- Joined
- Sep 19, 2007
- Messages
- 10
Hi and Thanks Brett. I realized I was in wrong area but because of my horrendous computer skills did not know how to move without the painful task of retyping!! Here I go again. I entered a J.V. about 1 1/2 yrs ago. I put in cash He got mortgage. I did not go on title but filed a caveat. Because he was also my handyman we were also close. Anyway i come home from holidays ( he was looking after property until his holiday). When he come home he called to tell me to go get keys, mortgage papers and do what i want with house. Said he would come back to town to sign over title and work with me to straighten this out. He never come and left the house with guests, and all. I changed locks had guests pick up stuff. now I thought I would call bank to see if we could work together. The house was bought for $350,000 with a $306,000 mortgage. Today the value is about $275,000. They want me to qualify(may be hard to do with debt servicing) and pay all delinquent payments, NSF`s, Legal etc. I was prepared to pay up the payments, taxes and my legal fees(@ $15,000). But with all they are requiring and the value of the property it seems like the bank and the J.V. lose nothing while I fork over more. can I not try to acquire the property during the foreclosure process? If I have to dish out cash and qualify why not get a smaller mortgage. Eg. $260,000 with $50,000 down and a $200,000 mortgage instead of $15,000 more to have a $306,000 mortgage? I am curious how the foreclosure process works, is this something I should pursue either way or do I walk away? Any tips?