I inherited a property with a mortgage tax liens and mechanic liens. I have been offered short sales by several people in realestate . Does the prospected buyer pay the liens . If I accept a short sale it's clear that I'm unable to pay off the debt .
Typically these liens and judgments are paid by the first mortgage lender . However during your negotiation you must make it clear that this is what you want the lender to do And depending on the investor there are rules that dictate what liens judgments or other costs the payoff lender will ultimately paySee question
I and my wife sold our farm to my son and his wife 25 years ago, in the contrct it was statted that the house that my wife and I live in was to be ours to live in till we die,now my son and his wife have divorced, and to settle the divorce my son ...
This certainly sounds like a life estate, and based on the deed anyone purchasing the property would have to buy subject to that life estate, or would have to pay you for the value of that estate. You need to find a real estate attorney and perhaps a trusts and estate attorney to help determine the present value. The court cannot order the sale without taking this into account.See question
I recently found out that I'm not the owner of this house due to the attorney's error in the wording of the irrevocable trust, which he amended.
It depends on what the trust itself says. Is there a life tenancy for the current occupant who is likely to be the grantor of the trust? are you the trustee or the grantor/trustor? Was it your house before it was placed into the trust?See question
mothers income of approximately $4000 per month , her home is in Life Estate since 1994 for 3 daughters.can she get medicaid.other assest cash $45,000, 2014 car, $3,000 annuities.
There are several options. However, prior to doing anything I strongly recommend you speak with an Elder Law Attorney that does a lot of medicaid work.See question
i am looking to buy a new house in new york
Yes. NY is an "attorney" state where attorneys draft review and approve real estate contracts. If you are getting a mortgage most lenders will require you to get a lawyer, and I highly recommend retaining a real estate lawyer or one who does a lot of freak estate. They will know how to get a deal done smoothly and will protect your legal rights. However , the first step is to find a house and you should go to a reputable realtor to help you in your search for your dream home. Realtors help tremendously in finding the right house, negotiating price and "pushing" the deal along.See question
I'm buying a house. According to the survey, the back neighbors fence is 3 feet on our property line. The neighbor is being very difficult about the situation. Do we have any legal recourse to force them to move the fence off our property? If ...
I agree with my colleagues that this is a matter for the seller to address, and should be done as soon as possible in order to ensure it doesn't hold up closing as you should not close unless it's addressed. Your real estate contract should have provisions in it covering this type of issue, which is called "out of possession." There are several means of "curing" this matter so you can close, and once it's "cured" for title purposes, you can move forward towards moving the fence, and/or permanently fixing the situationSee question
My wife and I are planning to purchase a new home but I don't have a good a credit score. If only my wife applies for mortgage, can I be on a deed as joint ownership? Does a contract to purchase a new home also need to list my wife and my name ...
This is a very common occurrence. Your wife's credit will be used for the loan from the bank. She will sign the note and will be responsible for the debt, which will be secured by a mortgage.. If you want to own the property jointly, you will be on the deed, and will sign several documents at closing in order to ensure that the bank has a lien on the property. You will sign the mortgage, the truth in lending disclosures, some affidavits pertaining to your ownership rights as well as some other documents. You would NOT be responsible for the debt, but if your wife doesn't pay the mortgage, (and neither you nor anyone else assists her in payment) you could lose the home. The contract would have to be in both of your names. Be sure to have your wife advise the loan officer ASAP that this is what she wants to do . Good luck to you.See question
I am real estate agent specializing in Short Sales in NY. From time to time I come across vacant, abandoned homes in which I take the address down and try to locate the owner so I can do a Short Sale. When I do locate the owners, in many cases,...
I do quite a bit of short sales and loss mitigation work, including loan modifications, etc. and short sales are anything but "control." The only ones who have the control are the banks and/or the investors involved. They are tough to get approved, and they take an inordinate amount of time. Getting the paperwork in a timely manner is key, as is pricing it properly. They're not "great" bargains any longer, but they can be a good deal if the buyer is willing to wait.. A short sale won't work if the people qualify for a loan mod, which most lenders will require the home owner to attempt first.See question
Purchasing home: If I add my spouse on title after closing, will bank require her to be added to the note or mortgage as well?
I agree with my colleagues. Adding a spouse or other transfers aren't technically permitted under the terms of the "due on transfer clause" located in most mortgages, however I agree that most lenders won't know and won't do anything as long as it's paid,. NOTE: there are several limited exceptions to the due on transfer provisions under federal law if the transfer is for estate planning and some other exceptions, but you should definitely speak with a real estate attorney and/or an estate planning atty. before you do so.See question
Background:Parents home signed over to 4 siblings. One sibling has passed away and the deed contains a "rights of survivorship?" that reverts the deceased' interest in the property to the 3 remaining siblings I have a purchase agreement with my 2...
Sorry to hear about your loss. If the note/purchase agreement has no prepayment penalty provision or specific language not permitting prepayment in advance of the term of the agreement, there is not likely to be anything restricting your ability to prepay and pay off the agreement. However, you probably want an attorney to review it to make sure. One possible wrinkle you may have is that although the deed has a right of survivorship, the purchase agreement may not necessarily have the same provision (unless specifically drafted to account for this), and your sibling's estate may have some rights to some type of payment.See question