Foreclosures Help Information

Posts Tagged ‘foreclosed duplexes’

Foreclosed Duplexes

Question: forcloser question on a duplex in 2 parties names..?

myself and my brother bought a duplex in florida when the market was at an all time high and now its gone down so low that its worth less then 1/2 of what we paid.. both my name and his name are on the mortgage.. my question is... i want out of the mortgage at any cost, i cant even rent it out and get what my mortgage is... i was gonna tell my bother to put the whole thing in my name and let it foreclose and i'll take the bad credit... is this posible or is this not an option ?

Answer: Depends. You CAN have your brother "Quit Claim" te property into your sole name but that does NOT take his name off of the loan. You would then need to take the Quit Claim deed after it is recorded to the mortgage company and have them put the loan entirely into your name and IF they are willing to do this then you MAY be able to surrender the property without affecting your brothers credit but since the bank also KNOWS the value of the property has decreased letting somebody who MAY be liable in the future for payments walk away for no good reason would be a hard sell.

South Austin Foreclosure Duplex 2.qt

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Foreclosed Duplex

Question: My land lord is being foreclosed on, in FL, what to do?

It is a duplex. My neighbors were served with papers, but we were at work at the time. He has 20 days to respond to the summons. The officer who served the papers said we should not pay anymore rent to him. We can not get a hold of him. We have only been in the apartment for 3 months. Our lease is up in Feb 2009. Do we continue to pay rent? What do we do?

>

Answer: Unfortunately, your rent is still due to the landlord until the ownership changes hands. Many renters stop paying when the home goes into foreclosure. But you risk having it show up your credit report or a background check.

Because the foreclosure has been started, it doesn't mean the owner is going to let it go. When you get in touch with your landlord, ask him what the intentions are.

You should also be looking for a place to live. You can certainly stay there until the auction, but then you will need to move shortly there after.

FORECLOSURE DUPLEX LAKE COUNTY ILLINOIS