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Robert H Nagle

Robert Nagle’s Answers

69 total


  • In Arizona..a home is held JTROS, and awarded to the wife in a divorce decree. She never deeds the now ex husband off the title

    and she dies without a will. The title co. insists that 1/2 go thru probate..due to the existence of the divorce. The family court says due to her death..the court has no claims. Title co. will not insure without probate..says it is the law..bu...

    Robert’s Answer

    Assuming the lender can only look to the home for satisfaction of the debt, then foreclosure seems like the cleanest move. But remember, there still remains other responsibilities regarding the home until foreclosure occurs, so don't just "walk away" without understanding all of your responsibilities. And, if there is a non-purchase money second mortgage, then you will definitely need to get the ownership issue resolved absent a settlement with the junior lender.

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  • As a tenant in the state of Arizona, can the management of the property inforce how much traffic comes to see you?

    the management has said we have ten days to stop the excessive traffic stopping by our apartment or they will have to do something. My lease doesnt state how much traffic can stop by.

    Robert’s Answer

    The least favorite response: it depends! The immediate question that comes to mind is: why do you have so much traffic? Do you just have lots of friends, or, are you running a business of some kind out of the rental property in violation of your lease? Regardless, the need to review your lease is critical to providing you with a definitive answer.

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  • What forms are required to file a Release of a Deed of Trust on Real Estate Property in Maricopa County, AZ?

    The lien on the property is now satisfied.

    Robert’s Answer

    A release and reconveyance would be appropriate. Most title companies will provide this, or we can prepare one for you. The fee would be very modest, and, we can also take care of recording it for you once you execute it.

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  • Can the bank come after my fully paid house in Arizona?

    I bought a house in cash last month and I moved into it; I also own a condo with a mortgage on it that I can not afford to make payments for anymore because I now have low paying job and the condo is not going for rent that i want to...so If I sta...

    Robert’s Answer

    If your loan on the Condo has not been refinanced, then the lender may only look to the collateral that is securing the loan, i.e., the Condo. There are other issues to consider as well regardless of whether you short sale or go foreclosure that you will also need to consider in your decision making.

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  • With AZ being a "non-recourse" state, can lender still seek deficiency on foreclosure of investment property ?

    I am considering a strategic default on an investment property in Arizona that is extremely upside-down. I am a bit confused by reading that AZ is a "Non-recourse" state, but that they can do either judicial or non-judicial foreclosures. Does th...

    Robert’s Answer

    Strategic default on an investment property actually presents several options to you. While the law is very favorable to you, as my fellow attorneys have already stated. But, how you strategically default, i.e., how and when, and things you can do to expedite your disposing of this investment, should also be explored.

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  • My husband took out a home equity loan on the home he owned before we were married. I was not ever on the title or anything.

    The house had been foreclosed on and husband no longer owns it. The bank made me sign for the equity loan since he was married. He owes 100,000 on equity loan and has no idea if they are coming after him or not for it. He may file bankruptcy. We a...

    Robert’s Answer

    Unfortunately, signing important legal documents without an attorney oftentimes leads to significant problems. Did your husband have an attorney advising you both when you signed the note? Another potential problem (and bargaining point with your husband) is that you are likely jointly and severally liable with your husband on the note. What this means is that if he declares bankruptcy, it is likely the bank will look to you for 100% of the debt! However, in response to his assertion that you owe just half, I would reply that together you owe 100%, but that when it comes to dividing the assets, it was a debt that he solely benefited from so he needs to pay it or get rid of it any way he wants. While it is true that as between you and your husband, on the one hand, and the bank on the other, you both owe 100%, it doesn't mean that between you and your husband that you do, and you (and your divorce attorney - please let me know if I can refer you to one) needs to push back, tell him he can deal with that 100% anyway he wants, and that he should indemnify you for any monies the bank gets from you. You're in a tough spot, but, you do have options. Just don't repeat the first mistake (signing legal documents without attorney review) again by not using a lawyer for your divorce.

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  • Is loan for down payment on home considered a non-recourse purchase money loan?

    In 2005, boyfriend loaned me the 20% down payment on my home. I thought it was a gift, but right before closing he had me sign an "Equity Contribution Agreement". The Agreement states the money was specifically for the down payment of my home. ...

    Robert’s Answer

    I would need to see what the ECA says, and I would need to see your closing/settlement statement from when you purchased the home (plus confirm that your home qualifies for anti-deficiency protection), but, based solely on the facts as you've presented them, there is a very strong likelihood that your ex's "loan" to you will be deemed be a purchase money loan.

    In essence, the 20% from your ex is no different than had you obtained an 80/20 loan to purchase the home. With an 80/20 set of loans, both loans are deemed to be purchase money loans, which are limited in recourse to just the house. Let me know if I can be of further assistance to you.

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  • I am am renting a home that is going into foreclosure and i want to buy a home is there a way out.3 months till auction date ..

    Owner knew the home was going into default 4 months ago when i told him that i was interested in buying a home.He the owner is a real estate agent and owned the home across the street from me. The renter across the street told me he had a notice o...

    Robert’s Answer

    I have a number of questions: do you have a signed lease? Are you paying market rent? If a signed lease, did you use the AZ realtors standard form? The answers to these questions will help give you a firm answer to your question. Practically speaking, most buyers at foreclosures are more than happy when an existing tenant voluntarily leaves, so, if you can wait out the 3 months, you should be in good shape. Plus it may take you a month or two anyway to find and then close escrow on a home to purchase. I offer a flat fee rate to consult with tenants regarding a rental home in foreclosure. Let me know if you'd like to retain me so you can get some definitive answers to your questions and then utilize the information towards developing a strategy.

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  • Should we refinance for 15 year term or 30 year again

    We are under water and planning to take advantage of the new HARP program coming out in March to help home owners that are current and more than 125% under. We want to refinance to get a lower rate. We are currently at 6.5%. We want to move to a...

    Robert’s Answer

    I have been pondering how to answer your question the last 45 minutes. First, in general, I feel a 30 year fixed is better than a 15, even with the slightly lower rate, as you can always pay at the 15 year rate, but, if faced with hard times, you can back off to the 30 year rate. This is what my wife and I have done with our own home, and, when we hit the downturn, we were able to back off the higher payments without being in default.

    As to the priority of getting out of the home ASAP, waiting to refinance is contrary to that goal, and it is financially wasteful. You will need to short sell, and, with very few exceptions, a short sale has a 2 year "waiting period" before you can get a new conventional loan. So, in order to move as soon as possible, other options need to be discussed. What I will share with you is that your credit is not at all ruined if you take action today, contrary to what many others may have told you. It is worthwhile to meet with an attorney to discuss all of your options, if for no other reason than to ensure that whatever final decision you make, you know you've made it with accurate, unbiased information.

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  • I have a quit claim deed that is supposed to have an exemption code on it, but I'm not sure which one to use.

    Quit claim deed for a house that is going from my ex-husband and I to just my ex-husband. No money is exchanging hands. What exemption code do I use? Also in the quit claim I put "in consideration.... $10", should that say zero since no money i...

    Robert’s Answer

    If it is per court order, then A.R.S. Section 11-1134(A)(5). Otherwise, use (B)(3) for exemption between husband and wife. But, let me also ask, why the quitclaim vs. a general warranty deed? The benefit of the GWD is that the title insurance policy you received when you first purchased the house extends protections for any warranties of title that you provide. If for some reason there was ever a problem, your ex could get protection through the title company via the GWD title warranties. I appreciate that your splitting up and you may have no interest in extending that protection. I am mentioning this so that you are aware of this in case you one day need to deed or receive a deed from a parent or child.

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