What is the name of your state?undefinedWhat is the name of your state?Minnesota
A GOOD girl in a BAD situation
A little over 3 years ago, Sept 2001, biggest mistake of my life, I purchased a home with, at that time, my fiancé. I put $5,000 of 401k money down and was listed as co-buyer and my income was a consideration for the loan, however my credit was not good at the time. His was o.k..He did not put any money down. Needless to say, the relationship deteriorated fast. Thank God we never married. I had a 10-year-old son and knew I needed to get out of the situation for his sake and mine. I moved everything out after living there about a year. I made my half of the payment for another 6 months in hopes he would agree to sell or refinance in hopes of saving my credit I was trying hard to rebuild. He REFUSED to sell, saying no-one was going to take his house away from him, he’d burn it down first. I started a partition action with tax refund money I paid up front and he supposedly got refinancing and a closing date, so I dropped the partition action, losing most of my money and at the last minute, the underwriters denied it saying they overvalued the property to allow for a 3yr. 5% penalty clause for early refinance or sell to be covered. So he begged and pleaded saying that if I waited until the 3 years was up and the penalty clause off the mortgage that he would be able to refinance. That was this Sep. of 2004. He has not refinanced, and I’m assuming that in trying to maintain the $1260.00 payments, he has let other bills get way behind and does not have the credit to refinance. I got a call from the Mortgage Co. who tracked me down saying he (we) was 3 mo’s behind and next step, foreclosure. Said they had been working on a payment agreement with him, which he gave them insufficient check by phone payments and will not return their calls now. I do not have the money to catch up the payments. I cannot contact him as I do not want him to know my ph#, or where I work or live and am deathly afraid of starting anything with him for fear of my life. Long story short, he stalked me and I almost had a restraining order on him. I have gotten married to a wonderful man in October 2004. My husband does know the whole story about the motgage I am on and we decided to go ahead with the wedding regardless. I was curious if the house goes into foreclosure, will this affect my husband’s credit? Also, I know I need an attorney, the problem is I cannot afford an attorney. I have contacted a few, they all want money up front and we do not have it. I wanted to know if it was possible to find an attorney who would take payment out of the sale of the home if a partition action was started again. I have not found one yet and running out of places to call. The home was purchased for $174,000. $159,000 is owed and is worth aprox $195,000 based on comps in the same area. Property Taxes have not been paid for this year either. I wish I could talk him into selling to a fast buyer who buys properties facing foreclosure, but I really think he’ll sit in the home until the sheriff drags him out. Can he stay in the home a year after foreclosure starts w/o making any payments? Does anyone have any advice for me ? I have searched partition, I cannot afford an attorney and may just have to ride this out till foreclosure. So then, what am I looking at for the future. How will this affect mine and my husbands chance at buying a house in the future. Does everyone who’s foreclosed on have to file bankruptcy as well. Can I start partition action if the house goes into foreclosure. Would that even help me at all? Do the numbers above appear that a deficiency would occur? Any help would be greatly appreciated. Thank you kindly and Happy Holidays !
A GOOD girl in a BAD situation
A little over 3 years ago, Sept 2001, biggest mistake of my life, I purchased a home with, at that time, my fiancé. I put $5,000 of 401k money down and was listed as co-buyer and my income was a consideration for the loan, however my credit was not good at the time. His was o.k..He did not put any money down. Needless to say, the relationship deteriorated fast. Thank God we never married. I had a 10-year-old son and knew I needed to get out of the situation for his sake and mine. I moved everything out after living there about a year. I made my half of the payment for another 6 months in hopes he would agree to sell or refinance in hopes of saving my credit I was trying hard to rebuild. He REFUSED to sell, saying no-one was going to take his house away from him, he’d burn it down first. I started a partition action with tax refund money I paid up front and he supposedly got refinancing and a closing date, so I dropped the partition action, losing most of my money and at the last minute, the underwriters denied it saying they overvalued the property to allow for a 3yr. 5% penalty clause for early refinance or sell to be covered. So he begged and pleaded saying that if I waited until the 3 years was up and the penalty clause off the mortgage that he would be able to refinance. That was this Sep. of 2004. He has not refinanced, and I’m assuming that in trying to maintain the $1260.00 payments, he has let other bills get way behind and does not have the credit to refinance. I got a call from the Mortgage Co. who tracked me down saying he (we) was 3 mo’s behind and next step, foreclosure. Said they had been working on a payment agreement with him, which he gave them insufficient check by phone payments and will not return their calls now. I do not have the money to catch up the payments. I cannot contact him as I do not want him to know my ph#, or where I work or live and am deathly afraid of starting anything with him for fear of my life. Long story short, he stalked me and I almost had a restraining order on him. I have gotten married to a wonderful man in October 2004. My husband does know the whole story about the motgage I am on and we decided to go ahead with the wedding regardless. I was curious if the house goes into foreclosure, will this affect my husband’s credit? Also, I know I need an attorney, the problem is I cannot afford an attorney. I have contacted a few, they all want money up front and we do not have it. I wanted to know if it was possible to find an attorney who would take payment out of the sale of the home if a partition action was started again. I have not found one yet and running out of places to call. The home was purchased for $174,000. $159,000 is owed and is worth aprox $195,000 based on comps in the same area. Property Taxes have not been paid for this year either. I wish I could talk him into selling to a fast buyer who buys properties facing foreclosure, but I really think he’ll sit in the home until the sheriff drags him out. Can he stay in the home a year after foreclosure starts w/o making any payments? Does anyone have any advice for me ? I have searched partition, I cannot afford an attorney and may just have to ride this out till foreclosure. So then, what am I looking at for the future. How will this affect mine and my husbands chance at buying a house in the future. Does everyone who’s foreclosed on have to file bankruptcy as well. Can I start partition action if the house goes into foreclosure. Would that even help me at all? Do the numbers above appear that a deficiency would occur? Any help would be greatly appreciated. Thank you kindly and Happy Holidays !