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Updated about 12 years ago on . Most recent reply

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Raymond Waldo
  • El Sobrante, CA
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Foreclosing lender does not have lien on my wife's property; can I put one in place to better bargaining position?

Raymond Waldo
  • El Sobrante, CA
Posted

The lender of the first mortgage on the house which my wife has sole title of, made an error when the mortgage was created, and does not have a lien on the property.

We are in the San Francisco Bay Area. My wife and I have a separate property agreement.

The lender has begun foreclosure.

If there is a lein in place by another party (me, or otherwise), and the lender does forclose, they will not be able to sell the property. It is my hope that this might allow a better bargaining position with the lender, and prevent the foreclosure from hitting my wife's credit rating, effect a short sale, etc..

A mechanics loan has rather specific and constraining time limits, so I'm likely looking at a judgement lien, as I understand it.

My question then is: can this be done, by a mere mortal, with limited funds?

Thanks much,

Ray~

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Rob K.
  • Investor
  • Southeast, MI
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Rob K.
  • Investor
  • Southeast, MI
Replied

When your wife signed the mortgage, did she also sign a promissory note? Isn't that a PROMISE to repay all of the money that was borrowed? Don't you think that if you borrow money and promise to pay it back, you should follow through?

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