I want to buy a mobile home in a park for a friend with title in my name and he would be tenant.: Is it best to also be the lessee/tenant in the mobilehome park? Or, could he be the tenant/lessee in the park? What should I consider with this arrangement? He is ill and on medicare/medicaid so probably best not to own property, and I am paying for it.
James's answer: If you are paying for it, and are the owner of record of the home, you should be the tenant of the park, and your friend a sub-tenant of yours. Make sure your park lease allows you to sublease. Since you are paying, you should be the owner on title and tenant of the park so that you have control of the situation. Disclaimer The content of this comment contains general information based on California law and is provided for informational purposes only, and should not be construed as legal advice on any subject matter. You require specific legal advice and should not rely on general information provided in response to a question posted on Avvo. You should consult with an attorney to discuss the matter and for any specific legal advice.
My home was foreclosed on & I had a heloc. Now the heloc went to a collection agency, they said they could get it from my bank: account?
James's answer: If you took out the 2nd loan after you bought the house, youcan be subject to personal liability. The lender will have to file a lawsuit and get a judgment first, before they can collect anything. the Legal Guide linked below can help you determine your risk. Disclaimer The content of this comment contains general information based on California law and is provided for informational purposes only, and should not be construed as legal advice on any subject matter. You require specific legal advice and should not rely on general information provided in response to a question posted on Avvo. You should consult with an attorney to discuss the matter and for any specific legal advice.
Can a bank foreclose on your house if they are unable to resell the FHA loan in the secondary market?: Got in contract in 2 houses with separate brokers just to be on the safe side. Both progressed well and I went along and closed on both. The bank tried to sell the loan in secondary market and found out about the other house. I would like to keep the house but at the same time dont want to get into legal issues. Any help is highly appreciated. Thx
James's answer: The Lender can foreclose for breach of the any provision in the Note, and for misrepresentations made in the loan application. Once you closed on the first house, the second application became inaccurate, because you had the additional debt. I am sure you will argue that it was accurate at the time you signed the loan app, but a judge could find your intent was to buy both houses if you could. It has nothing to do with the fact that they could not sell the loan, though that is what tipped them off. Disclaimer The content of this comment contains general information based on California law and is provided for informational purposes only, and should not be construed as legal advice on any subject matter. You require specific legal advice and should not rely on general information provided in response to a question posted on Avvo. You should consult with an attorney to discuss the matter and for any specific legal advice.