Margaret Agnes Palms’s Answers

Margaret Agnes Palms

Boone Foreclosure Attorney.

Contributor Level 6
  1. Can someone give you a house and then take the house back twenty years later?

    Answered about 1 month ago.

    1. Margaret Agnes Palms
    2. James Robert Faucher
    2 lawyer answers

    "Telling everyone" doesn't constitute any type of legal right to property ownership. All transactions and records regarding ownership of real estate must be in writing. If the deed at the courthouse says you own the house, then you own the house. Your mother could conceivably bring an abandonment action in court, but since you keep possessions there, visit there occasionally, and have no intention of surrendering ownership, there would be no basis for her to have any claim to the property....

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  2. When buying property who pays surveying and closing costs, buyer or seller?

    Answered 17 days ago.

    1. Margaret Agnes Palms
    1 lawyer answer

    Per the standard North Carolina Real Estate Purchase and Sale Contract (used by NC Realtors and Attorneys) the Buyer would pay for the survey, if the buyer desires to have one. The contact also outlines other closing costs typically paid by each party. However this isn't set in stone, and buyer and seller can always negotiate who pays what at closing. If you are buying the property, the closing attorney will represent your interests, so he/she can ensure that you're getting good title. It is...

    4 lawyers agreed with this answer

  3. Ex let house go into foreclosure; house is now sold. Can I sue him for what I should have received in proceeds from the house?

    Answered about 1 month ago.

    1. Margaret Agnes Palms
    2. Amber Stewart Billick
    3. Kim Christian DSouza
    3 lawyer answers

    This appears to be both a foreclosure question and a divorce/family law question. One point is that if your house sold before the foreclosure took place (hence the dispute about proceeds) then a foreclosure shouldn't be showing up on your credit report. If it is being reported as a foreclosure rather than just the missed payments due to your ex's not paying, it would be good to dispute the negative rating with the credit bureaus. The bank was likely paid in full at closing, so they should...

    3 lawyers agreed with this answer

  4. Foreclosure house purchasing

    Answered 12 days ago.

    1. Margaret Agnes Palms
    2. Douglas E. Portnoy
    2 lawyer answers

    The answer depends on what stage the foreclosure is in when you make your offer. If it is headed to a foreclosure sale it would likely be a "short sale" where you would buy from the owner with the lender's approval to accept less than the full amount owed on the loan. This is the most time consuming and uncertain way to go, since it will take months to find out if your offer is even accepted. Another way to buy a foreclosure is at the courthouse steps. His can be the most risky since you can'...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  5. BOA fraudulently took my home and denied my modification

    Answered 11 days ago.

    1. Lynn Ellen Coleman
    2. Margaret Agnes Palms
    2 lawyer answers

    I'm always saddened to hear this kind of story about banks abusing homeowners with this "loan modification" tactic, as you try very hard to save your home. Although new laws require they give you more time to work on the modification, banks usually end up using this as an effort to squeeze out more payments from you before they begin the foreclosure process. It's very rare that a homeowner can get through the modification process. Now your bank seems to be scaring you with threats. They are...

    2 lawyers agreed with this answer

  6. Short sale

    Answered 15 days ago.

    1. Margaret Agnes Palms
    1 lawyer answer

    The main risk involves the usual very long time to get to closing. Depending on the lender and the offer, it can take many months to wade through the long short sale process. If you're willing to wait it out, you MIGHT get the home you want at a price you can afford. But there are no guarantees throughout the process. The other risk involves spending money on inspections, appraisals, etc. BEFORE you get a written short sale approval from the bank and everyone signs off on it. Best to wait...

    2 lawyers agreed with this answer

  7. Deed transfer: what records do I need for attorney who will be preparing deed transfer to family member?

    Answered 19 days ago.

    1. Kenneth Love Jr.
    2. Margaret Agnes Palms
    2 lawyer answers

    The good news is that the attorney can pull most of the information he/she will need from the county records. The preliminary documents can usually be found online by the attorney's office. You 're smart to go through an attorney to do the transfer. Any time you transfer title you should have the title carefully inspected to be sure it is free and clear from any encumbrances. Just because it's a family member doesn't mean you should skip this step. Locate any records, such as the original...

    2 lawyers agreed with this answer

  8. What are the deficiency laws in NC?

    Answered 22 days ago.

    1. Margaret Agnes Palms
    2. Sean Thomas Dillenbeck
    3. Lynn Ellen Coleman
    4. Chae A. Dupont
    4 lawyer answers

    Ms. Dupont is correct, you should definitely look into other options. These days with so many good programs, just waiting for the clock to tick away until they sell your home is unnecessary and will be devastating on your credit report, not to mention the danger of a deficiency judgment following you for years. If you can't afford to stay in your home through a HAMP loan modification (these can be rare) you're much better off with either a short sale or a Deed in Lieu (give it back to the bank...

    2 lawyers agreed with this answer

  9. Can a company legally offer money to prevent you from posting moving company reviews online?

    Answered 2 days ago.

    1. Kenneth Love Jr.
    2. Margaret Agnes Palms
    3. Helena Kempner Kobrin
    3 lawyer answers

    You certainly have the freedom to sign this agreement or not sign it, which is a voluntary waiver of your rights to bring any claims or complaints against them. It sounds like they know they have done wrong and are trying to prevent word of this getting out and damaging their business. If you refuse to settle with them and post any derogatory remarks about this company, just be sure you are completely truthful in whatever you say to others about them. You don't want to find yourself in a...

    1 lawyer agreed with this answer

  10. What are risks for owner, in owner-financed Deed in lieu of Foreclosure mortgage on manufactured home in NC?

    Answered 23 days ago.

    1. Kenneth Love Jr.
    2. Margaret Agnes Palms
    3. Michael Chase Wells
    3 lawyer answers

    I think your terminology is a bit off, but at this point, I believe your question is about whether or not you should enter into a seller financed sale (acting like the bank). Seller financing is often a good strategy, especially for a home that is difficult to sell or get financing for. This looks like a good down payment, and the interest rate is probably better than you would get if you put it into the bank (although seller financing notes usually bring higher mortgage rates). So you would...

    1 lawyer agreed with this answer