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Francis N. Soave

Francis Soave’s Answers

85 total


  • Can I quick claim deed land I've own for over 20 years to a trusted family member so that creditors can not place liens on it?

    No law suits have occurred yet.

    Francis’s Answer

    First of all, the document you are referring to is a Quit Claim Deed, not quick. Secondly, what you can do, and whether it will result in protection from your creditors are two different questions.

    There aren't enough facts presented in your question to say whether making such a transfer will be a fraudulent conveyance. What other assets will you have after the transfer? Will you be insolvent?

    If the creditors can prove that the deed is a fraudulent conveyance, they can sue your trusted family member for the land, and win.

    There are many ways to protect assets from creditors. This probably isn't one of them. In any case, it is a complicated area, and too risky for do it yourself methods. Consult with and retain a qualified attorney before you play roullette with your land.

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  • SHORT SALE RELATED QUESTION. What factors does the lending bank consider to approve short sale???????

    I bought a condo in Michigan in 2005. Its value has depreciated by 60-70% & I still owe about 80% loan. I moved out of Michigan in 2009 Jan and not lived in the condo since then.The condo association doesn't let me rent.So, since Jan 2009 untill n...

    Francis’s Answer

    I think that its only a matter of time before you are in default on your mortgage. Whether by choice or circumstrances, you are not going to stay current on this mortgage.

    That being said, there are few options. Short sale is one, deed in lieu is another, and foreclosure is the final solution. Most lenders will take the same applicaiton from you for consideration of both short sale and deed in lieu. Your lender will tell you the requirements. Many require the home to be listed for sale for 90 days. Usually the mortgage is in default when the short sale and deed in lieu are requested.

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  • Can I evict an independent contractor with 24 hours notice?

    I have an independent contractor renting a room in my salon with no written contract. She is unprofessional, loud and obnoxious. She has gotten in my face, yelling in front of customers, I asked her to leave, and recently she called the police b...

    Francis’s Answer

    For the preservation and protection of your interests in your ongoing business and customer goodwill, I think you should terminate her tenancy immediately, in writing, with a refund of the pro-rated prepaid rent. Don't ask for her agreement to do it. Simply empty the room and put her things in boxes and deliver them to her with the written termination and a check. Call the police ahead of time if you think there will be a problem.

    She is a commerical tenant at suffrance, at best, and possibly simply a licensee.

    You may have some legal reprisal from her, but her damages are limited. The chance she may win a small damage award against you (for her lost business the next 3 weeks, perhaps) is far outweighed by the damage she is doing by allowing her to stay there.

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  • My father is recently deceased. Before he passed he gave me specific instructions...

    He wanted me to deposit a check of 30,000+ into his Business account he wasn't authorized on any of my accounts. I initially had Power of Attorney and he also named me as Executor of Estate once he passed.By the time the check was deposited he was...

    Francis’s Answer

    I am sorry for the recent loss of your father.

    You may be required to seek an order from the Probate Court to recover the $30,000. If his ex-wife becomes aware that it is available in an account she has access to, it may become much more difficulte or impossible if you don't act quickly. Have you filed an inventory in the probate estate? Did you list this account?

    Did you know that creditor claims can be contested in Probate? You may be able to eliminate some of them this way.

    The assistance of an attorney is most likely required.

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  • Can my mom do a short sale?

    When my dad passed away, only he was on the note for their home but my mom was on the deed (and the mortgage). She has since rented out the home and is living elsewhere. The balance on the loan is about three times the value of the home. My ...

    Francis’s Answer

    When the term short-sale is used in the context of loss mitigation, or foreclosure alternative, it means literally that. A sale. There is no lender that I know of that will sell the property to the borrower (or in your case, the survivor) for less than the balance on the note. In fact, an affidavit is usually required certifying that the buyer is not related to the borrower.

    If your mother is trying to short-sell the house, and they are asking her for her financial information, there isn't a way around that. But then, she really has no need to sell at all. She can continue to maintain possession (even if there is a tenant) through the end of the redemption period. She also has the right to collect the rent for the same period. The tenants can't be evicted by the lender until the redemption period ends.

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  • Is it fraud if a husband signed his wife's name (with verbal permission) to an income tax check and sent wife half the money?

    Wife is now stating that she is going to sue the husband for fraud. They are currently separated. Is this possible? What is likely to be the outcome?

    Francis’s Answer

    To answer the question as you presented it: no, the wife can't sue the husband for fraud, since he didn't misrepresent anything to her. He submitted a document to the IRS, apparently without indicating that he had power of attorney. He isn't liable to the IRS for civil damages, since neither spouse recovered more than they were entitled to.

    The outcome of this matter all depends on how the trier of fact finds the testimony regarding the verbal permission. In other words, credibility.

    To win a lawsuit, she would have to be able to show that he somehow unlawfully converted funds she owned. There aren't enough facts in the question to know the answer with any certainty, but she has a weak case. For example, what was the reason for the refund? Overpayment of tax? Credits for children? If so, who has custody of them? Why would she have been entitled to more of the refund?

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  • What determines the deficiency judgements on foreclosures?

    I am ill and cannot afford my home any longer. I am on the verge of losing my job due to illness, I am 60 years of age and thinking of letting the house go to foreclosure, but a concerned about still owing after sale. My morgage is about 74,000 an...

    Francis’s Answer

    In Michigan, there are two foreclosure options open to the lender: advertisement, or judicial.

    The vast majority are done by advertisement. Typically, the lender presents a standing bid of the outstanding balance of the mortgage to the deputy conducting the sale. In the present market, and with your facts regarding value, there would be no higher bidder. In such case, the lender would have title to your home after the redemption period, and there would be no deficiency.

    If the lender bids less than the balance at a foreclosure sale by advertisement, there could be a deficiency. The lender would then have to file suit in court to obtain a judgment against you. This rarely happens.

    In some cases, lenders foreclosure by judicial foreclosure. This is rare in consumer, owner occupied residential housing loan foreclosure.

    There are other options you can explore with the lender, including short sale, deed in lieu of foreclosure, or cash for keys.

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  • Do I need a probate lawyer?

    My father passed away 1 year ago. He had remarried and had two more kids and then adopted a third. Me and my sister were never contacted regarding his estate and did not inquire. I have recently found out that his second wife petitioned for conse...

    Francis’s Answer

    • Selected as best answer

    Your question implies your mother is living. My answer presumes this to be the case.

    Your mother co-owned the real estate in one of two ways. Either as a tenant in common, or by the entireties (joint tenant). if she was a tenant in common with your father, then she owns 1/2, and the estate owns half. If she was a joint tenant, she owns it 100%, as of the date of death.

    You should have the deed with both your parents names on it reviewed by an attorney.

    The omission to list you as interested person that you mentioned occurred in a conservatorship. That is not a decedent's probate estate. Without more facts, it can't be determined whether you have any claim against her as conservator. Conservatorship cases generally close upon the death of the protected person.

    You should obtain copies of the conservatorship court file and review them with an attorney.

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  • How long after filing chapter 7 can you buy property outright?

    We were thinking of looking at properties for sale for back taxes or foreclosures and possibly buying something outright with no financing. We live in Michigan. Can we do this after bankruptcy discharge? We have heard you cannot own property fo...

    Francis’s Answer

    There is no legal authority barring you from purchasing property after bankruptcy discharge. There may be restrictions on borrowing money, or selling property, DURING your bankruptcy, but there are no restrictions on borrowing, buying or selling after bankruptcy discharge.

    Many rumors and urban legends persist about the perils of bankruptcy, and most, like this one, are untrue. Only take legal advise from a bankruptcy attorney.

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  • Can i claim a private loan in bankruptcy?

    I obtained two a private loans in the amount of $12k each from sallie mae to attend a vocational school in 2006. The loan is not indicated that it is a student loan but a career training, therefore sallie mae states that the interest can not be de...

    Francis’s Answer

    Unfortunately, student loans are not dischargable.

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