My brother and I bought a 2-family house together in 09 in Massachusetts. Both of our names are on the deed and mortgage, but he stopped helping out with payments in March and refuses to sign off the deed in fear I'll throw him out. He has horribl...
By walking away you would do significant damage to your credit. In addition, if both you and your brother are currently on the deed, the only way to remove yourself from the deed would be to have a new deed drawn up, and that would need to be signed by both you and your brother. Based on the information you provided, it sounds like you are a co-borrower on the mortgage loan, so even if you were removed from the deed, you would still be liable to the bank for the mortgage, and if they were to foreclose and did not recover the full amount of the mortgage in the foreclosure sale, they could bring what's called a deficiency action against you individually for the remainder owed. As suggested by another poster, you may want to speak with attorney about the possibility of filing a petition to partition to force the sale of the house (and seek to have the proceeds split based on your contribution to paying the mortgage and other expenses), but to do so you would need to be able to find a buyer. Another possibility might be to see if, through the petition to partition, you could buy out your brother's interest in the property (if that is possible for you) and then rent the property to tenants until you are able to sell it.See question
My mother and I are both on a deed to a home and she is on the mortgage. We are no longer on speaking terms and she restricted me from calling or speaking to the mortgage company to deal with the foreclosure. If I am somehow able to convince every...
If you are listed on the deed you are a co-owner of the property,. If the property is sold, assuming there is anything leftover after paying off the mortgage and any other debts related to the property (property taxes, water and sewer charges, and any other liens that may be on the property) you are entitled to a share of the remaining proceeds. How much of a share will depend on how you and your mother hold title the property, and whether you and your mother have made any agreement about how proceeds would be divided if the property were sold.See question
We signed an offer letter on our house (no P&S yet) and during the buyer's inspection they found mold in our basement. We are going to get rid of it but the buyer's lawyer said that the buyers have to agree to how we get rid of it. I don't think...
If you want to keep this particular buyer yes, part of the negotiation for their continuing with the deal would include their approval of your plan to remove the mold. Otherwise, assuming there is an inspection contingency in the offer, the buyer has the right to walk away from the deal if they are not satisfied with the condition of the property or your plans to address the problem.See question
Hi, I'm about to buy a unit (1) in a two unit house. There is no monthly condominium fee, the split is 38%, 62%, so when expenses arise in share, that is paid by owners as per split. I have the 38%. My questions are: If i want to fix something...
You would need to review the condominium documents (Master Deed and Declaration of Trust as well as any rules and regulations) to understand the rights and responsibilities of each owner for repairs. In many cases, for a small condo associations such the one you describe, all repairs must be agreed upon by both owners, but depending on how the documents are drafted there may be a mechanism for one owner to require a repair that is necessary to prevent damage to the property. You may want to hire an attorney to make sure you fully understand all of your rights under the condominium documents.See question
My ex-wife has been on the deed to my house for the last 18 years but has paid nothing toward the house. Can I refinance without her being listed on the mortgage?
You could apply to your lender to be the only borrower on the new mortgage loan, but because your ex-wife is still on the deed the lender will require that she sign the mortgage document itself, as well as a couple of the other closing documents, as a non-borrower owner. No matter who the actual borrowers are, a lender always requires all owners of the property to sign the mortgage to show the owners' consent to having the mortgage put on the property. By signing the mortgage, though, she would not become a borrower, she'd just be consenting to the mortgage, and you would have sole responsibility for paying back the loan.See question
mother and siblings signed a quitclaim deed to another son (sibling). deed was filed. is it valid? will the siblings who signed the property over have rights to it?
You would want to have an attorney review the recorded deed to confirm whether it complies with all legal requirements, and also to confirm exactly who now owns the property. If you are correct that the deed transferred the ownership from the mother and siblings to the other sibling, the mother and siblings no longer have rights in the property, and the sibling to whom the property was deeded now owns all rights in the property.See question
Historic house is converted condo in 2006/7 with four units and four trustees (equal vote). No reserves. Exterior needs paint/repair. Trustees cannot agree on paint/repair for total of $30k or siding removal at $120K. My unit is worth approx. $1...
If the unit owners have followed the procedures required under the Master Deed and Declaration of Trust for your condominium, they may be able to proceed with the work and the assessment to your unit, even without your consent. It depends on what percentage of the units those documents require to approve repairs. You may want to hire an attorney to assist you in reviewing the documents and help you understand what is required. You are correct that the assessment should be based on the percentage interest of each unit in the condo, so if your unit only has a 20% interest, you would only be responsible for 20% of the repair cost. Again, an attorney may be helpful in reviewing your condo documents to verify the percentage interests and the responsibilities for repairs.See question
i am a renter for 40 years, the condo association changed the bylaws to make it a smoke free building, can they change the bylaws to say i am not grandfathered in ??? ( that is what they did, can they do that???
The short answer is yes. Assuming that the owners of the units in the condominium and the condo trustees followed all required procedures in the condominium documents, they have the right to amend the bylaws to prohibit smoking in the building. As a tenant, your lease or occupancy of the unit is subject to the terms of the condominium documents, including the bylaws, so if there are changes in the bylaws you must comply with them.See question
i have the homestead exception on my home and i thought credit cards were unsecured
Yes, the judgments and liens will all need to be paid off when you sell the property. The homestead protects you against creditors selling off your house to pay the debts, but not against your need to pay the debts themselves and any buyer will require that the liens be removed prior to closing. The only alternative is to negotiate directly with each creditor to see if they would be willing to remove their lien in exchange for you paying some amount less than what you owe them. I would recommend that you contact an attorney to help you through that process of negotiating with the creditors.See question
What gets owed after a foreclosure? Mass. is the state if it matters. One source said Mass is non-recourse, most said otherwise, and another mentioned purchase money mortgages being different, not really sure what that even is. Right now there's (...
Further to Attorney Ostendorf's response, the bank has the right to foreclose on the mortgage if payments have not been made, but they have no requirement to do so. And there are a number of reasons why a bank may choose not to foreclose in a particular property - depreciated value of the property, too many other foreclosed properties on their books, etc. So, even though the mortgage has been unpaid for 6 years, the bank has no duty to initiate foreclosure and has the right to just allow the interest and other penalties to continue to accrue.See question