About 2 years ago my girlfriend and I bought a house. After going our separate ways last year I gave her the house, wiping my name off the deed. The house is in foreclosure and up for auction on the 16th of February. Tonight she told me she will sign the house over to me. Since it is already up for auction does anyone know if I am able to file the paper work to get the house back with the lawyers? Is there any advice anyone has to use this opportunity for my benefit?
First question is your name on the mortgage? If it is you can not even attempt a short sale!
For your ex-girl friend to be so far into the foreclosure process that the property will be auctioned in 16 days makes it tough! She has now missed at least 6 to 7 payments, maybe more, there are late fee’s and legal fee’s involved to get the property back the direct way assuming there is real good equity making that move worth doing!
The other route is a short sale, but there are challenges with that, as has your ex-girl friend actually experienced a legitimate hardship? Illness? Loss of Job? Death in family? Childrens Illness?
If you were to try a short sale you have to be extremely quick as there may be fine print in the mortgage documents or in state law which could basically set a cut off date as last opportunity to submit to get the property back by any method.
I don’t know the numbers, how much is owed, or what the actual situation is with the ex-girl friend, how much if any equity exists but this is not going to be easy because of the time factor!
Give us more information if it would change things?
If you try a short sale you have to be extremely quick as there may be fine print in the mortgage documents or in state law which could basically set a cut off date as last opportunity to submit to get the property back by any method.
You wiped your name off of the deed and had document notarized and recorded? When you two purchased the property, were you both on the loan? If your name was never taken off of the loan the bank should have properly notified you as well. Have you obtained an Attorney? If so I’m sure you are in good hands. If not and you waited because you did not know what to do email me and I provide you with some resources and pending on where you and property is located a professional who has been able to help others in similar situations, but without all the info I can’t be sure and an Attorney in the State where you are is going to be most knowledgeable. Who is the Original lender? The current lender foreclosing? Property Address?
Good Luck I hope everything works out for you as you hope for.
You would need to pay for its taxes owed to the government. If you do this, you would surely avoid a scenario wherein people who buy tax liens are going crazy over your property because of its affordable price.