Mother in law won't take her own home back, foreclose?

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mandy13

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Hi,

My husband and I cannot afford the home we are living in. His mother coerced him into signing a mortgage with her, lied to him about it and now she left, and won't move back into the house. We've taken care of it together for a year, my husband has since his mother bought it. We need to move where we can afford to feed our family. She has the option of moving in or renting it out, or she might just foreclose because that's how she is. she also has the option of using some of these loan modification things to get the payment down.

So, she's actually quite evil and we don't know what to do. Should we just tell her to live up to her responsibility and deal with the house?

And I don't need any answers about how we should live up to our responsibility and my husband is the one who signed and blah blah blah. I'm not exaggerating when I say he was coerced and that she is evil!
 
If your husband's name is on the deed, he should tell his mom he is going to put it on the market and give her first rights to buy his share or help sell it. If she doesn't respond, he can go to court and request an order to force a partition sale. In this case, you might lose out on any downpayment you made, because situations like this don't get the best price possible for sale.

If his name isn't on the deed, but is just on the mortgage loan, you have a much bigger problem on your hand. If that's the case I would just send mom a certified letter stating you cannot afford to pay the loan anymore and plan to stop payments, so she can choose what she wants to do with the house.

In either case, get yourself a real estate attorney to find out exactly how this property is titled, who is responsible for what payments, and what your options are. Jointly owned property is hard to sell unless both parties can agree on what to do.

If you are certain you are going to move, start saving up as much as you can to get your rental place before your credit score tanks.
 
You should get some legal advice and then do what is best for your family. Another suggestion is to move as far from her as you can. Distance is a great equalizer for difficult in-laws. The closest we have lived has been 250 miles but for most of our married life it has been over a thousand miles. Sure makes life easier.
 
YOU KNOW all the answers, so why post when you also limit what we can say? . . . . . . "And I don't need any answers about how we should live up to our responsibility and my husband is the one who signed and blah blah blah. I'm not exaggerating when I say he was coerced and that she is evil!". . . . . .It's his mother, but he's a man. . .

Foreclosure is NOT a clean and simple process. And it has LASTING repercussions, 5-10 years on credit.

Legally he is on the mortgage and your credit will be shot if this goes through foreclosure. Can you get other tenants to share the house with you and relieve your financial burden? Can you try the loan modification or other workouts with the lender? Call the lender, and call and talk to many people there. Find out all the options.
 
All you can tell her is what you intend to do. If you intend to move out and not honor the mortgage loan then tell her that.

What she wants to do after that is up to her. I would not open that can of worms and offer her advice on what to do. I am sure she will do what is financially best.
 
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