foreclosure help ?

[azroth]

What is the name of your state? House is in colorado, I am in Wahsington

I am currently going through a divorce. Papers were filed 1/05. In the papers, and as always planned my ex wife was going to keep the house and maintain the payments. I thought this was being done.

Yesterday i get a notice in the mail that the house is being forclosed on. This is the first i knew about it , or that she was not making the payments. She is planning on filing for Bankruptcy, wich form what i gather means they are going to come after me.

I have no intrest in the house or keeping the house. What are my options to protect myself ?

Originally Posted by azroth

What is the name of your state? House is in colorado, I am in Wahsington

I am currently going through a divorce. Papers were filed 1/05. In the papers, and as always planned my ex wife was going to keep the house and maintain the payments. I thought this was being done.

Yesterday i get a notice in the mail that the house is being forclosed on. This is the first i knew about it , or that she was not making the payments. She is planning on filing for Bankruptcy, wich form what i gather means they are going to come after me.

I have no intrest in the house or keeping the house. What are my options to protect myself ?

If you want to protect yourself from (I am assuming) predatory investors (such as the one who posted an advertisement prior to this post), then I would suggest that you investigate everything carefully.

Why don't you buy the house at the foreclosure sale and then sell it?

Give me a hint on what you want to happen here.

[azroth]

Originally Posted by seniorjudge

If you want to protect yourself from (I am assuming) predatory investors (such as the one who posted an advertisement prior to this post), then I would suggest that you investigate everything carefully.

Why don't you buy the house at the foreclosure sale and then sell it?

Give me a hint on what you want to happen here.

Thank you for your response.

I would like to be able for her to somehow keep the house long enough to sell it. the problem is that this is in a rural area of colorado and that could take a while.

i read somewhere about making a Partial Claim, one-time payment from the FHA-Insurance fund .. i dont know if that works in this case.

What im afraid of is that it will get forclosed on, auctioned, and the house will not go for what we owe on the loan. and since she is going to file bankruptcy I will be stuck with the diffrence, wich i can not afford, and have to file bankruptcy as well.

I know bankruptcy will stall a forclosure, but do we both have to file ? or if she files will it stall it ?

Thanks!

Not legal advice:

If I were you, I would be making sure I kept this house from going into foreclosure so it could be sold.

Anyway, post these questions in the bankruptcy forum and tell 'em I sent you over there so you won't get nastygrams for double posting.

I don't even know where the bk court is much less what one does inside!

[azroth]

Originally Posted by seniorjudge

Not legal advice:

If I were you, I would be making sure I kept this house from going into foreclosure so it could be sold.

Anyway, post these questions in the bankruptcy forum and tell 'em I sent you over there so you won't get nastygrams for double posting.

I don't even know where the bk court is much less what one does inside!

Ok i asked over there about bankruptcy. However, do you think an Partial Claim would be posiable in this situation ? now that i know she cant aford the payments on her own (i wish she would of told me ealier!) i could work with her and make sure they get made until the house is sold.

Originally Posted by azroth

Ok i asked over there about bankruptcy. However, do you think an Partial Claim would be posiable in this situation ? now that i know she cant aford the payments on her own (i wish she would of told me ealier!) i could work with her and make sure they get made until the house is sold.

I don't really know.

See if someone else answers.

While you're doing that, call FHA.

[ForeclosureXper]

I was offended by the predatory investor line. Obviously this gentleman cannot buy the property back at sale.. or he would have paid cash for the house in the first place. Equally as obvious is the fact that he will be unable to obtain a mortgage to buy it at sale as the lender on the marital property has just filed a forclosure naming him as a defandant. He tells us he wants nothing to do with the house, so why would he even attempt to buy it back? His best option here is to let a third party, that nasty investor, negiotiate a deal with the lender to purchase the house. I would guess that there is no equity in this situation or the wife would have sold it already. He doesn't want any money out of the deal, he just doesn't want to wind up with a deficiency judgement. An investor could buy the property at sale or as an REO and make the same profit as if he bought it directly from this couple, but it would not benefit our sellers whatsoever. Also if he and the exwife are not on good terms, an investor would act as a neutral party. I fail to understand how an investor is the bad guy in this situation.

Originally Posted by ForeclosureXper

I was offended by the predatory investor line.

Ask me if I care.

You got your advertisement deleted.

That's all I care about.