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!!!
If the home is paid for, that means there is no loan for you to take over, doesn't it? Is there still a mortgage loan outstanding? If there is, you'd have to have your Mom transfer title to you and you could simultaneously obtain a mortgage to pay off the existing loan and establish all in your names.
My client bought a house with her husband but was never on the note. She recently quick claimed the deed to her husband. She has no financial obligation to the repayment of the note and she wants to get a loan in her name only now since she finacially qualifies. Will being on the mortgage with no financial obligation stand in her way?
Hi JMD,
Your client should check out whether or not her name is mentioned on the mortgage doc. If her name is mentioned on the mortgage doc, then she is responsible for the loan and won't be able to get another mortgage on a new property without paying it off. If her name is not mentioned on the mortgage doc, then she can take out a mortgage in her name as she is not responsible for the loan payments.
Thanks
Your client should check out whether or not her name is mentioned on the mortgage doc. If her name is mentioned on the mortgage doc, then she is responsible for the loan and won't be able to get another mortgage on a new property without paying it off. If her name is not mentioned on the mortgage doc, then she can take out a mortgage in her name as she is not responsible for the loan payments.
Thanks
I can say that home purchases can really help every one in getting their tasks accomplished and I would say that its really very much helpful.
Mr. Payday, what is it that you wanted to say, really?
JMD, what precisely is your client trying to accomplish? What kind of a loan is she looking for? Based on her non-involvement in the mortgage debt, it would certainly seem pretty clear that if she's looking for an auto loan, a personal loan, etc. then that ought not to present her with a problem.
JMD, what precisely is your client trying to accomplish? What kind of a loan is she looking for? Based on her non-involvement in the mortgage debt, it would certainly seem pretty clear that if she's looking for an auto loan, a personal loan, etc. then that ought not to present her with a problem.
I live in Missouri. I bought a condo in Florida. I told the title co. I wanted a beneficially deed (that is what it is called in Mo.) to my three children. They said Florida does not have that. Now I find out it is called a ladybird deed in Florida. Meanwhile the deed is being made out with my name and my three children listed on the deed. They said they could not do a ladybird deed. Can I do that later, do I need a lawyer to do it, and what would it cost?
The title company can't do a deed that isn't related to the transaction they're involved in. They also can't give you legal advise on how the deed is to be drawn up, and any implications or benefits. Best bet, do ladybird deed after your transaction, seek advice from real estate attorney, and have recorded after your transaction is complete for the financing, so that there isn't an issue with having the mortgage recorded. If you don't want your 3 children to have ownership right now, speak up, the title company will work with you on that, but they need to know what you're wanting. Right now, they're just trying to accomplish what they think you're asking for. Hope this helps.
Hello! My mother and father are decease I wont to take over my mother's mortgage payment but bank of americia wont allow me to they told me my name must be on the deed what steps do I take for this process I cannot contact my mother's second husband, in case I needed his signature. I am the exsectutor of my mother's estate she died August 8, 08. I mailed every form bank of america asked for. I dont wont to lose her home. I pay the mortgage and loan as best as I can.
Hi patricia,
You will have to contact the county recorder's office and get the property transferred in your name by filing an affidavit of heirship. This will help you in putting your name on the property deed and refinancing the existing mortgage.
You will have to contact the county recorder's office and get the property transferred in your name by filing an affidavit of heirship. This will help you in putting your name on the property deed and refinancing the existing mortgage.
does a mobile home where the title is is both spouses name have be be declared as an asset when only one spouse will file for chapter 7
hi louise,
if the spouse who is filing bankruptcy has his or her name on the mobile home, then he or she will include it as his/her asset.
thanks
if the spouse who is filing bankruptcy has his or her name on the mobile home, then he or she will include it as his/her asset.
thanks
reverse mortgage! can wifes name be added to deed even if mortgage deed now only has husbands name
Reggie, you can certainly add a spouse's name to title. Keep in mind, though, that the lender holding the mortgage might not be too pleased to realize that a change took place without its approval.
What do I need to change the name on the deed without penalties?
House has a free and clear title.
House has a free and clear title.