Posted on: 22nd Feb, 2010 09:41 am
my wife and i wanted to purchase here family home from her parents. at the time we owned another home and couldnt purchase without selling first.
my parents offered to make a down payment and co-sign until we sold the other house and could refinance. the mortgage company did the loan in just my parents name without us knowing. they also did not add our name to the deed.
the deed for my inlaws house had 2 parts. the house was on one lot and they had bougth 1/2 lot on each side. a detatched garage was build on one side and a new addition went over onto the other side.
the mortgage company failed to transfer both deeds leaving the 1/2 lots in my in-laws name.
my wife and i want to fix everything and have it all in our name. my parents dont speak because of this issue and they want us to purchase/refi the mortage. they will not add out names to the deed.
is this mortgage/deed legal?
can my inlaws transfer there part to my wife and i to used as equity?
we need help!!!
my parents offered to make a down payment and co-sign until we sold the other house and could refinance. the mortgage company did the loan in just my parents name without us knowing. they also did not add our name to the deed.
the deed for my inlaws house had 2 parts. the house was on one lot and they had bougth 1/2 lot on each side. a detatched garage was build on one side and a new addition went over onto the other side.
the mortgage company failed to transfer both deeds leaving the 1/2 lots in my in-laws name.
my wife and i want to fix everything and have it all in our name. my parents dont speak because of this issue and they want us to purchase/refi the mortage. they will not add out names to the deed.
is this mortgage/deed legal?
can my inlaws transfer there part to my wife and i to used as equity?
we need help!!!
Well I just got a letter in the mail today from the credit union. They said that it was my payment history and lack of revolving credit. The mortgage on the old house was paid in 2003.
I have not had any late payments since the last mortgage. I have no credit cards in my name since I cleaned up from a ugly divorce.
Oh yeah, my credit score was 670. Not great but not awful either. I have been at my current job for 10 yrs also. There was an old cable bill left over from the old home that I didnt know about. We paid it off a few years ago. The same bill was on my credit report 3 times. I have a letter and the paid check to prove it was taken care of.
What should I do?
I have not had any late payments since the last mortgage. I have no credit cards in my name since I cleaned up from a ugly divorce.
Oh yeah, my credit score was 670. Not great but not awful either. I have been at my current job for 10 yrs also. There was an old cable bill left over from the old home that I didnt know about. We paid it off a few years ago. The same bill was on my credit report 3 times. I have a letter and the paid check to prove it was taken care of.
What should I do?
check which of the credit repositories has that cable bill (EQ, EX, TU) and write a letter, enclosing copies of your receipt and canceled check, requesting that they remove the citation immediately.
as for your circumstance, that's one conservative credit union! from what you've told us above, it would make sense for someone to lend to you. unless there's something missing in your explanation of the facts, or in their interpretation of those facts, then i'd like to think that there are lots of lenders available for someone with those credentials.
as for your circumstance, that's one conservative credit union! from what you've told us above, it would make sense for someone to lend to you. unless there's something missing in your explanation of the facts, or in their interpretation of those facts, then i'd like to think that there are lots of lenders available for someone with those credentials.
I promise im not leaving anything out. Ive told you everything even about my parents and I not getting along. :(
This is a small town, but with quite a few banks. Im starting to think someone is trying to keep me from getting this done. :roll:
My debt to income ratio is good also.
I will just keep working on my credit and try a different bank. Someone will give me a loan. Im starting to think it is just the situation with my parents and the multipul deads they they dont want to tackle.
This is a small town, but with quite a few banks. Im starting to think someone is trying to keep me from getting this done. :roll:
My debt to income ratio is good also.
I will just keep working on my credit and try a different bank. Someone will give me a loan. Im starting to think it is just the situation with my parents and the multipul deads they they dont want to tackle.
but if you don't tell them about your issues with your parents, they will (presumably) not know; and the issue with multiple deeds is something that the lenders will say about: "we don't care; that's for the lawyers to work out."
you are right - someone will give you a loan. and soon, i hope.
you are right - someone will give you a loan. and soon, i hope.
Im am being straight forward and honest with any lender I deal with. I just want to get a fair shake. We pay our bills on time. We had some problems in the past, but we made sure they got there money.
I home your right and someone does give us a loan.
I home your right and someone does give us a loan.
Ok here is an update so far.
We were contacted from SMG Select Mortgage Group out of Ohio. They are a siste company to Wright-Patt Credit Union. Our local Credit Union put them in contact with us.
Ok looks like we qualify for a conventional loan 30 yrs at 5.75%.
He has sent us a packet to fill out and we need to get a two gift letters signed. On is from my in-laws gifting the extra 2 half-lots that are free and clear. The other gift letter if from my parents giving us the extra equity between the purchase price and what we owe them and the bank.
Ok, Now We need to get a sellers disclosure filled out and signed and a purchase agreement done also. Should I get a local realitor friend to help with this or should I just fill it out and try to get my "slightly Hostile" parents to sign the purchase agreement and sellers disclosure my self?
What is our best interest? Will my realitor friend get into any trouble with his company? Can I just get the forms from him?
We were contacted from SMG Select Mortgage Group out of Ohio. They are a siste company to Wright-Patt Credit Union. Our local Credit Union put them in contact with us.
Ok looks like we qualify for a conventional loan 30 yrs at 5.75%.
He has sent us a packet to fill out and we need to get a two gift letters signed. On is from my in-laws gifting the extra 2 half-lots that are free and clear. The other gift letter if from my parents giving us the extra equity between the purchase price and what we owe them and the bank.
Ok, Now We need to get a sellers disclosure filled out and signed and a purchase agreement done also. Should I get a local realitor friend to help with this or should I just fill it out and try to get my "slightly Hostile" parents to sign the purchase agreement and sellers disclosure my self?
What is our best interest? Will my realitor friend get into any trouble with his company? Can I just get the forms from him?
i don't think helping you out will put your friend in jeopardy with his company, but that's something he can certainly determine before he lends his hand. you might, as an alternative, have a lawyer prepare your contract documents; that would probably put everyone else at ease, too. you don't want anyone to get cold feet because of the appearance of something done incorrectly, after all.
I want this to work. If I need a lawyer, then I can get one.
Im wating to hear back from my realitor friend. The Gift letter is a simple fill in the blank letter. The loan officer said he could tell me how it needs to completed. He said he could help with the purchase agreement, allthough he is not a realitor he said.
We just want this to all work out finally!!!!
Im wating to hear back from my realitor friend. The Gift letter is a simple fill in the blank letter. The loan officer said he could tell me how it needs to completed. He said he could help with the purchase agreement, allthough he is not a realitor he said.
We just want this to all work out finally!!!!
the loan officer ought to have a gift letter in his repertoire, actually. i agree that he could help you out with the purchase agreement - i've done that in the past, so it's not unheard of.
i agree with you - have faith. it'll work.
i agree with you - have faith. it'll work.
He did send a gift letter to fill out.
I talked to my realitor friend, he is faxing the Seller's disclosure form that Kentucky requires.
I found a purchase agreement on line I think I can use. I just did a copy/paste and will see how that works out.
Oh yeah, the loan officer said he will contact my parents and explain everything. This will keep me out of it and they can here it " straight from the horses mouth" as the saying goes. That way there wont be anymore distrust. I hope.
Fingers crossed. I am going to get the rest of my paperwork together and try to get everything sent to him on Monday.
I talked to my realitor friend, he is faxing the Seller's disclosure form that Kentucky requires.
I found a purchase agreement on line I think I can use. I just did a copy/paste and will see how that works out.
Oh yeah, the loan officer said he will contact my parents and explain everything. This will keep me out of it and they can here it " straight from the horses mouth" as the saying goes. That way there wont be anymore distrust. I hope.
Fingers crossed. I am going to get the rest of my paperwork together and try to get everything sent to him on Monday.
It sounds like a good idea for the loan officer to take on this responsibility. Given the animosity you've experienced, having a disinterested third party may provide a smoother path for you.
Well, I guess he's "interested" by being the loan officer, but I'm really addressing his disinterest in the transaction itself. His claim is on the loan, after all.
He seems to be really giving a good effort to help us. As long as my parents get there info from a bank/loan institiution than from me, I think we will be ok.
Any suggestions on were to get a Purchase Agreement?
Any suggestions on were to get a Purchase Agreement?
Hi Guest,
You can contact an attorney and he will help you in drafting a Purchase Agreement. However, if you want to go through a sample Purchase Agreement, then you can check out the given link:
"http://findforms.com/search.php?q=purchase+agreement"
Thanks
You can contact an attorney and he will help you in drafting a Purchase Agreement. However, if you want to go through a sample Purchase Agreement, then you can check out the given link:
"http://findforms.com/search.php?q=purchase+agreement"
Thanks
If you've got realtor friends, you can likely obtain a copy of a purchase agreement there as well.