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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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  #21  
Old 10-28-2014, 09:32 PM
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How can you afford to buy a house when the bank is about to foreclose on the one you already have? Won't that do awful things to your credit rating and ability to get a new mortgage?

Can you talk to the bank and let them foreclose and then buy the house from them afterwards, when your ex can't interfere with it? I'm sure they'd have a more reasonable asking price. They might even let you put in an offer before it goes on the market.
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  #22  
Old 10-28-2014, 09:38 PM
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The Bank is literally at the door step with the foreclosure procedure.
@ Arabian, its not that I cant afford to keep the house or to purchase it. Its reached this state, because Ex refused to renew the mortgage. The bank returned all my payments towards the mortgage and put it in default. I have the money, they will not accept it.
I pleaded with my ex, more than 6 emails telling her to sign for renewal and lets put the house on the market. She refused.

Maybe getting an appraisal and proving that she is acting in bad faith would be the way to go.
Thanks for the suggestions and keep them coming all you guys and gals.
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  #23  
Old 10-28-2014, 09:47 PM
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When a home goes into foreclosure there are numerous costs and penalties tacked on to the mortgage along with the legal costs of going through foreclosure.

Some real estate agents should be taken behind the barn and flogged. Too often I've seen agents blow smoke up people's arses. They tell people their home is worth much more than it really is just to get the listing.

I'd reconsider purchasing a house if you can't afford it now (you say foreclosure is just around the corner). Chances are you would have a very difficult time in qualifying for financing anyhow. For that reason alone your wife is quite within reason to reject your bid.

Maybe I'm missing out on something and please correct me if I have this situation surmised incorrectly.

Divorce is a very costly matter. Most people have to lower their standard of living, particularly if raising children and when one party has to pay substantial support to the other and if there is only one source of income. Sustaining two households on one income is a stretch, if not impossible, for most people.

I have never given a real estate agent more than 30 days to sell a home. If the home doesn't sell quickly then chances are the home is priced too high.

Sorry to hear you were unsuccessful in acquiring the home, however sometimes things happen for a reason.
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  #24  
Old 10-28-2014, 09:48 PM
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My brother is helping me buy the house, he wants to try to help the kids have some stability. He has a pre approved mortgage. I have substantial equity in the house. The mortgage left with the bank is rather a small amount.
I frankly dont know much about foreclosure. What will I get from the sale once the bank sells it? Will it be a fire sale? Will I actually get a chance to buy back the property? I heard there are a lot of sharks who smell blood in a foreclosure and very slim chances to buy back.
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  #25  
Old 10-28-2014, 09:53 PM
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"....its not that I cant afford to keep the house or to purchase it. Its reached this state, because Ex refused to renew the mortgage. The bank returned all my payments towards the mortgage and put it in default. I have the money, they will not accept it..."


I gather the home is not in your name then, rather in your ex's name?
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  #26  
Old 10-28-2014, 10:09 PM
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We are both on title. Its the Mat home. Its equally ours, even though honestly I put all my savings as down payment.
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  #27  
Old 10-28-2014, 10:18 PM
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If your name is on title I don't understand why the bank refused your payments (unless they were too little/too late).

Have your brother put in a bid to purchase the over-priced-home-which-you-can't-afford. Then rent from him until such time as you can purchase it from him?

Really, there will always be another home. Kids aren't as attached to homes as adults IMO. Sometimes the adventure of moving to a new place is good for everyone. Stability is having 2 parents who care for them and who are there for them. Houses come and go.

Regarding foreclosure. Bank already knows how much the home is worth. They have their bottom price point. Read the fine print on your mortgage (few people do). Only "sharks" around are lawyers who will make a tidy sum handling your divorce and distribution of your assets. The people who will be interested in buying your home through foreclosure are generally astute people looking to make a profit off of people who aren't very good with mathematics.
Many young couples who are just starting out in life will flood the foreclosure market looking for their "gem."
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  #28  
Old 10-28-2014, 10:42 PM
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TD bank actually renewed the mortgage initially. I have the documents showing renewal. From what the bank manager told me, he had to reverse the renewal, because Ex, questioned them
as to how they renewed the mortgage when she has refused to sign for renewal. Her lawyer put pressure and the bank reversed the renewal. This put me in default. It has been in default now for over 7 months.
@ Arabian I agree with you about moving on. I want to close this chapter in a hurry, either I buy it or it sells in the market. Yes I agree, kids will adapt to new surrounding, in fact they may even like the adventure of moving.

I think I should send her counsel an email telling him that the house is over priced, hence no good offers and that we should jointly get an appraisal. That way we will know what its worth. Like you said Agents like to tell people what they like to hear.
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  #29  
Old 10-28-2014, 11:00 PM
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How did the court order for sale (with a specified selling price) come about without an appraisal in the first place? Is the selling price merely the amount owing on the property + real estate and legal fees? Or is the order for sale originating from the mortgage holder? IF that is the case then your home is already in foreclosure and there is likely little that you can do as far as I know.
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  #30  
Old 10-28-2014, 11:20 PM
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Has the house been reasonably well-maintained?

All the months that your ex has been living in the house since your separation will be tallied up and considered during equalization. I'd be approaching your banker to sign an affidavit that verifies that you had the ways/means of making the payment but that he would not accept payment because your ex refused to renew the mortgage. Crazy waste of marital assets IMO. What does your family lawyer have to say about the matter?
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