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Robert H Nagle

Robert Nagle’s Answers

69 total


  • Are "double/simultaneous closings" illegal in Arizona?

    I'm looking for a title company to perform a double close on a real estate investment transaction and am having a hard time finding one that says it is legal, however, I can't find any law stating they are illegal.

    Robert’s Answer

    They are absolutely "legal", but perhaps there's an element in the specifics of your transaction that is giving rise to the concern expressed by the title companies you have contacted.

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  • Specific Questions about deficiency law in arizona

    After looking at the wording of the arizona deficiency protection laws it looks like purchase money restriction only relates to mortgages AND not deeds of trust? Is this true? If so it wouldn't matter if cash was pulled out on a note secured with ...

    Robert’s Answer

    • Selected as best answer

    The simple answer to your first question is that the laws apply to both mortgages and deeds of trust, assuming the property otherwise qualified for protection. However, if you've refinanced, a lender can bypass the limitations of the anti-deficiency statutes by bringing a judicial foreclosure action rather than pursuing the trustee's sale.

    And yes, even if you have the same lender on both loans, and assuming the 2nd loan was not a purchase money loan, if the 1st forecloses through a trustee sale, the 2nd can pursue you for any unpaid amounts.

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  • Why would buyers agent fail to get earnest money into escrow?

    We accepted a purchase contract in good faith. Four days later we find out that the buyers agent did not keep the earnest money but gave it back to the buyer after making a copy of it to attach to the purchase offer. So escrow has not been opened....

    Robert’s Answer

    My first question re buyer's termination is: what does the contract provide? Just because they wanted to close in 9 days does not absent an express change to the form agreement translate into a waiver. I have to guess they would still have wanted to do an inspection.

    As the behavior of the agent, I cannot say unless he/she knew what was up. Consider making a complaint to the Arizona Department of Real Estate if you feel the agent harmed you. However, if, in the end, the buyers did have the right to terminate, it may not be worth the trouble. Better to focus on getting your home back on the market and sold!

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  • Assistance with contract verbiage regarding a wrap around loan

    I am a real estate agent that has a client selling their home and has received an offer that will get them out of their house without short sale or owing any additional funds. However the offer includes "wrapping" the existing loan. My clients und...

    Robert’s Answer

    You need a real estate attorney who has handled these matters. I am certainly not the only one, but would be happy to help. There are risks for both parties, and you'll need an escrow company to assist with the payments. Robert.

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  • If I enter into a short sale or foreclosure will the 2nd mortgage which was taken out at the same time for the purch be 4given?

    This loan was for the origional purchase,

    Robert’s Answer

    A short sale is an interesting animal. Regardless of whether your 2nd mortgage was purchase money or not, it is quite likely that the lender will accept the payment from the first lender and relieve you of all further liability. The national average is for lenders to accept 10% of what is owed, so you can use that to estimate what, if anything, you may need to pay. When it comes to foreclosure, the fact you took out the 2nd mortgage at the same time as the first is not determinative; rather, was the 2nd used to purchase the property. If yes, then the lender will have no recourse. If not, then it is the same as HELOC.

    Of course, in all events, I'm assuming you are in Arizona, your property is 2.5 acres or less and has a single or two family residence on the property..

    Robert

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  • Can 'Harassment and being deprived of quiet enjoyment' by a neighbor be cause for nonpayment of a home loan?

    We can't sell our house in this awful market-and we don't know what else to do but to walk away from our home. I'll give more details-if you ask. But I don't want to confuse the question.

    Robert’s Answer

    Unfortunately, not that I am aware of. The bank merely lent you the money to buy the home; the issues you are having is with a third party. But even in a bad market, you may still be able to short sell your home; don't rule that out as an option. I'm not suggesting that walking away isn't best. It's just that you may have more options than you realize.

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  • I moved into a Condo 4 months ago, I just received a letter from the trustee , should I stop making rent payments?

    House is going on auction Feb 2nd, 2012. My landlord has the security deposit. My question is, should I continue paying rent or should I stop? I understand that the new owner has to honor my lease til the end of the terms... Do i need to be on tim...

    Robert’s Answer

    I get this question frequently, and, unfortunately without having a copy of your lease, it is difficult to give you an answer. In addition, your statement about the new owner having to honor your lease until its natural end assumes the owner purchases it as an investment; if it is purchased as a residence, you will only be permitted to stay for 3 months. Plus, there are other prerequisites, such as payment of fair market rent under the lease. Please let me know if you'd like to discuss this further.

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  • Should we refinance or walk away from our house?

    We currently live in AZ, and our house is worth less than 1/2 of what we paid for it. We are having difficulty deciding what the best move for us is financially regarding the house. We can afford the payments, and we have good credit. We are cu...

    Robert’s Answer

    You likely won't be able to refinance unless you make a substantial payment on the existing mortgage, which may not be worthwhile. The credit hit, assuming its just the non-payment on the mortgage, will likely only last 2 years and even with a short sale, you won't be able to get a new mortgage for two years, so, the practical impact is minimal. It would be helpful to meet/speak with you to discuss all of your options. Please let me know if I can be of further assistance. Robert

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  • Is it fraud if I bought a second home and short saled the first because it wouldn't rent?

    I bought a second home to down size with the intentions of renting my first, and can't rent it ,now I 'm force to short sale it. How do I protect myself against mortgage fraud .

    Robert’s Answer

    Honesty is always best to avoid any assertion of fraud. I'm guessing you are concerned about fraud with respect to the new home loan, so, assuming you made a good faith effort to rent out the property, I believe you should be fine should such a claim be made against you. But "mortgage fraud" has many meanings; it may be best to consult with a local attorney to make sure you truly are without risk.

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  • Can I require a lender to "Produce the Note" after foreclosure?

    My condo in AZ was foreclosed upon in March 2011. I did not realize that I would be reported for both the bankruptcy and the foreclosure, which is now preventing me from refinancing my home in CA. If I were to request the lender to "Produce the No...

    Robert’s Answer

    There is nothing you can do. The foreclosure was likely via a non-judicial route, and thus the court system wasn't even involved. And I'm guessing you had a deficiency balance that was waived due to the process the bank followed, which is a real positive. Plus, you don't know if you'd win if you could bring an action. What is preventing you from refinancing is likely a combination of both the foreclosure and the fact that you didn't make payments for several months. Even if you short sold, you typically will not be able to get another conventional loan for 2 years, so I'm surprised you are being told the sole reason for your holdup is the foreclosure.

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