Asked 11/30/2007 07:02 am CT (Thornton, IL)

my seller wants me to quick deed the property back to him,he pledges to make all mortgage payments until he\\\'s ready to quick deed.what kind if contract to we sign? is this legal?

Proceed with EXTREME CAUTION!!!!!! To give you good advice or an opinion I will need a lot more inf...

Asked 11/25/2007 10:24 am CT (lexington, MO)

We would like to sell, but have a Home Equity loan. How do we get around this? Do we continue to pay on the note or transfer it to a new property or are we required to pay this off if we sell?

Asked 11/20/2007 08:45 am CT (Wheatley, Ontario)

Can you sell for less than you owe if you transfer the old mortgage to your new property ?

Asked 11/14/2007 01:11 pm CT (Hollister, CA)

I will soon inherit a rental property and some cash. The property has a mortgage of about 49K. Should I pay it off or continue to make payments? I have a current tenant.

Chuck. Pleae give me a call. I'd like to learn a little more about you and the situation. I can be r...

Asked 11/14/2007 11:14 am CT (Shreveport, LA)

My wife & I paid cash for a mobile home last year and moved ot onto my mother-in-laws property.My mother-in-law is an elderly lady with limited income. This year we began making the payments on the property for her. Now she wants to transfer the title into our name & we continue to make payments.My credit is mid 500's & we also owe the IRS about $40,000. There is only 20,000 remaining on the account but the bank will not lend us money on the home until we have shown payments in our name for 18 months. We really need the loan to make improvements & pay off other debts. Is there anything we can do? Thanks.

Asked 11/12/2007 07:42 pm CT (Sulphur, LA)

My Husband And I signed over the deed to our home July 16th 2007 because the Mortgage had become too much for us to keep up with. We were behind on a few payments and were trying to sell our house by owner and even with the help of a real estate agent. .After a few months of trying we decided to contact an investor who said if we signed an assumption of deed over to him, he would make the payments until he could find someone to purchase it. Well, he did find someone to do an owner finance for at a year..they paid him a generous down payment and then monthly payments as well. Since we were behind the investor had to work out a repayment plan with our lender. this was spread out over a years time,and is still reporting late on our credit...further damaging it and we are still responsible for the note even though we signed over the deed. I talked with him about selling the property now so we could be off the loan, but the agreement he signed with the people now living in our house says they must wait a year to obtain financing. The reason for this is we have equity in our home and will have even more when the pre-payment penalty drops off next year. he is stands to make at least$30,000 off our home and we walked away with nothing. He has not made one payment on time in the last few months and the Mortgage company keeps calling us. I called the people living in the home and discussed the arrangement they have w/the investor. He has mislead them in many ways and us! they were not aware that we were still on the loan! Now I am wondering what my legal rights are in reassuming my home or even working out something with the new tenants to sell outright to them at a lesser amount. Do we have any rights? Our credit is not in great shape because of late payments, A discharged Ch.7, medical bills( all three of our children had tonsils out), I have not worked for the past few years, etc. BUT I am now working again and our Monthly net income together is $5800. Could someone please help us to repair our damaged credit and possibly gain control of our home again so we can make a profit from it and further improve our credit. Jen

Asked 11/01/2007 09:33 am CT (West Lafayette, IN)

I was curious if this is unusual: My origional mortage payment was about 986/mo. After about 5 months the payment dropped to 844/mo. As I figured this drop was due to a reduction in my home's value as the difference was in the escrow portion to cover county property taxes - yay for me. Interestingly, after another 15 months, my payment has jumped back up to 986/mo to cover an increase in property taxes. Could they have changed their mind on my home's value? Thrown out an assessment? (the number reverted back to within a dollar of the original amount) Was I lucky and they were wrong for over a year on my payment? Or should I suspect an error that I need to have corrected?

Asked 10/28/2007 05:28 am CT (Madoc, Ontario)

I have a second mtg. on my property that should not be there.I want to remove it without the private mtg. holders consent. Is it possible i do this in Ontatario Canada?

Asked 10/24/2007 08:27 pm CT (new york, NY)

We have been approved to close by the bank but now the seller has a judgement lien against the property. What is our recourse and what if seller backs out of contract?

Asked 10/22/2007 04:32 pm CT (Los Angeles, CA)

Can daughter w/bad credit grant deed property to father w/great credit (Non-Owner Occupied & already has 1 property) for the purpose of refinancing before a foreclosure can occur? Daughter is currently 90 days late on her mortgage (NOD not filed yet) and behind in property taxes (showing on title) and behind in state taxes (lien is showing on title).

It is possible, but like Larry said you could have some issues. I'd call Larry....

Asked 10/18/2007 10:07 pm CT (Portland, OR)

I have an investment property that I've been unable to sell and would like to refinance it and get a renter in. How long does it have to be off of the market before I can get a loan on it?

I have several lenders who will consider it if it's been off the market for 1 day. Others want to se...

Asked 10/18/2007 07:43 pm CT (Thomasville, NC)

if you file bankrupsty & they discharge the bankruptcy but the property has not been discharged yet or reaffirmed yet can you back out of the bankruptcy

That's a question for a Bankruptcy Atty. You also might try calling teh courthouse. Best of luck....

Asked 10/17/2007 03:32 pm CT (Reseda, CA)

I have a townhouse that has a first and a second on it. The outstanding balance is about 405k and the Townhouse is now worth only about 350k The monthly payments total over 3k a month and I have never been late on any mortgage payment and my credit rating is mid 700s. Recently the 1st adjusted and by spring It will adjust again. I will not able to afford this place within a few months and will start to fall behind on payments. I have paid off property in another state and want to move. Can I walk away from the townhouse without them trying to seize any other assets? How long could I stay in the property safely not paying the mortgage payments before I am kicked out? I realize they will wreck my credit but what other things can happen?

Jerry is right, you may consider borrowing from the Free and clear home that you own to help get you...

Asked 10/17/2007 01:47 pm CT (SPARKS, NV)

HELLO, MY QUESTION IS IF WE INCLUDE OUR MORGTAGE LOANS IN BANKRUPTCY THE LENDERS SAY WE'LL RECIEVE 1099'S FOR THE 2ND AND 3RD LOANS ON THE PROPERTY. OUR BK ATTORNEY SAYS TO TALK WITH A CPA , WHAT'S YOUR THOUGHT ON THIS? THANK YOU, BIG DOG

That's generally true. Any amount that they write off as a loss will be credited to you as income re...

Asked 10/12/2007 11:14 pm CT (baroda, IN)

want to purchase the morgage property

Asked 10/05/2007 03:10 pm CT (Camden, NJ)

If someone is named as the sole owner on a deed to a house, and their partner, who is married to someone else, holds the mortgage on the property, what rights does the partner\'s spouse have upon his death? Simplified, if someone has and affair with a married man and her name is the sole name on a deed to a house, but the mortgage is in his name, what rights does the married man\'s wife have to the house if he dies?

Asked 10/04/2007 02:11 pm CT (LANCASTER, CA)

MY PARENTS OBTAINED A PRIVATE MONEY 2ND.THE SALE DATE WAS 10/1 OF WHICH THE PRIVATE LENDER WAS THERE AND BID ON THE HOUSE(THE 1ST HAS NOT FORECLOSED) SINCE THAT DAY THE PRIVATE LENDER HAS CALLED HARRASSED MY PARENTS, DRIVES BUY THE HOUSE SEVERAL TIMES A DAY AND HAS PUT A FOR SALE BY OWNER SIGN YESTERDAY MORNING. IT WAS TO OUR UNDERSTANDING THAT THE PRIVATE LENDER HAD TO BRING THE 1ST CURRENT TO DO THIS. THE CURRENT LENDER ON THE 1ST HAS NOT BEEN PAID OFF & NO KNOWLEDGE OF WHAT IS GOING ON. THE PRIVATE LENDER HAS VERBALLY GIVEN 10 DAYS FOR MY PARENTS TO VACATE THE PROPERTY. CAN THIS LEGALLY HAPPEN W/OUT DOCUMENTATION OR EVIDENCE THAT SHE IS NOW OWNER OF THE PROPERTY? I KNOW THAT LEGAL PAPERWORK WILL TAKE AT LEAST 30 DAYS OR SO. PLEASE HELP.

You need to contact your county officials to determine what the procedures & timelines are for forec...

Asked 10/04/2007 09:59 am CT (Newport News, VA)

My husband and I are listed on the deed for our rental property in Virginia. I'm in the Air Force. We currently live in Maryland. We have had two mortages on the house both in my name only because of his poor credit history. I refinanced last year while we lived in California and did not have to have his signature on any of the paperwork. I may need to refinance again this year. Does Virginia law or Maryland law require that I get his signature on the closing documents?

Asked 09/28/2007 03:16 pm CT (Ferguson, MO)

Is there a way to do a on-line property search to see if there are leins on a prperty thatbsomeone wants to quit claim to me?

Asked 09/19/2007 06:24 pm CT (Center Moriches, NY)

My boyfriend has been going through divorce proceedings with his wife for 3 years now. We have been together for a year and a half and would like to buy a house. His divorce was supposed to be finalized this month, but the house is being contested. He originally offered her the house, which he built, and just asked for his property from the house. She declined this offer and wanted to sell his belongings because she claimed they were marital property (tools, guns, etc.). He has not lived in the home for years. She claimed she wanted the house, but now she has missed two mortgage payments and is letting the house go into foreclosure. Is there any way to get his name off the mortgage before this happens? Also, if the house is foreclosed on, what happens to his property? He has thousands worth of tools and guns in the house. His lawyer told him that everything would be sold. Who regulates this sale? How is the property divided? Can't she just move all of her things out of the house and have them sell all of his things? She has already started giving things of his away (like his riding mower).