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My brother signed over to me the townhome I live in in the form of a warranty deed. he owes 13000. the house is worth 280,000.
Anonymous2 views2 answers
since May of last year, he has made 00 payments on it. The mortgage company has filed a notice of default. There s an outstanding payment of 26,000 due. How do I stop this townhome from going into foreclosure? What are my options? What steps should i take going forward?
This is tough because I am assuming you are not on the mortgage. If that is the case, the lender will not communicate with you. So you will need your brother's assistance to apply for a loan modification (one way to stop a foreclosure). The other option is to catch up the loan or re-finance in your name. Finally, Chapter 13 bankruptcy will stop a foreclosure and allow you to catch up the mortgage, but it will hammer your credit if you file.
You need to speak with a foreclosure attorney immediately. If it isn't possible for you to pay the arrears you might be able to find an investor willing to pay it in exchange for a return when you sell the property. Then you need to quiet title. Foreclosure sale will bring you nothing if your title is not perfected.
