HELP!!!!

dredey. I just got of the phone with a friend of mine who knows his real estate.

He says, You must get the ex-boyfriend to sign over everything he is involved with. example: He is a partner..now you must get him to release his partnership by having him remove his name from the deed. Try Googling lawyers that specialize in this situation..free consultations only need apply.

Trying to make a buck.

Live from Boston, Mass.

Sounds like she really needs to speak to a RE lawyer. I would also call a Title co and ask them how she can get him off the deed. They may know more than a lawyer because they do this every day.
As far as you buying it and her staying in the house , I dont see it happening.
She obviously cant afford the payments never mind the utilities and cost of living on top of it. Her best bet is to sell it and start over. Tell her to talk to her mortgage holder and see if they have any way of working with her.
If the numbers are true and she has 86k in equity she may be able to move it quickly for around 140k depending what houses simular are going for in the area. But she has to clear up the deed situation with the ex before anything.

good luck

I would suggest that she try using a Skip Tracer or what is commomly known as a Private Dectective. They has access to records that we don't. As stated above, he MUST sign over his interest or he will be on the deed. good Luck

I'd tell her to speak with an attorney and at the most see if you can get a finders fee, but you might want to not try and save her.

If the boyfriend is gone and on the deed and out of the picture, then so is trying to get the house. No legal reason or precedent to get his name off of the deed.

Long shot to fix this

help her with this problem is to recommend a good RE lawyer. Even if her ex-boyfriend signed off on the deed how can she afford the house on $200/wk. if you buy the house and rent it back to her you are supposed to make money and how would you do that on her salary?? With the income she has she can really only afford to pay about 350 - 375 /mo. Where's your profit???? Sometimes the best help for someone is information.....give her a good attorneys name and move on. Nobody wants to have to sell their home or lose it but sometimes it can't be avoided.

Ugh! Sounds like your neighbor is in a tough spot. I agree with everyone else - have her get in touch with a RE Lawyer QUICKLY.

Your consideration of having her stay after you buy her half doesn't sound so good. Like B.C. says, if she can't afford her current payment on the note, don't expect her to be able to afford your "rent" (the note + insurance, cash flow, etc.), and then you'd be faced with a worse situation - trying to evict/foreclose on her.

Worse case scenario, if it looks impossible to get 'him' off the deed, then see if she can be removed from the deed and simply walk away. She'll lose the equity and have to start from savings (scratch), but the foreclosure and responsibility for the property would legally fall in his lap (of course, he'd end up with her half of the equity). At the very least, she'd save her credit history by dodging a foreclosure.

Tough spot to be in... I'm curious to learn what will become of this! keep us posted.

Chris

Yup... you're right. (good thing I'm not a lawyer offering free advice! LOL!). If you're ('she') is on the mortgage, you're ('she') is ultimately responsible to the bank.

this just crossed my mind - someone else may have some input on this. For some types of legal cases where a 2nd party must be notified and/or contacted, it can suffice to simply post a newspaper announcement that serves as an official notice to the 2nd party. You'd definitely tell her to speak with an attorney, but my idea to look into (if this form of notification is possible), is to have her 'notify' the 2nd party that the property is up for sale (perhaps stipulate a reasonable amount of time for him to claim his stake?) and if he doesn't respond, then go ahead with the sale where she can keep all the proceeds since he failed to respond. I don't know if this is possible, but perhaps it's just another thought for "outside the box".

Heck, it may even be possible for a judge to declare that the 2nd party abandoned/forfeited his stake/claim by walking away (after prudent attempts to contact, etc.), thereby defaulting the entire deed in her name - then go ahead with the sale. I'm pretty sure that a bank either wouldn't want to, or wouldn't be able to foreclose with this "problem". At the very least, she's looking at a 1 - 2 year process, given the circumstances with the 2nd party.

Tell her to look for either a RE Attorney or one who specializes in Foreclosure Defense (and check references!!).

Chris

Have the bank jut take the house back

Won't hurt you like a foreclosure and you still will be able to purchase again without the blemish of a short sale or foreclosure.

Just a thought

I agree- the thing that bothers me is the boyfriend on the deed and she's on the hook for the mortgage and hows the title- the bf could have clouded it and shes left holding the bag.

WOW- we all have to live and learn when we set up house and start making BAD decisions. Hopefully there's NO children involved.

NEVER keep a tenant in these type situations--Dean said so.

Wish them well

I like Riffola last comment there might be some truth to that.