Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated over 7 years ago,
Unique Situation Due to Divorce
Man calls me today and here's his issue.
He's on the deed, wife on mortgage.
They're divorced and she stopped paying last two months; didn't tell him. He's worried foreclosure proceedings are going to begin shortly.
Owe another $100k on house that's worth $180. Has some equity there. She's out of picture. A judge has given him authority on all the assets, so now it's his mess.
called me to refinance; find a way out.
He also happens to own a property he rents out and owns free and clear. Says the value is about $140k
He has until the end of the month to figure out the residence problem. He didn't say what would transpire.
Trying to plan a way to attack this for him.
Credit in low 7s.