BK and Pre Foreclosure

[Souix]

What is the name of your state? Oregon

I got a call yesterday from a customer that said his house is in foreclosure and he wants his name off title and the loan. I'm thinking the only way to do that is refi or sell. However, his cosignor on the loan filed C7. Can he still sell his portion of the property since he is not the one who filed BK? He is not married to his cosignor. Do I need to find out how title is held?

I have already asked my PB and she doesn't know the answer to this. She said its a legal question. So please don't answer with, "you're a real estate broker how come you don't know this".....type stuff ok?

I advised the customer to seek legal advice, but I would just like to know for my own future knowledge. Thank you.

 

[HomeGuru]

What is the name of your state? Oregon

I got a call yesterday from a customer that said his house is in foreclosure and he wants his name off title and the loan. I'm thinking the only way to do that is refi or sell. However, his cosignor on the loan filed C7. Can he still sell his portion of the property since he is not the one who filed BK? He is not married to his cosignor. Do I need to find out how title is held?

I have already asked my PB and she doesn't know the answer to this. She said its a legal question. So please don't answer with, "you're a real estate broker how come you don't know this".....type stuff ok?

I advised the customer to seek legal advice, but I would just like to know for my own future knowledge. Thank you.

A: it depends on how the BK affected the mortgage and the title. Generally, the mortgage remains intact due to the co-borrower and title remains the same.

 

[Souix]

A: it depends on how the BK affected the mortgage and the title. Generally, the mortgage remains intact due to the co-borrower and title remains the same.

**Title is vested in both names as "not as tenants in common but with rights of survivorship". So can he list the property with me or not?

 

[HomeGuru]

**Title is vested in both names as "not as tenants in common but with rights of survivorship". So can he list the property with me or not?

**A: what was the result of the BK?

 

[Souix]

**A: what was the result of the BK?

I don't know. All I know is he said she filed C7. What questions should I be asking him?

 

[HomeGuru]

I don't know. All I know is he said she filed C7. What questions should I be asking him?

**A: then sorry, I can't help you further. Get a title report like you do and go from there.

 

[Souix]

**A: then sorry, I can't help you further. Get a title report like you do and go from there.

***Ok thank you. I did get a copy of the last recorded Deed and it listed them as both being on title, not as tenants in common but with right of survivorship. I asked legal advisors through Realtor.com and they said I cannot list the property because they can only sell a half interest if they are listed as joint tenants. But the Deed says NOT tenants in common so now what? I have sent that info to Realtor.com. Should I post back what they say or do you know?