Posted on: 05th May, 2009 02:11 pm
my husband signed a quit claim deed a couple of months before he filed for bankruptcy. my father in law actually built the house so he is the one on the mortgage. he was behind on payments and the house had been for sale forever. so, we decided to buy it. since he was behind on payments he said that we would have to do a lease purchase agreement so we did. is all this true? are they in some way benefiting financially from this....because i can't understand all this. it just doesn't make sense to me! please help.....i know it is confusing because i'm even confused.
Sounds to me like he wants you to do an article of agreement with you. this is where you would pay a set amount over a set period of time and then purchase the home at that point. I may be wrong, (please someone stop my if I am) but either way boy does it ever sound shady.
If he is behind on the payments and wants to make sure the bank isn't going to foreclose on the home than you'd think he would want to just sell it out right as quickly as possible.
Besides, interest rates are low right now and who knows what they'll be like a few years down the road. Now is the time to buy if possible.
Let us know how it goes.
If he is behind on the payments and wants to make sure the bank isn't going to foreclose on the home than you'd think he would want to just sell it out right as quickly as possible.
Besides, interest rates are low right now and who knows what they'll be like a few years down the road. Now is the time to buy if possible.
Let us know how it goes.
hi joy!
welcome to forums!
in order to transfer the property in your husband's name, your father in law could have simply signed a quitclaim deed. as far as the mortgage is concerned, your husband could have refinanced it in his name. but as your father in law was delinquent in his payments, the lender may have asked your husband to pay off the delinquent amount first and then refinance. but, again, you have mentioned that your husband had filed for bankruptcy. in such a situation it would be difficult for him to get a mortgage.
sussane
welcome to forums!
in order to transfer the property in your husband's name, your father in law could have simply signed a quitclaim deed. as far as the mortgage is concerned, your husband could have refinanced it in his name. but as your father in law was delinquent in his payments, the lender may have asked your husband to pay off the delinquent amount first and then refinance. but, again, you have mentioned that your husband had filed for bankruptcy. in such a situation it would be difficult for him to get a mortgage.
sussane
