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Mortgage Advice?
Posted on August 8th, 2010 4 comments
Brian K asked:
Here is the run down; A friend bought a home in 1980 for $45,000, he put $15,000 down. The mortgage was perfect for over two decades, the payment was not even $300 a month. he thought the mortgage would be over in 2010. Within the last 5 years things have made a turn for the worst. His wife has done things to the mortgage and he does not understand what has been done, nor is he being told what has happened. Essentially, the mortgage debt now stands at $73,000 and the past two years has paid very little off the total debt, it seems all that is being paid is interest and a small amount at that. So what has happened, what has she done? What amount likely was taken out in a Equity Loan and was a refinance done? What can I tell him to help him and what can be done. This is in New York State as well.
She did trick him into signing docs once, he is a man who doesnt know english well and just goes to work everyday, this is all he has known for the last 35 years. Now he has this BIG problem at age 63 and wonders how to fix it.
MikeRenting & Real Estate 35 Years, Decades, Equity Loan, Mortgage Advice, Mortgage Debt, New York State4 responses to “Mortgage Advice?”
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Could be either a HELOC or a refinance to get the equity out of the house.
If his name is on the deed, he should have had to sign something.
Every so often, a spouse comes in here wondering how to hide debts from their partner. Maybe this is one of those situations.
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cope_acetic@yahoo.com August 10th, 2010 at 20:47
Does he live in a BUBBLE??
I don’t think it is legal for a lender to allow her to do ANYthing without notifying him—did she intercept the mail & lie to him, and forge his signature??If she DID that, he may be able to get out of it if he divorces her..and he SHOULD, judging by this mess!
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reality August 11th, 2010 at 02:19
She probably did refinanced and took proximately 65000.00 cash out. But if your Friend was on a mortgage, and she did this without his knowledge, this is 100% fraud done by his wife and mortgage co, who did the loan. He should call the bank and ask them for closing package on this loan, if they don’t have the package, they will help you with information were to get. When you get the package check the signature and who did the loan. If this the fraud, report to police and bank and realestate department. People going to jail for doing this staff. Good Luck! I hope this will help.
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lenderjayne August 14th, 2010 at 05:16
You did indicate that he remembers signing docs at some point. There are a couple of things that could have happened. She could have pulled out an equity loan or heloc, she could have refinanced the old loan and pulled cash out and/or took out one of those option arm loans where if you make the minimum payment, a good chunk gets added back onto your principal balance each month.
If his wife won’t tell him what’s going on, deeds are public records and title companies can pull liens that are placed against it. If you know a real estate agent or lender, they should be able to look this up for you. Otherwise, try calling the customer service department of a local title company and they should be able to help you.
Doesn’t sound good, but if he signed the documents he may be out of luck. However, most deeds have to be notarized so if he didn’t do it infront of notary, then that could be another legal issue.
good luck.
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godged August 8th, 2010 at 16:57