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!!!
UPDATE!!!!
Well, looks like were are doing a closing on the house tommorow!!!
Finally this will be over and we can go on with our lifes.
Thanks for everyones advice/help.
One quick question. The home purchase tax credit.
We entered into a purchase agreement in April and will be closing May 21st so the dated fall within range. My question is "will we qualify since we purchased it from family?
I ran across the info and now it says that we will not qualify because it was purchased from a family memeber. Is this true?
Well, looks like were are doing a closing on the house tommorow!!!
Finally this will be over and we can go on with our lifes.
Thanks for everyones advice/help.
One quick question. The home purchase tax credit.
We entered into a purchase agreement in April and will be closing May 21st so the dated fall within range. My question is "will we qualify since we purchased it from family?
I ran across the info and now it says that we will not qualify because it was purchased from a family memeber. Is this true?
Hi!
Welcome back to forums!
As you are purchasing the property from your family member, you won't be able to take advantage of the tax credit.
Feel free to ask if you've further queries.
Sussane
Welcome back to forums!
As you are purchasing the property from your family member, you won't be able to take advantage of the tax credit.
Feel free to ask if you've further queries.
Sussane
We did run across one problem. The title company said that my wife had a judgment against here. The had to take her name off the mortgage to keep the company from being the first lein holder.
After we are done getting the mortgage, can I add her to the deed? Since the mortgage company will be the first lein holder.
Any advice on taking care of the judgement?
The situation was my wife had a business and had some health issues. The business was in only her name and we sold it on a land contract. The new owners filed bankruptcy after only a year. We couldnt pay any bills pertaining to the business. We lost even the contents (building was leased). We tried to set up payments and they refused. She was served with a letter, but said she could submit a letter to the court. After that we were not notified of the outcome or by the company. This was in 2005, not they are saying that it has been bouncing around between two agencys. We just go a letter from them in the mail since the title company talked to them.
Were do I go for help.
After we are done getting the mortgage, can I add her to the deed? Since the mortgage company will be the first lein holder.
Any advice on taking care of the judgement?
The situation was my wife had a business and had some health issues. The business was in only her name and we sold it on a land contract. The new owners filed bankruptcy after only a year. We couldnt pay any bills pertaining to the business. We lost even the contents (building was leased). We tried to set up payments and they refused. She was served with a letter, but said she could submit a letter to the court. After that we were not notified of the outcome or by the company. This was in 2005, not they are saying that it has been bouncing around between two agencys. We just go a letter from them in the mail since the title company talked to them.
Were do I go for help.
Hi,
If you plan to add your wife's name to the property deed, then you should inform the lender about the same. If the lender has any objections in regards to this, then he will let you know.
Thanks
If you plan to add your wife's name to the property deed, then you should inform the lender about the same. If the lender has any objections in regards to this, then he will let you know.
Thanks
James is correct, but to elaborate on his thoughts, you can be certain that they'll not be enthused about your adding her name. That constitutes a transfer of title, and you could be faced with them calling the note due in full. Let's hope not - you've been down too many difficult trails already.
As for the judgment, you didn't say how large it is; hopefully, not too large. Keep in mind that if you were to add her name to title post-closing, the judgment creditor can, at some time, place a judgment lien on your property to ensure payment (eventually). Usually, a judgment lien sits until you sell and it's then satisfied. To foreclose on a lien of that sort would be unprofitable for any creditor, usually. You might be able to negotiate a payment plan with that creditor so as to forestall any other action, of course.
As for the judgment, you didn't say how large it is; hopefully, not too large. Keep in mind that if you were to add her name to title post-closing, the judgment creditor can, at some time, place a judgment lien on your property to ensure payment (eventually). Usually, a judgment lien sits until you sell and it's then satisfied. To foreclose on a lien of that sort would be unprofitable for any creditor, usually. You might be able to negotiate a payment plan with that creditor so as to forestall any other action, of course.
My Mom has chose to give my wife and I a $150000 home here in Texas that is paid for. We intend to sell it immediately. What do you think the best way is to go about selling this property with minimum amount of tax liability for both ourselves and my Mom? Tnks
Once you sell the property, you would be liable for paying the capital gains taxes, if there is any profit from the sale. If there is no profit, then you won't be liable for the taxes. So, the less profit you've the less taxes you pay.
what differences do I need to make when writing a purchase contract with a reverse mortgage loan?
Welcome desiree,
It would be better if you could contact an attorney and get the purchase contract drafted from him. He would be the best to let you know what you should and should not include in the contract.
It would be better if you could contact an attorney and get the purchase contract drafted from him. He would be the best to let you know what you should and should not include in the contract.
I don't think that a reverse mortgage will have much impact on a purchase agreement, but I also think that it definitely can't hurt to follow Adonis' advice on consulting an attorney.
My parents died many years ago with no will; my mother lived longer than my dad until she got sick. My brother took her to live with him in another city.My brother had a daughter who he did not mget along with. He got dementia and died soon afterwards. My niece who is his daughter took over power of attorney and proceeded to sell the family home.It was then I found out that my brother had put the house in his name without m y knowledge years ago. Is this legal and does she have the right to sell.?
Welcome rjones,
As the heir to your brother's property, your niece can get the property transferred in her name and then sell it off. You cannot take any legal actions against her in this regard.
As the heir to your brother's property, your niece can get the property transferred in her name and then sell it off. You cannot take any legal actions against her in this regard.
how do i go about and get my mom's name off deed? who changes it after muniment of title? my mom left me the house in her will, i had the muniment of title done, do i have to contact the mortgage company or do the courts do it ? need answer like now, thank you.....
Hi Guest,
You will have to contact an attorney and get the will probated. Once the probate is complete, you will have to record the deed at the county clerk's office and get the property transferred in your name.
Thanks
You will have to contact an attorney and get the will probated. Once the probate is complete, you will have to record the deed at the county clerk's office and get the property transferred in your name.
Thanks
my mother own the home that i live in. I have been paying the equity loan on the home. the home is paid for. i would like to take over the loan in order to get the home in my name. what do i need to do