Title problem? - Posted by Lee

Posted by Lee on May 30, 2007 at 11:01:57:

Thanks River City

Title problem? - Posted by Lee

Posted by Lee on May 26, 2007 at 20:26:08:

Title problem?

House was purchased in 2005, now being foreclosed on.
They both are mentioned in the assignment of mortgage.
Only ?she? is named in foreclosure suite.
Only ?she? signed the ?Note?
They both initialed every page and signed the last page of mortgage on the ?Borrower? line.

Will the suite being filed without including his name cloud the title after the foreclosure sale?

Lee

Re: Title problem? - Posted by River City

Posted by River City on May 30, 2007 at 10:07:23:

The reason for his signing the mortgage is to notify him that although he resides in the home, they can still foreclose on it if payments are not made according to the written agreement. This should not have anything to do with the title being clear after the foreclosure sale. HOWEVER, if he is the one trying to purchase the property in foreclosure, the lender might not consider it an arms length transaction and could possibly prevent him from purchasing the property for anything less than the fair market value or loan amount, whichever is more.