If you are in a position to buy a new one why not just catch up the old one and avoid the foreclosure? If you are having financial trouble call the lender and see if the will work out a work out program with you.

I would be happy to meet with you and discuss working out a short sale on the proeprty which is up for foreclosure.

I look forward to hearing from you!

Alonzo,

I am not an attorney, but I believe that it matters when the house was purchased and how title was taken. Prior to Virginia becoming an equitable estate, many people purchased their homes as Homme Sole and Femme Sole. Many spouses sought to purchase property in only their names to eliminate having to relinquish half of the equity to their spouse, in a present or future divorce situation. I really do not know how those properties would be dealt with today, but remember that Virginia is now an equitable estate and eventhough your wife is the only one who appears on the loan and/or the deed, what happens to her credit, will affect you and your credit, because you are husband and wife. A better option would be a short sale instead of a foreclosure. Contact your bank. If you work with the bank, they will help you. You need an agent who is familiar with short sales to help you. If you lie on a loan application, that is fraud, which is a federal offense. Please seek legal advice.

Brenda Feria
Owner/Broker
Park Place Properties, Inc.
5604 Grove Avenue
Richmond, VA 23226
804-285-2828 ext.3002 http://www.parkplaceprop.com
bferia@aol.com
Se habla espanol

Alonzo,

You should not mislead your lender about your financial situation. This could be a serious issue for you should they decide to pursue legal action for lying on a loan application.

Cindy

Alonzo,

I have seen quite a few instances where the "bread winning" spouse is not on Title or Quit Claims their interest to the other spouse. In one particular case, when the couple's home was Foreclosed on the "Bread Winner" spouse was able to purchase a new house in his name since his Credit was not damaged.

You should speak to an Attorney for legal advice before going down this road. In most cases, if the Spouse didn't convey their interest within a reasonable time before a major event (Foreclosure, Litigation, etc.) they may not avoid the repercutions. In your "example", I am not sure why they would have mentioned their situation to the new Lender... I am in no way suggesting they lie; however, why offer more information than necessary? I would have then contact an attorney sooner than later with the pending Foreclosure approaching.