NLIC.org

Tim Said:

My wife puchased a home before we were married in Minnesota and only her name is on the loan and title.?

We Answered:

Because you are legally married the impact is to both of you regardless of who is on the title/mortgage. The lender can file a 1099 to the IRS for balance, or forgive this loan, once they have the house back. The 2nd loan however, with another lender may not be forgiven, as they nothing secured to recover and sell like the house. So on that loan as long as you stay current, you're fine. But if you default, then they can and most likely will come after you for that balance.

Frances Said:

I need help with with getting a new mortgage loan.?

We Answered:

in MN since all the loans have changed - you will need 3.5% for a down payment on a new mortgage. You also will most likely NOT qualify for a mortgage since you just sold your home on a short sale.
No lender will touch that for at least 1-2 years - so I'd say plan on renting and re-establishing your credit. Or go to mnrealestateteam.com and talk to one of the loan partners

Susan Said:

anti-deficiency in Minnesota?

We Answered:

You will be OK, you just will have to pay income tax on the deficiency.

Willie Said:

Looking for a Minnesota Mortgage?

We Answered:

Here is a website that is loaded with information and they are located in Minnesota.

http://www.minnesota-mortgage-rates.net/

Colleen Said:

Minnesota Probate and Investment Property?

We Answered:

any decent probate lawyer can explain to her she will either make the payments on the investment property, or let it go to foreclosure and be fiscally responsible for any losses the estate incurrs. As long as she can justify the decision from a financial risk position, that's her job and decision to make. The probate process will not "force" her to do anything but make sure at the end of the day, all debt is paid. all assets are distributed according to the terms of the will, and all probate closing requirements have been met.

Common sense is to pay the investment property current unless it is significantly underwater in value and sell it vs. losing to foreclosure. 8K underwater could be reason enough to let it go to foreclosure. That's the job of the executor to determine and make those decisions. Why pay 8 k to make a mortgage current that is another 8k underwater?

IN addition, you can't just help yourself to the investment property. Even if it is paid current; there is a mortgage on it with a dead person? That's going to have to be paid off; and the estate might be able to sell it to you and you might be able to arrange a mortgage; but that's all part of the probate process.