Posted by marcus on December 18, 2002 at 03:17:34:
In Reply to: "voluntary foreclosure" posted by F Merenda on December 16, 2002 at 13:15:23:
easy solution if you are willing to sacrifice a little credit damage. 2 years to be exact per foreclosure guidelines used by most banks. what is the property valued at and how much equity is there. bankruptcy law in texas favors the lender and bankruptcy cannot protect you(your daughter) inevitably should you decide to "fold" on the mtg payments. be prepared to pick the property up at the courthouse sale(held once a month in texas) for a possible reclamation of the property and opportunity at a future resale thereof.
: I have a life estate for a property in Texas which has been deeded to my dau. in law.The mtg is in my name and I am current with payments. I wish to refi at todays current lo rates but she refuses to deed property back to me.(She in in bankruptcy) If I
: voluntarily default on the mortgage and allow the bank to sell the property I will get rid of her but probably lose my equity. Is ther any way to save the equity?
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