Foreclosure Questions (TEXAS)

Posted by Todd on April 30, 2005 at 17:39:00:

My wife has decided she wants to divorce/separate. Without our joint income, neither one can afford to pay our mortgage. We have had the house for 3 years. The mortgage was signed by her and we both signed the title. She took out 2 mortgages at the time of signing. The primary covered 80% and the 2nd covered the remaining 20%. Neither one of us wants to file bankruptcy. We are not trying to escape from our debts, just that we can't afford the house.

Here are my questions:
1) When the house goes into forclousre, will it affect my credit since I am not on the mortgage.

2) How long does it usually take before the mortgage company starts the forclosure process?

3) How long does it take to complete the forclosure? How long can we/she stay in the house before forceably required to move out?

4) Obvisouly, the sale of the home shall pay off the primary loan, but the secondary will most likely be short. What legal options does the 2nd mortgage company have?

5) Would bankruptcy be the better idea?

Follow Ups:

• Re: Foreclosure Questions (TEXAS) - Bill H 12:33:59 05/01/05 (0)
• Re: Foreclosure Questions (TEXAS) - Ty 20:02:32 04/30/05 (3)
  • Re: Foreclosure Questions (TEXAS) - Jim V 00:07:24 05/01/05 (2)
    • Re: Foreclosure Questions (TEXAS) - Todd 21:39:30 05/02/05 (1)
      • Re: Foreclosure Questions (TEXAS) - Keri 22:11:40 05/04/05 (0)

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Comments:
: My wife has decided she wants to divorce/separate. Without our joint income, neither one can afford to pay our mortgage. We have had the house for 3 years. The mortgage was signed by her and we both signed the title. She took out 2 mortgages at the time of signing. The primary covered 80% and the 2nd covered the remaining 20%. Neither one of us wants to file bankruptcy. We are not trying to escape from our debts, just that we can't afford the house.

: Here are my questions:
: 1) When the house goes into forclousre, will it affect my credit since I am not on the mortgage.

: 2) How long does it usually take before the mortgage company starts the forclosure process?

: 3) How long does it take to complete the forclosure?  How long can we/she stay in the house before forceably required to move out?

: 4) Obvisouly, the sale of the home shall pay off the primary loan, but the secondary will most likely be short. What legal options does the 2nd mortgage company have?

: 5) Would bankruptcy be the better idea?


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