Foreclosure in 93311>Question Details

Sales Person, Home Buyer in Bakersfield, CA

My brother and his wife are defaulting on a mortgage for a home they have been in for 2 years.

Asked by Sales Person, Bakersfield, CA Thu Apr 16, 2009

They defaulted on another home and filed for bankruptcy about 3 years ago. The deed of trust and co-signer is my Mother. What is the next process in foreclosing and will they go after the money from my Mother?

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A short sale may be the best solution in order to avoid a foreclosure. Make sure you choose a local short sale specialist who knows how to get the job done, as short sales are NOT part of the Realtor basic traininng! Find a local short sale realtor in Bakersfield, California:
1 vote Thank Flag Link Thu Apr 16, 2009
Try to avoid foreclosure by either doing loan modification if they have income to support the new payment or do short sale. For short sale, contact an experienced agent in your area who has closed short sale. Consult with CPA or real estate attorney for any tax and legal issues.
1 vote Thank Flag Link Thu Apr 16, 2009
WOW... sorry hear what has taken place.

Your mother is co-sign on the mortgage ? If yes her credit will now be tanked with foreclosure will drop approx. 50 points, probably all ready damaged due to lack of payment

Have you considered short sale? You need contact lender for that approval

What about leasing the property.

Can anyone bring the mortgage payments current

No professional can render an opinion what another professional may or may not do. Confer with an attorney

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Dec 31, 2010
Gosh, didn't realize this was April 2009!
0 votes Thank Flag Link Fri Dec 31, 2010
Your Mother is in a world of trouble. This will trash her credit.

I have been faulted several times on this site for saying folks in bankruptcy, just coming out or have not let it fall off their credit report have no business being allowed to buy a home. I have written several times they need to rent until they develop good financial and credit habits and history.

Folks, here is a great example as to why I have written this over and over. Foreclosure on a home 3 years ago and filed bankruptcy and now here we go again! How in the world did they even get a loan one year past the first bankruptcy?

Sorry, Sales Person, this is nothing personal to you, but sometimes honesty and truth hurts especially in our society of folks only wanted to hear warm fuzzy thoughts. Sorry for your Mom. Your brother should be very familiar with the process. I would have your Mom talk to a real estate attorney NOW. She should have never signed a mortgage with someone one year out of foreclosure and bankruptcy. This is going to be a hard and painful lesson for her. Sorry........
0 votes Thank Flag Link Fri Dec 31, 2010
Just curious how this ended up working for them?
0 votes Thank Flag Link Fri Dec 31, 2010
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