FAMILY HOUSE AND THE OTHER

Asked by Carl, Staten Island, NY Fri Dec 19, 2008

OWNER HAS PUT HOUSE IN FORECLOSURE . MORTGAGE COMPANY WONT WORK WITH ME. CAN THEY FORECLOSE

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7
Carl,

Yes, the bank can elect to pursue foreclosure. Your options at this point, would best be explored through a real estate attorney.

Good luck
0 votes Thank Flag Link Sun Dec 21, 2008
Yes they can foreclose! What you can do is ask the legal owner , to give you written authorization in order for you to discuss loan with Mortgage Lender , First you need to find out if this loan is assumable , then you need to find out how much is owed , in order to reinstate loan (means to bring loan current ) loan terms including interest rate if you agree to all terms the you can assume the note (only if loan is assumable)under your name, of course if legal onwer no longer has interest in the house.
0 votes Thank Flag Link Sat Dec 20, 2008
Carl,
Yes they will foreclose if the mortgage is not paid for three consecutive months. If you are not on the mortgage, there is no benefit for you to do a short sale. A short sale helps to save the credit of the person who holds the note. If you foreclose that stays on your credit alot longer than if you sell at a short sale. By you not being on the mortgage, this will not affect you. You will of course loose all of your equity and investment that you put into the property.
Rosemarie Rivicci
Appleseed Realty GMAC Real Estate
4651 Hylan Blvd.
Staten Island, NY 10312
917-846-5795
0 votes Thank Flag Link Sat Dec 20, 2008
Carl,
Yes, the bank eventually will foreclose on the house. But will be longer, little bit. If you want to keep this house, then short sale could be an alternative.

grandfinance@gmail.com
0 votes Thank Flag Link Sat Dec 20, 2008
Carl,
Yes, the bank eventually will foreclose on the house. But will be longer, little bit. If you want to keep this house, then short sale could be an alternative.

grandfinance@gmail.com
0 votes Thank Flag Link Sat Dec 20, 2008
Carl, Like Nancy answered, yes they can.. Is your name on the title? It's a bad situation and I guess if you have to look at the positive side, your credit will not be hurt with the foreclosure. Again you may want to talk to an attorney to see if anything can be worked out with the mortgage company. Good Luck
Web Reference: http://callnyhome.com
0 votes Thank Flag Link Fri Dec 19, 2008
Hi Carl,
I am sure they can, with more red tape, just like banks can foreclose with other banks and lien holders on title. With that being said, contact a real estate attorney and see what options you have. I'm sorry this has happened to you.
Best of Luck,
Nancy Doyle
http://www.nancydrealtor.net
0 votes Thank Flag Link Fri Dec 19, 2008
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