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If you sign and he gets the modification and is having trouble paying. Can he just rent out the house and have it pay itself. After speaking with my attorney I am convinced that it would be a HUGE mistake to sign the Loan Modification Agreement with the ex-spouse. As it stands the judge single parent loans awarded the house and all responsibilities of payment to the ex. This is a very easy position to be placed in while going through a divorce.

You get legally positioned this way since all you want is out of paying expensive attorney fees.

The responsible party can end up getting billed more (loan rates i. In the event of a job loss, all I can do is rack up more debt paying court appointed Spousal support and Child support payments. With attorney fees involved, there is no way to out to get legal help. Family divorce decrees do nothing but state the other party ATTEMPTS to do something. Enforcing it that action, or making it happening are two different things. We married at 21 and I worked hard and became a business owner at age 24. This allowed me to support him while he worked part-time jobs as a youth pastor with short spurts of side jobs to help support. Then I paid his way through seminary where he earned his masters in divinity then we moved to WA where he had his first full time ministry job (10 yrs into marriage). I never complained about any of this in our marriage as I fully supported and actively helped in his ministry. I brought him in to my business as a sales rep and we made very good money which paid for all my medical and put a nice nest egg in savings. He then cash lender talked me into opening my own retail business and (shocker) he shortly quit the high paying job (which we had agreed he would keep) and forced his way into my business. Year and half later economy tanks along with my health while he goes overboard in business spending money that it not there. He then talks me into bankruptcy while my health hits rock bottom and docs are scratching their heads. Gets job with Navy Exchange running furniture store using all my experience as his own on is resume then promptly gets a mistress from work which I find out 2 weeks before my brain surgery. His new job moves us to other side of state so we rent house out, which pays mortage loan rates loan rates and part of interest only line of credit. Following surgery he leaves me penniless and disabled, first time in my life I am unable to work. He stops paying ALL bills: current rent, 2 cars, utilities and uses rental income to fund affair.

Two years later I have kept up with payments, being as much as two month late when house sat empty, but catching up using my disability. He promised to help pay it down since the money was not used on any home improvements but when I remind him of that he says too bad-not in divorce.

I am now looking into foreclosure process because I cannot afford to bleed myself dry but both our names are still on mortgage and mortgage line of credit.

Divorce gives no deadline for me to refinance, but no being able to work and with the bankruptcy my credit is tanked. We had 3 kids together and their primary residence is with my ex in the home we formerly occupied together.

My ex and I took out the loan together 10 years ago. For this part, if I could go back in time: I would definitely have spent several thousand dollars for counsel. The Wife shall have full and exclusive possession of the property and shall use it as a primary residence for herself and the minor children.

Both parties acknowledge that their joint and several financial liabilities to the current mortgagee will remain in full force and effect until such time as a refinance or sale can be undertaken. The loan rates Wife will be responsible for the mortgage, taxes, insurance and other maintenance costs of the property and any equity resulting from a refinance or sale of the property shall become the exclusive property of the wife. The Husband hereby agree to execute and transfer any documentation necessary to effectuate the aforementioned refinance or sale and to participate in a timely and unconditional manner to complete same. It should be noted that the timing of these intentions will be affected by income and market forces not currently known. I thought the agreement above was very clear in that it required her to refinance and take my name off. She also assured me this was what she was going to use it for. I think too) and then proceeded to miss payments for 5 months straight in order to qualify for the loan modification (at least this is my understanding). Well: yep: found out the hard way this is what the quit claim deed allowed. I left court that day quit unsettled about what was going to happen. This is the final link in the heavy, most onerous of chains to this horrendously , ghoulish, hauntingly creepy and dishonest manipulative, narcissistic scumbag of an ex. I am finding out a lot about the problems with my situation: there is a lot of information available about what the problem s are in my situation. I can easily put together documentation that demonstrates that she did no fulfill her part of the agreement to pay the mortgage in the last 2 years. My loan rates credit score was destroyed: it was down to like 519 at one point. Plus: the divorce agreement requires that she does refinance at some point but when? I would argue if not immediately to avoid the risk to my credit score on an ongoing basis, at least there needs to be some payday loans online california deadline, date setup by the court for when this must happen by.

Does a common law marriage and forcing her to refinance in the name of her live in boyfriend bolster my case (he has been living there for 2 years or so? Surely this man is helping with household expenses including the what is a installment loan mortgage payment?

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy loan rates and Legal Disclaimer Get free mortgage help today. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Many of the lessons learned and best practices from our work during the past decade, such as the Enron investigation, will clearly help us navigate the expansive crime problem currently taxing law enforcement and regulatory authorities. In the late 1980s and early 1990s, the United States experienced a similar financial crisis with the collapse of the savings and loans. The Department of Justice (DOJ), and more specifically the FBI, were provided a number of tools through the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and Crime Control Act of 1990 (CCA) to combat the aforementioned crisis. Investors may lose faith and require higher returns from mortgage backed securities. This may result in higher interest rates and fees paid by borrowers and limit the amount of investment funds available for mortgage loans. What has occurred has been far worse than Assistant Director Swecker predicted. The fraud schemes have adapted with the changing economy and now individuals are preyed upon even as they are about to lose their homes. Although there is no specific statute that defines mortgage fraud, each mortgage fraud scheme contains some type of material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan. The FBI delineates mortgage fraud in two distinct areas: 1) Fraud for Profit and 2) Fraud for Housing. Fraud for Profit uses a scheme to remove equity, falsely inflate the value of the property or issue loans relating to fictitious property(ies).

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Fraud for Housing represents illegal actions perpetrated by a borrower, typically with the assistance of real estate professionals. The simple motive behind this fraud is to acquire and maintain ownership of a house under false pretenses. The FBI compiles secured loan rates data on mortgage fraud through Suspicious Activity Reports (SARs) filed by financial institutions and through the Department of Housing and Urban Development (HUD) Office of Inspector General (OIG) reports. The FBI also receives complaints from the industry at large.

While a significant portion of the mortgage industry is void of any mandatory fraud reporting and there is presently no central repository to collect all mortgage fraud complaints, SARs from financial institutions have indicated a payday loans alabama significant increase in mortgage fraud reporting.

For example, during Fiscal Year (FY) 2008, mortgage fraud SARs increased more than 36 percent to 63,173.

The total dollar loss attributed to mortgage fraud is unknown. Only 7 percent of SARs report dollar loss because of the time lag between identifying a suspicious loan and liquidating the property through foreclosure and then calculating the loss amount. One proposal informally discussed within the FBI is the creation of a mandatory reporting mechanism (beyond the current SAR requirements, which only depository institutions are required to file) to allow industry insiders to be the front line in preventing mortgage fraud. Based on current and past investigations, the FBI has recognized that the financial industry is susceptible to a number of vulnerabilities through industry insiders and other individuals involved in loan and finance transactions. FBI would like to work with FinCEN to expand the exercise of their statutory authority under the Bank Secrecy Act (BSA) to consider the implementation of SAR and anti-money laundering program requirements on some of the businesses and professions that currently fall outside the scope of SAR reporting. A vigilant industry combined with this reporting stream, when made available to the FBI and HUD, would be a major step forward in addressing the practice of mortgage fraud.

The current financial crisis has produced one unexpected consequence: it has exposed prevalent fraud schemes that have been thriving in the global financial system. These fraud schemes are not new but they are coming to light as a result of market deterioration.