AboutJim Root Expertise Real Estate Financing of all types/styles--Government & Quasi-Governmental loan such as FHA & VA; Conventional "Fannie Mae" & "Freddie Mac"-backed Mortgages & all sorts of "Creative Financing" techniques! Credit Underwriting & Property Value & Condition Requirements of standard Home Loan Programs. Purchase Money Mortgages or Refinancing! Gale, shown with me here, has been a licensed Real Estate Agent & Office Administrator & my Research Assistant over the years!
Experience Over 30 years as a "Real Estate Professional," including Real Estate Marketing & Sales, Mortgage Banking & Residential Appraisal businesses.Past certifications as a Mortgage Co. Manager, Underwriter, Staff Review Appraiser, Compliance Inspector & Loan Officer with a nationally known Mortgage Company. 12 of the 30 plus years of experience was with the Dept. of Housing & Urban Development (HUD) as a Homeownership Program Officer, trained & proficient in all aspects of the Real Estate Sales,Appraisal, Inspection & Financing areas.
Organizations Former Member of Nat'l Ass'n of Realtors (NAR)& Mortgage Bankers Ass'n of America.(MBAA) Currently with National Ass'n of Review Appraisers & Mortgage Underwriters.(NARA/MU)
Publications Published in local, regional & national Real Estate industry magazines & newsletter on various Real Estate-related topics.Co-authored numerous Goevernment Manuals, Handbooks & Panphlets on Home Mortgage Programs while with HUD/FHA.
Education/Credentials Associate Degree with emphasis in Real Estate Studies plus:
Over 20 "Special Courses" relating to Real Estate, including Financing, while in Private Sector & with HUD's FHA Homeownership Division.
Bachelors Degree in Mass Communications &
Masters Degree in Education/Teaching.
Awards and Honors Professional Designations include: Certified Resiential Originator (CRO) with MBAA,Registered Mortgage Underwriter (RMU)& Certified Review Appraiser(CRA) with NARA/MU. Past awards include Outstanding Performance Awards for 10 of the 12 years with HUD/FHA & numerous
Real Estate Sales,Appraisal Reporting & Mortgage Loan Origination
awards while in "private practice"
Past/Present Clients Currently Director of a Company that provides Professional Development Seminars & Workshops to Real Estate Agents, Appraisers & Mortgage Lenders & both free(as needed) & fee-paid (sliding scale)consulting & inspection services to the general public.This "Expert" is a "Disinterested Third Party" who will not try to sell you Real Estate, nor Appraise or Inspect your Home, nor attempt to put you into a Mortgage Loan--all questions will be answered with your best interests in mind!
Expert: Jim Root Date: 5/9/2008 Subject: foreclosure and bakruptcy
Question If my name is on the deed to the land but not on the loan and I filed chapter 7 bankruptcy and my husband filed bankruptcy as well can they take the land too? Me and my husband are both on the land but he is the only one on the loan. We both filed ch 7 in 04 and 05 and we did not sign a reaffirmation. We just fell behind and we are now in foreclosure. I don't care if they take the house but I want my land. My grandparents gave us land about a month before we bought the doublewide. Can they do that?
Answer CHRISSY--
If the collateral for your Husband's Mortgage loan is the "Mobile Home/Land Package"(ie. the Manufactured Home is affixed to a Permanent Foundation on the site, has had "Title Elimination" that changes the"Mobile" Home from Personal Property to Real Estate) then YES, THEY PROBABLY CAN TAKE BOTH THE HOME & THE LAND WITH A FORECLOSURE!
If you own the Land "Free & Clear" OR the loan on it is separate from your Husband's Loan secured by JUST the Double-Wide AND the units sit on a "Temporary" foundation on the land, then NO, THEY MOST LIKELY CAN'T TAKE BOTH--ONLY THAT PROPERTY THAT SECURES (COLLATERALIZES) YOUR HUSBAND'S LOAN CAN BE CLAIMED THROUGH FORECLOSURE!
There MAY be several other YES-AND-NO scenarios to be considered, depending on specific factors of your situation! The info I've given you here should NOT be considered as anything but some general information that will help you formulate the right questions to ask an Attorney who specializes in Real Estate matters and/or Bankruptcy Law.YOU NEED A LEGAL OPINION & ADVICE ON THIS MATTER, BASED UPON A
LAWYERS REVIEW OF YOUR --AND YOUR HUSBAND'S-- DEED, TITLE POLICY, LOAN PAPERS, AND BANKRUPTCY DOCUMENTS, ETC, THAT MAY PLAY SOME ROLE IN THIS ISSUE!
Get legal assistance ASAP. If you can't afford an Attorney, check with your local Bar Association. Often they have a list of Lawyers who will do PRO BONO (Free) legal work for those needing help! GOOD LUCK!
--JIM
P.S.Another source of qualified, professional assistance when foreclosure is pending, is a HUD-Approved Housing Counselor. Check with your closest HUD Office and/or your regional Housing Authority for contact information! (JR)
