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Surrender of a Joint Mortgage By One Borrower Without Foreclosure

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  • 04-28-2010, 12:57 PM
    jewelsnoh
    Surrender of a Joint Mortgage By One Borrower Without Foreclosure
    Current state: Ohio

    Owned a home in Indiana. Sold said home in 2003 on a land contract type deal (just signed what my ex husband told me to, and yes lesson learned for sure) The buyer had the title of home in his name and the loan is in my ex-husband and my name. Fast forward to 06-07 divorce from ex husband and had to file bankruptcy due to credit cards that were in my name but paid for his attorney fees (wrongful terminatin lawsuit that he lost). With that being said, the indiana mortgage showed up on my credit report and I had thought that we had sold that house but my attorney told me I had to list it so we did. The loan was listed as "surrendered" and the BK was discharged in 1/2008. Now 2 years later I have worked very hard to rebuild my credit and my life. I am under contract to buy a home with an FHA loan but the underwriter is really freaked out about all of this mess with the home in Indiana. My attorney assures me that I have absolutely NO financial responsibility for the home and according to the mortgage lender the home has never had a late payment. Clearly it's not foreclosed on but the underwriter is stuck on the word "surrendered" in the BK paperwork... To them that means "foreclosure". What can I do to get the people to see the bigger picture and see past the word "surrendered"??? The underwriter says that the criteria for an FHA loan is that they won't approve the loan if there's a Foreclosure for 3 years after the discharge date and I'm at 2.5 years, but I also wasn't involved in a foreclosure so like I said this is a very tricky situation. Thanks for any and all advice!
  • 04-30-2010, 10:19 AM
    Mr. Knowitall
    Re: Surrender of a Joint Mortgage By One Borrower Without Foreclosure
    You can attempt to persuade them, present whatever evidence and documentation you have of the status of the loan... talk to their supervisor... Unfortunately there's no solution we can present that we can promise to work - this isn't a legal question as such.
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