Financing in Bemidji>Question Details

annerbee, Both Buyer and Seller in Bemidji, MN

Is there anything we can do?

Asked by annerbee, Bemidji, MN Mon Aug 1, 2011

We're in a terrible situation, and not sure what to do! My husband bought a house before we met. Sixty-thousand is listed at the bank and I believe 60k is listed as a CD. He bought it from his parents so things are a little murky. On my husbands bank account, it says that the maturity date of the loan is in 2012, when we talked to the bank they said this wasn't anything to worry about(no balloon payment, and it's a 30 year mortgage) but I'm beginning to not believe them. Correct me if I'm wrong, but isn't a loan maturity date, when a loan must be paid off? And with the other half, they said 2017 we'd start paying on it. But is that true? Or would we need to pay in full at that point? No one will give us answers, and we're lost. We tried refinancing when we found all this out, and it's getting harder and harder to make out monthly payment. We're currently trying to sell, but in a buyer's's not going so well.

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I see this question was asked August 1, 2011. What is the status of your loan now? Do you have any clearer direction yet?
0 votes Thank Flag Link Mon May 7, 2012
Unfortunately, we are no closer to an answer now than we were almost a year ago. We've listed with a different realtorm as we are still hoping to sell it. At this point we're just going to accept whatever may be coming, even if it does mean foreclosure.
Flag Tue May 8, 2012
You should consult a real estate attorney. They will know how to read the mortgage documents (did your husband get a mortgage when he bought from his parents?) If the mortgage is in your in-laws name then the attroney can tell you your options.
0 votes Thank Flag Link Tue Aug 2, 2011
Without reviewing the note there is not enough information to answer your concerns. Do you have copies of the loan documents? If not they can be obtained from the bank.
0 votes Thank Flag Link Mon Aug 1, 2011
The loan documents your husband signed when he bought the house spell out the rules. Some banks are making changes (in the consumer's favor) in recognition of this housing market but you need to consult those documents to determine what is contractually obligated and then use that as a basis for discussion.
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0 votes Thank Flag Link Mon Aug 1, 2011
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