Friend wants bailout, what are the necessary procedures

[Coronita]

he should walk. period.

$70k on a 400k 1/1 condo soon to depreciate even futher and a wife that goes to school making $0 and possibly with student loans up the yazoo…

Bite the bullet and walk. Might as well do it during a time when a lot of other people are.

I think it’s worst if he/she delays the inevitable and walks at a time when others aren’t (though I think a lot more people are going to be doing this for a loooooong time)….

[patientlywaiting]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Good idea but one problem.

Husband can transfer the interest in the house to the former spouse. However, if the promisory note was signed by both spouses, then the bank will not let the husband off the hook unless the wife can qualify on her own.

So while husband can legally transfer his interest in the property to his wife, he is still liable for the loan, and both individuals’ credit ratings will be ruined if either one of them walk.

[patientlywaiting]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Good idea but one problem.

Husband can transfer the interest in the house to the former spouse. However, if the promisory note was signed by both spouses, then the bank will not let the husband off the hook unless the wife can qualify on her own.

So while husband can legally transfer his interest in the property to his wife, he is still liable for the loan, and both individuals’ credit ratings will be ruined if either one of them walk.

[patientlywaiting]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Good idea but one problem.

Husband can transfer the interest in the house to the former spouse. However, if the promisory note was signed by both spouses, then the bank will not let the husband off the hook unless the wife can qualify on her own.

So while husband can legally transfer his interest in the property to his wife, he is still liable for the loan, and both individuals’ credit ratings will be ruined if either one of them walk.

[patientlywaiting]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Good idea but one problem.

Husband can transfer the interest in the house to the former spouse. However, if the promisory note was signed by both spouses, then the bank will not let the husband off the hook unless the wife can qualify on her own.

So while husband can legally transfer his interest in the property to his wife, he is still liable for the loan, and both individuals’ credit ratings will be ruined if either one of them walk.

[patientlywaiting]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Good idea but one problem.

Husband can transfer the interest in the house to the former spouse. However, if the promisory note was signed by both spouses, then the bank will not let the husband off the hook unless the wife can qualify on her own.

So while husband can legally transfer his interest in the property to his wife, he is still liable for the loan, and both individuals’ credit ratings will be ruined if either one of them walk.

[AK]

Let’s see if I still remember the proper sequence:

Outboard personnel, stand up!
Inboard personnel, stand up!
Hook up!
Check static line!
Sound off for equipment check!
Stand in the door!
GO!
ONE THOUSAND … TWO THOUSAND … THREE THOUSAND … FOUR THOUSAND … Check canopy …

[AK]

Let’s see if I still remember the proper sequence:

Outboard personnel, stand up!
Inboard personnel, stand up!
Hook up!
Check static line!
Sound off for equipment check!
Stand in the door!
GO!
ONE THOUSAND … TWO THOUSAND … THREE THOUSAND … FOUR THOUSAND … Check canopy …

[AK]

Let’s see if I still remember the proper sequence:

Outboard personnel, stand up!
Inboard personnel, stand up!
Hook up!
Check static line!
Sound off for equipment check!
Stand in the door!
GO!
ONE THOUSAND … TWO THOUSAND … THREE THOUSAND … FOUR THOUSAND … Check canopy …

[AK]

Let’s see if I still remember the proper sequence:

Outboard personnel, stand up!
Inboard personnel, stand up!
Hook up!
Check static line!
Sound off for equipment check!
Stand in the door!
GO!
ONE THOUSAND … TWO THOUSAND … THREE THOUSAND … FOUR THOUSAND … Check canopy …

[AK]

Let’s see if I still remember the proper sequence:

Outboard personnel, stand up!
Inboard personnel, stand up!
Hook up!
Check static line!
Sound off for equipment check!
Stand in the door!
GO!
ONE THOUSAND … TWO THOUSAND … THREE THOUSAND … FOUR THOUSAND … Check canopy …

[PadreBrian]

The first place to start is:
hud.gov

They have both programs (missed a payment or not).

[PadreBrian]

The first place to start is:
hud.gov

They have both programs (missed a payment or not).

[PadreBrian]

The first place to start is:
hud.gov

They have both programs (missed a payment or not).

[PadreBrian]

The first place to start is:
hud.gov

They have both programs (missed a payment or not).

[Author]

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