Foreclosure in Nashua>Question Details

Munchkin, Other/Just Looking in Nashua, NH

My husband and I are separated. I am living in the house but the loan is in his name. If the bank forcloses, would I have the opportunity to buy it

Asked by Munchkin, Nashua, NH Tue Sep 8, 2009

or how long would this process take before I would have to move.

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Brenda your advice is wrong for NH, in NH property taxes would have to go unpaid for 3 consecutive years, if the home owner has a mortgage the mortgage company will pay the minimum due in virtually all cases so there is no tax sale. you see very few tax sales here in Nh Foreclosures are simple here in NH, however most forecosoure auctions require a cash buyer as you can not have any contingincies and most auctions call for a 20-30 day closing.

If i represented the wife, i would try a short sale immediately, having an agents who is well expereinced and provides a professional negiotiator may be able to get them to avoid foreclsoure and have the wife the best chance at buying.

The last factor is if the home owner, her husband, owes more than the house is worth, or has 2 mortgages than tee foreclsoure is the only thing to clear these liens oor the next buyer to not be responsible for them, her best bet is to get prequailified now, and then try and buy from teh bank after the foreclsoure.
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0 votes Thank Flag Link Tue May 17, 2011
YES ! YES ! What the tax sale, you should get the information and when they post the tax sale on your door keep it so you know who to call and the amount needed to buy it. It will go on tax sale, you can go down to the tax sale on the date it is up for sale and pay cash for the home, then it is your home. If you can get a bank loan, you can talk to them about buying it at tax acution.
Good Luck.
0 votes Thank Flag Link Sun May 15, 2011
Unfortanately there is no simple yes or no to your answer. If you have already retained an attorney for your divorce, they should be able to assist you with this rather easily. If you have not and want to handle it yourself. You will need your husbands assistance in notifying the bank, letting them know your situation and assign the mortgage, add you to the mortgage or give you a new mortgage. If it is in foreclosure your time is limited so do not delay. You could also try a short sale where your husband would sell you the property at an amount less than he owes, but time is limited. If you would like some help with a short sale please let me know. Good luck with working things out.
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0 votes Thank Flag Link Wed Sep 9, 2009
I would discuss this matter with a real estate attorney and his lender. Who's name is on the note? Title? You may be able to work with the lender on this, but as others have mentioned, the time to act is now and now when the foreclosure process has already begun... I wish you all the best with this.
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0 votes Thank Flag Link Tue Sep 8, 2009
You and everyone else investors go to auctions, so they are more likely to have cash in hand and ready to buy at the auction. ... You really should do something now. It depends if this is a judicial or non judicial foreclosure the value of your home and how many liens you have.

Negotiating with your lender ahead of time is really your best answer. You will have to bid with cash at the auction. If no one else bids it goes to the lender who foreclosed.

If I were you I could contact an attorney who does loan modifications. if your husband is not paying the loan then maybe you can assume it if you have means to pay it on your own. you will need to qualify for the loan.

JoAnna Jensen
Realtor Legal Assistant
Volo Law
925 699 5041
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0 votes Thank Flag Link Tue Sep 8, 2009
The quick answer is "yes." However, your situation is complicated and raises more questions then answers. Also, there may be other ways to transfer the property from him to you that would be less messy, such as a Quit Claim Refinance.

I would be happy to spend some time with you on the phone to discuss your options.
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0 votes Thank Flag Link Tue Sep 8, 2009
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