Legal Question in Real Estate Law in Wisconsin
Options for getting rid of a house
My daughter and her former boyfriend own a house together. He moved out and she lives in the house. She wants to get rid of this house and he wants nothing to do with it. She is in over her head with the monthly payment and wants to sell it but there is no equity and chances are it won't sell quick and she won't get what the loan amount is for. Earlier this year they refinanced and consolidated their debt with their mortgage. What are her options?
1 Answer from Attorneys
Re: Options for getting rid of a house
There may be some assistance in the Economic Recovery Act, but it sounds as tho she is beyond rescue. The lender may well take a deed in lieu of foreclosure, but both owners would have to sign off - will the former boyfriend cooperate?
If that doesn't work the lender will foreclose - but first mortgage holders universally DO NOT SEEK DEFICIENCY JUDGMENTS. This is because they get the property back 6 months sooner by waiving the deficiency. So while this would affect her credit rating she would not be personally liable for any deficiency.
If her finances were so bad that she had to file bankruptcy no matter what, then she could stop paying the mortgage and taxes and live rent free while the foreclosure was pending. It could take up to a year for the mortgage holder to get the property back especially if she filed bankruptcy before the foreclosure was complete.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
