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Vincent J. Gallo

Vincent Gallo’s Answers

806 total


  • How can I find out how much is owed on our Mortgage?

    My partner and I live together in a home that is in her name with the Mtg company, but we are both on the warranty deed. Our relationship is very rocky at times and I'm worried about my future. She is very private about her finances and what is ...

    Vincent’s Answer

    Since you are not a signatory on the Note, from what you stated, the Lender will most likely not communicate with you directly as to the debt. Are you paying the Mortgage debt jointly with her? If so, then did you try asking her for a copy of the latest statement that will likely show the balance?

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  • I was appointed a home inspector. Is this legal in NJ?

    I am purchasing a home and the Realtor assigned me an home inspector.

    Vincent’s Answer

    Then seriously consider selecting an inspector of your own choosing.

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  • Penalty for paying off a mortgage early?

    If I were to pay off a $100,000 30-year mortgage early, the bank would obviously be losing tons of interest they expected to make over those 30 years. What is the rule? Is there a penalty equal to all that interest (another $75,000)? Or is it s...

    Vincent’s Answer

    The Mortgage Note that you executed would govern your obligations, so read it carefully as to its terms.

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  • Why do I need a real estate attorney to buy a house?

    My understanding is that the contracts are pretty much form contracts and that the seller's attorney is responsible for ensuring good title (and his malpractice insurance covers any problems with the title he fails to uncover.). So then why does ...

    Vincent’s Answer

    You are not legally required to have an attorney represent you in connection with a real estate purchase transaction. Provided however that you are confident that you possess the acumen necessary to fully understand what you are getting yourself into, at your own risk and peril, noting that a seller's attorney has no obligation to you whatsoever.

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  • Can I file a quit claim deed

    A very good friend allowed me to movin to his home on May 29th 2011 and passed away in Feb 2013. I am paying the tax's . The Appraisers office says he's 100% owner. Can I file a quit claim deed.

    Vincent’s Answer

    You can file it; it won't have any effect on the property, but you can file it.

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  • Escrow- I have paid 10 k into escrow . I am now considering backing out of the contract .

    Our loan has not been approved within the 30 day period as stipulated in our contract . Does that give me am out and will I get my escrow back ? Could I be liable for damages beyond the escrow ? Closing is in2 weeks time.

    Vincent’s Answer

    What do the terms of your contract provide?

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  • Can a seller's agent force me to buy a house even though they didn't comply with all the repairs asked for?

    I asked for all galvanized pipes to be replaced under home (meaning all the pipes). They only replaced the ones in the crawl space of the home. After final inspection I mentioned that galvanized pipes still on the premises and asked in writing for...

    Vincent’s Answer

    Did your attorney provide in detail in the Contract all of the repairs that you insisted on as a condition of your closing on the real estate? If so, you should have a good case. If not, then why not?

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  • Is a Deed the only way to sever a joint tenancy?

    Is a Deed the only way to sever a joint tenancy?

    Vincent’s Answer

    It's not the only way. It can also be done by Court Order, if you really want to spend money.

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  • I'm co-listed on the deed and home loan with my boyfriend. The relationship is ending how do I remove myself from both?

    Do I need a real estate attorney to help me?

    Vincent’s Answer

    One would have to amicably agree buy the other one out and in doing so, the one purchasing would then individually refinance the existing mortgage, or if the two of you cannot come to terms, then you would both have to agree to sell the real estate and satisfy the existing mortgage.

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  • Need advice on Selling my Home with an FHA mortgage

    My house is in Hialeah Fl and I am selling it by owner. Prospective buyers have approached me with a pre qualification for a 97% LTV mortgage FHA. I am quite concerned with contracting with these people due to what I've read about FHA a...

    Vincent’s Answer

    If you have no other prospective purchasers, give this purchaser a short window within which to close, and if they fail to meet that deadline, reserve the right to cancel the deal, give them their deposit back and move on.

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