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Vincent J. Gallo

Vincent Gallo’s Answers

809 total


  • Mortgage broker surprised me w a $4000 "fee" the day I bought a house. Do I have recourse to have this fee refunded to me?

    Before buying a house, I told my mortgage broker that I only had so much $ to put down. I told him I needed a loan that wrapped as many closing costs into the loan as possible, as I wouldn't have thousands of extra dollars floating around the time...

    Vincent’s Answer

    The document is called a Good Faith Estimate. Did you read it carefully before you signed it?

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  • First time home buyer. Is there a need for a real estate attorney over an agent?

    We are looking at buying our first home. We have found most houses on line and are looking athe a few. We are trying to determine the need for an agent or an attorney. We don't anticipate any special need for anything out of the ordinary. ...

    Vincent’s Answer

    A real estate agent finds you a house. An attorney represents you and protects your interests. Say to yourself, at this point, do i need someone to find me a house or someone to represent me and protect my interests. After you answer that question, you should be able to easily decide who you need.

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  • Can you get a title search on a home even if your not selling now just to see how it looks to make sure no issues

    Will come up to surprise you when time to sell. And what is cost

    Vincent’s Answer

    Yes you can, except without a Policy of Title Insurance, the Title Company may not be contractually bound as to any mistakes or errors that may be contained therein. Only a Title Policy will contractually insure you as against any errors and/or omissions contained in the title search.

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  • We are trying to sell a home in Carmel IN without a realtor. Can a lawyer do all the paper work.

    We are selling the home to a family member who has been living in the home for over seven years. Trying to keep expenses down.

    Vincent’s Answer

    Why would you have needed a realtor in any event when you are selling to a relative since I assume you put the deal together yourself.

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  • My husband and I own our home, can he get a mortgage without my signature? Can he barrow against our house without me?

    He says he can.

    Vincent’s Answer

    Even if you and he own the property as tenants by the entirety he can borrow individually. Would a Lender be foolish enough to lend to him as against his potentially divestable interest? I strongly doubt it.

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  • My mother and I purchased a house together in October 2007. We now wish to part ways but we are binded by this mortgauge.

    My name is listed first and hers is secondary on the mortgauge. How do we dissolve ownership of the mortgauge? We both wish to get out of the mortgauge. How do we do this? What is the process?

    Vincent’s Answer

    There is no first or second as to the mortgage. You are both jointly and severally liable for paying the mortgage. Why don't you sell the real estate and pay it off? That would be the simplest solution.

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  • What legal questions may a lender ask about down payment for a house

    my husband and I are trying to buy a house. My father is helping us with the down payment, and we are getting half from taxes. The lender is now asking where my father has gotten his money, why is he giving us the money how we are obtain...

    Vincent’s Answer

    "Qualifying" you for the mortgage and "approving" you, in writing, for the mortgage are two remarkably different things.

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  • Do I have to file a Quit Deed to remove my ex husband from the deed to my house?Am I able to file a Quit Deed myself?

    I am not sure how detailed my divorce decree is,as it was a last minute deal that was written in the divorce the day the divorce was finalized.I really cannot afford to get a lawyer again to file a Quit Deed,but I need to take care of this since i...

    Vincent’s Answer

    A divorce decree/order sets forth rights and obligations of the parties to it. It is not, however, self-executing. Your ex-husband's failure to comply with its terms may compel you to have to make application to the court to compel his compliance possibly coupled with a prayer for sanctions as well as the appointment of a receiver to sign a deed on his behalf for failure to comply, if this is what the decree so calls for.

    First you need to have your matrimonial counsel advise you in simplistic terms of your rights and obligations pursuant to the decree. This way you will gain a clearer understanding of your next moves. For all you know, he may not be obligated to do any such thing which is why you need a clear understanding of its terms.

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  • “My deceased husband and I are Tenants of the Entirety. Will that protect me against foreclosure.?

    “My husband and I are Tenants of the Entirety on our deed. In 2002 he wanted to get a Home Equity Loan. Both of us signed a CREDIT LINE MORTGAGE - only my husband signed the HOME EQUITY LINE OF CREDIT OPEN-END AGREEMENT (Note). He passed away in 2...

    Vincent’s Answer

    No, the Lender can foreclose since you joined in the mortgage.

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  • Do you need a lawyer to transfer a deed to a house in someone else's name.

    I want to transfer the deed to my house to my moms name. We live in NY. About how long does it take?

    Vincent’s Answer

    By law, you do not need a lawyer to assist you in preparing and recording a Deed and the requisite ancillary documents, but more importantly, you need to know which documents need to be properly prepared, executed and acknowledged, you also need to know how to prepare the appropriate transfer tax returns and how to calculate the tax, if any, due thereon. You need to ensure that the appropriate parties thereon are all included, you need to ensure that the real estate is properly described in the Deed, you need to properly prepare the necessary cover pages and calculate the recording fees.

    In fact, before attempting this you need to consider the potential gift tax consequences, the tax basis consequences, the estate planning ramifications, whether there are judgments/liens against the Grantor that continue as clouds against the real estate, you need to consider the potential acceleration of the mortgage if there is an effective due-on-sale clause, and you need to consider the effect on the Grantor's title insurance policy. The above list is only what came to mind, there could be more ramifications to consider. So how long does it take to effectuate the transfer? Firstly you have to ensure that the documents are all prepared and executed correctly.

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