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My daughter has a mortgage (my wife and I are not on the mortgage) for her half. In case of foreclosure, is the money I've invested in jeopardy?
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Posted: Mar 10, 2009 at 11:00 AM
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Mark N
Property Manager
McDonough, GA
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Yes it is. Get an Atty. If she has a first mortgage then anyting else usually gets wipped out.
Mark
For more help www.sellorbuyhouses.com
Aug 30, 2009 at 6:50 PM
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Patrick...
I would say it is a good possibility! My suggestion is to call a good foreclosure attorney.
Please call me if you dont know one..
203-682-4327
betty stroll
william raveis real estate
Jul 22, 2009 at 10:45 PM
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Patrick,
I am in Texas so I do not have CT Real Estate knowledge in regards to their foreclosure rulings. I will tell you that depending on what the house is worth, what the market is currently doing, and the willingness of the bank to work with you will all play a factor in how this will play out. If you daughter is having trouble paying the mortgage I would get in touch with the lending institution. Obama's plan for troubled mortgages may be able to help her.
Some things to consider:
Is the property worth more or less than what was paid? If it is more than what you originally paid then it might be best to buy your daughter out if you are able. The lender might not be so eager to work with you if they know they can get the balance on the loan on the open market. Again, check your local area listings to see what the market is doing in terms of appreciation or depreciation.
It will be sticky for the bank because you have an interest in the property. Now being that you are related this might have bearing in what they can and cannot do in terms of giving you a return on your investment. They could tell you that after the debt is satisfied you will gain the remaining balance. I would check with a legal adviser on this.
If you reside in the home with your daughter, they would have to foreclose on both parties? Again, talking with an attorney might be a worthy conversation because they are going to be able to lead you in the right direction depending on your particular set of circumstances.
Another point here is Obama's help for preventing foreclosures. You and your daughter would do well to contact the lending institution to see what the guidelines are and how she can qualify. I know that she will have to have the ability to pay the loan if they restructure. Some measures that may be available are lowering the interest rate, lowering the principle amount, extending the payment years out, or a delay in paying for 90 days. It could represent a combination of them all. If she has not behind in the payments this is better since the bank will want to present it to the potential investors that she has the ability to pay the mortgage if the do restructure the loan to more reasonable terms.
I wish you well and hope things turn out for the best for you!
Dianna
Mar 11, 2009 at 12:24 AM
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