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Foreclosure in 76116 : Real Estate Advice

  • All22
  • Local Info3
  • Home Buying8
  • Home Selling2
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Activity 2
Tue Aug 9, 2011
Don Groff answered:
That is almost the norm unfortunately. What you need to do is find an experienced Realtor and list the home immediately. You also want to contact the lender and let them know you would like to do a short sale. They will direct you to the documentation you need to provide like income and a hardship letter etc.

Talk with a few Realtors and make sure the one you are dealing with has had success with short sales. You will be up against the same issues. The lender may want to set a price based on their own appraisal or they may instruct you to list the home and submit an offer when received.

Because your situation has dragged on for so long you may be up for foreclosure very soon so make sure you keep communication open with the lender at all times. Call them at least once a week.

Best of luck to you and your family.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
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Sat Jul 4, 2009
Marilyn Bell answered:
It sounds like you're still on the hook for the note. You said he couldn't refinance, so it's still the loan that you were on, correct? Unfortunately, people don't realize quitclaim is for title only, not the attached mortgage.

I'm sorry this has happened to you, but you may need more than just a real estate attorney. If the judge says a party is not obligated to a debt, it doesn't mean the creditor agrees. If there are any tax balances or other debts, you need to check on those as well. The IRS does not release a party from a tax debt because a judge says so. Many other credit card companies and banks won't either.

I'd go back to your original attorney (who doesn't sound very good) and see if he or she can quickly assist you at no cost. This issue should have been addressed during the divorce proceedings. I actually had a listing recently because the judge ordered the home to be sold since neither party could refinance or pay the other party.

I would also call the mortgage company and explain what happened as well as provide the divorce decree. They almost positively won't remove your liability, but they may allow you to make arrangements and not let this affect your credit score.

Best of luck to you. AND BE ADVISED I AM NOT AN ATTORNEY, just sharing what I have seen to be true.
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