All Forum Posts by: Ray Sebestyen

My brother lives in arizona, He is recently divorced and having a tough time making payments on the house they bought together, BofA and the government modification folks say they cant do anything until she signs a quit claim deed which she does not want to do. i believe she is concerned about future financial responsibility for the house she doesnt live in anymore even though az is a non recourse state.
my questions are:
Is there anything he can do besides foreclosure?
If she signs the quit claim can he then refi or modify the loan to remove her from any future financial responsibility for the house?
Is there anyway he can do the modification without the qc deed?
any advice is greatly appreciated.

My first deal was a combination of two houses in nor Cal in 2001. Bought the first for 160k with a 100% VA loan through an affordable housing program. Took the builder a year to finally build it. Finally moved in and found another new house a block away. I couldn't qualify for it too, so we used my girl friends credit and my $5k down payment. Rented the first place for enough to cover the mortgage and expenses. Lived in the second for a year and sold it for a 40k profit which we split. Moved back to the first house for another year and then sold it for 340k. Wish I could see a market like that again.