Smaers people, what will you do? Sue the bank? Sue Mann?

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I finally got all the rights and actually I went lawyers. Bank of America have a Home Equity Loan Credit to man a year ago. The house is in NH, has signed loans Ca, 8 + years since we separated and divorced. Three months after the release of funds from the Bank found the bank, there are two people (husband and me) for the title. This will sent me papers to sign. no signature from me, of course. Lawyer says I can save half the capital through foreclosure, but I do not want to move. The man got 100k of credit card debt trying to keep all invoices. So my house to the current market value is 350k to 390k, 100k first mortgage, 250k HELOC is, he does not want bad credit to his record. He works hard to pay. 10k tax attorney asked and nobody told me how much it cost you everything straightened out. Is it worth fighting for me? I am a housewife for 20 years. This concerns me a lot and my health is going down and I’m very concerned is the collapse of everything. My older child goes to school, 40k/year, they can not continue in this position because we can not for long. Advice on what is the best thing I do to my children and can save me from this situation?

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7 Comments
  1. Reply
    kiki j
    May 17, 2011 at 3:30 am

    From what you said I don’t think you can sue anyone. Maybe you should go in and see a financial adviser. That might help since suing the bank wont work since they look at the debt as your husbands and your fault.

    My heart goes out to your though…it sucks that your daughter might not be able to go to school. Maybe she can transfer to a school that is more affordable.

    But really check a financial adviser…you may have to budget a little differently.

  2. Reply
    The Fat Man
    May 17, 2011 at 4:16 am

    Work harder.
    You made the mess, clean it up.

  3. Reply
    Annabella
    May 17, 2011 at 4:53 am

    I’d really like to help but seriously, this is just a bunch of jumbled words at this point. Take a breath & re-post if you have to.

    #1: You’re talking about BofA. How on EARTH could escrow close without your signature? A bank (especially a bank that large) would not have missed that. I worked in escrow for quite some time & I find it very hard to believe that NOBODY noticed you were on Title.

    #2: If your 1st mortgage & HELOC are at $ 350,000 combined then YOU are in for just the same thing he is. It’s not HIS credit, HIS 100K debt. It’s BOTH of yours, just like the new house he purchased. I don’t get this at all.

  4. Reply
    Icy Gazpacho DW
    May 17, 2011 at 5:39 am

    Why would you sue anyone?

    Seems to me from what you say that the bank holds a mortgage over your husband’s half share of the property. How he achieved this is beyond beleif, however, I take you at your word. That has to potential to limit the bank’s claim and their potential to recover their entire mortgage. As for your husband’s credit card debt, that too is his debt. They have some obstacles trying to recover that debt from you.

    Your husband is doing the right thing.. trying to pay off the accumulating debt. Just support him as best you can. If his financial tower becomes unstable he has obviously done what he can to make sure that your equity is secure. Good for him.

    Everybody is hurting these days, bebe…. do what you can. Sueing people jsut costs money. I’m not sure why you need any lawyers yet, unless the banks are foreclosing on the mortgage, in which case, you shouldnt personally sign any of your interest in the property over to them.

  5. Reply
    Mrs.Tricey
    May 17, 2011 at 6:36 am

    SUE BOTH OF THEM! THAT IS THE BANK’S LOST SIMPLY PUT THEY SHOULD HAVE HAD THEIR DUCKS IN A ROW POINT BLANK!!!! I WOULD NOT LET IT GO YOUR HUSBAND IS RESPONSIBLE AND KNEW WHAT HE WAS DOING AS WELL. I WOULD NOT LET MY CHILD AND MYSELF SUFFER!!!!

  6. Reply
    seekn2know
    May 17, 2011 at 6:48 am

    If two owners are on the deed of trust and only one wants the loan it is illegal for the 2nd person not to sign the loan docs at closing. You wouldn’t be on the loan but your signature is saying you are aware the home is being used as collateral.

    If you were never notified, and never signed you have legal recourse against the bank for making a loan against property you have ownership in, without your knowledge.

    In my opinion your husband is guilty of fraud.

    See a lawyer.

  7. Reply
    rightio
    May 17, 2011 at 7:05 am

    No, I dont think its worth the fight. The only people who gain out of such action are the lawyers…..they dont care that they are bleeding you of every cent you own…just so long as they get their money.

    They will make you believe that you will win….make you believe that it is worthwhile. Dont believe it, until it is in black and white. Work out how much it is going to cost you in legal fees and work out how much better off you will be. I doubt you will gain anything. Do the sums.

    If you work, then why not buy him out. The house is half yours, If he is in $ 100,000 debt, Im sure you would be able to buy him out for a lot less than half of what the house is worth. If you are working and can afford to pay the mortgage then that is what I would be doing. I dont think I would be persuing the legal avenues because whatever profit you could make would be eaten up in legal fees.

    Hope it all works out for you.

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