what are my rights as i am on a deed and not a mortage

I am on a deed to a house and not on the loan. there has been a restraining order on the person that has the loan and is on the deed. he has stopped paying the mortgage and the house is going into foreclosure.in the court order it is stated that I can live in the house till august of 2018. do I have the right at any point to buy the house before it is foreclosed on, or does he have to sign off on everything before I can do anything.

Asked on July 11, 2017 under Real Estate Law, Virginia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

If you are not on the mortgage, you do not have an automatic right to "redeem" the foreclosure by paying off the loan; you are not a party to the loan. However, it is certainly possible that the bank will voluntarily agree to sell the home to you, possibly at below market value, once they own it, since they don't really want the home (which is something that is a cost to them: taxes, maintenance, repairs, marketing it for sale, etc.): they want money. Retain an attorney to help negotiate with the lender and see what you can negotiate. They can't sell the home prior to taking it over in foreclosure, but you can try to set something up with them in advance.
You could also have your attorney (not you, due to the restraining order) speak to the other owner (the one on the mortgage)--perhaps he or she will agree to sell to you even before foreclosure.
 


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