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  #1  
Old 08-09-2009, 04:47 PM
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Question

Texas Home in Default

What is the name of your state (only U.S. law)? Texas
During divorce husband was awarded home. I have a deed of trust and a special warranty deed. Now he has defaulted on the home. Could I take it back? What is the process?
  #2  
Old 08-09-2009, 04:55 PM
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Quote:
Originally Posted by amalvarez75 View Post
What is the name of your state (only U.S. law)? Texas
During divorce husband was awarded home. I have a deed of trust and a special warranty deed. Now he has defaulted on the home. Could I take it back? What is the process?
Can you pay the mortgage and stop the foreclosure AND get a court to order that you get the home?
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  #3  
Old 08-09-2009, 05:26 PM
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Exclamation

Any advice is appreciated

Yes. I can pay the mortgage and what fees are owed. But the home is in default, has not made it to foreclosure or short sale yet because the lender is trying to work with him. Do I still have a chance??? Money is not a problem.
  #4  
Old 08-09-2009, 05:53 PM
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If he was awarded the home he probably has a right to whatever equity is in the home.
  #5  
Old 08-09-2009, 07:15 PM
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Originally Posted by amalvarez75 View Post
Yes. I can pay the mortgage and what fees are owed. But the home is in default, has not made it to foreclosure or short sale yet because the lender is trying to work with him. Do I still have a chance??? Money is not a problem.
Yes, you have a chance but you would need to get into court as quickly as possible.
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Old 08-09-2009, 07:17 PM
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Originally Posted by Ronin View Post
If he was awarded the home he probably has a right to whatever equity is in the home.
If a short sale is a possibility (as she stated) then there isn't any equity...which is all too common these days.
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  #7  
Old 08-09-2009, 08:34 PM
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Originally Posted by Ronin View Post
If he was awarded the home he probably has a right to whatever equity is in the home.
OP needs to move quickly - BEFORE it goes to foreclosure. There are two options:

1. Convince the ex to let her take over the house and/or go back to court to take it over. If it goes to court, it could take a while. First, convince judge that there's a good reason for her to take it over. Then, get the certified appraisals of home value. Then pay ex for any equity (even if he was willing to turn it back to the bank, he could easily ask for equity if it goes to court). Then add in legal expenses and delays.

2. Buy it from the bank, possibly via short sale - if she contacts the bank right away, it might be less expensive and easier to do it this way. In essence, use the bank as a middle man to take the house back from ex and sell it to her.

3. Simply buy it back from ex without involving the divorce court. If the relationship is reasonably cordial and ex is looking at having his credit ruined by settling for short sale or foreclosure, he may be happy to take $1 for the house - and make it a simple real estate transaction.

Without knowing the specifics (particularly how likely the two are to end up fighting over it), it's impossible to choose which one would be best for you.
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