Re: Texas foreclosure, HELP HURRY!
Posted by James on November 06, 2003 at 08:58:43:In Reply to: Texas foreclosure, HELP HURRY! posted by Kathy on November 02, 2003 at 22:38:21:
Kathy,
I think that, if you check closer, you will find that the house is not in your name but the loan is still in your name. In many cases when a loan is assumed the original borrower is still responsible unless the new purchaser qualifies and has the loan transferredd to his name.
House prices have risen quite a bit in the past several years in Texas. If the house is still in your name, you might be able to salvage something--but unlikely.
: 1.Five years ago My husband and I signed over our house to a man who "BUYS HOUSES", we signed over POA to him and he took out a second on the house. We were never late with any payment, we just wanted to move quickly. The "HOUSE BUYER" said he would assume the loan, but in our contract stated IN lieu of foreclosure. We signed, moved, and thought we were finished.: Yesterday I learned that the house is still in our name and the man has missed ten payments. The house will go into foreclosure on November 4.: I found this out when I was turned down for a house loan. the mortgage is still in my name.: 2. Once the house goes into foreclosure, how long soes it take. I have a buyer that will pay in full? : thank you for all input
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Comments:: Kathy,: I think that, if you check closer, you will find that the house is not in your name but the loan is still in your name. In many cases when a loan is assumed the original borrower is still responsible unless the new purchaser qualifies and has the loan transferredd to his name. : House prices have risen quite a bit in the past several years in Texas. If the house is still in your name, you might be able to salvage something--but unlikely.: : 1.Five years ago My husband and I signed over our house to a man who "BUYS HOUSES", we signed over POA to him and he took out a second on the house. We were never late with any payment, we just wanted to move quickly. The "HOUSE BUYER" said he would assume the loan, but in our contract stated IN lieu of foreclosure. We signed, moved, and thought we were finished.: : Yesterday I learned that the house is still in our name and the man has missed ten payments. The house will go into foreclosure on November 4.: : I found this out when I was turned down for a house loan. the mortgage is still in my name.: : 2. Once the house goes into foreclosure, how long soes it take. I have a buyer that will pay in full? : : thank you for all inputOptional Link URL : Link Title :
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