Posted by JT-IN on January 13, 2002 at 20:15:35:
Teresa:
“I want to save the property due to the fact I have a lein on the house.”
As a lien holder, you can protect your interest in the property, by responding to the suit stating your interest, and by bidding on the property at the sale. to protect any equity that you possess, or if you are outbid, then your lien will be satisfied, if the price paid, covers that amount.
However, you actually have several issues to be concerned with here. The fact your name is on the note, you are a party to this foreclosure, as the lender will be pursuing you for the unpaid balance, as
well as your X. This could also involve an amount for a deficiency judgement, if the lender is not totally satisfied in full.
Depending upon what the status of your X husband is, and whether he will give you a POA to discuss with the lender, will detemine the lenders cooperation with you, on this matter. You did not mention whether the X is still occupying the property, or what his status and desire for the property is.
If you had complete cooperation form the X, you could contact the lender to try to work out a short sale, or several other options that could be favorable to you. Without his cooperation, you can pretty much forget about working with the lender.
There is too much detail that you left out, pertaining to the situation, to give more specifics here. I fyou cna detail exactly what is happening, amount owed, how many pymts back, what your lien is and how much, X’s status and level of cooperation, etc. etc., then it may be possible to assist in this matter.
JT-IN