Re: Foreclosure Questions (TEXAS)

Posted by Bill H on May 01, 2005 at 12:33:59:

In Reply to: 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?

Ty:

Jim-V is correct. Timetable in Texas is...first they must give you a 20 day notice of default, then they must give you a 21 day notice of sale...then the sale must be held on the first tuesday of the month...therefore the sale could theoretically be in as little as 45 days.

Good Luck,
Bill H

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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?

: 
: Ty:

: Jim-V is correct. Timetable in Texas is...first they must give you a 20 day notice of default, then they must give you a 21 day notice of sale...then the sale must be held on the first tuesday of the month...therefore the sale could theoretically be in as little as 45 days.

: Good Luck,
: Bill H


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