What do I do if my escrow instructions are not signed by either parties two years after my "purchase"?: I seemly purchased a home June 8, 2011, and have recently discovered after beginning repair work to my porch that was falling apart from the house. This has spiraled the issues of discovering that not all documents have been received and the piece of document sent to me via US mail from my mortgage company, discovered my copy (Buyer's Copy) of the escrow instructions were never signed by either buyer or seller, but the copy sent to me has an Official "Certified To Be True and Exact" stamp on it. Then the other documents I do have are incomplete and I never had a final walk through. According to contract I had an insurance policy for one year that never was. I've contacted my agent who tells me he has to order my documents to get them to me in a week. This has been two weeks ago now.
James’s answer: It is likely that the original escrow instructions were signed; a legitimate escrow officer would require it. You would have to obtain copies from the escrow company, and they are likely in storage now and will take time to obtain and copy. Regarding the insurance policy, if a claim was denied because you did not have a policy, you are entitled to recover the equivalent cost of repairs. If no claims were made, you are entitled to be re-paid the premium. You should make a demand on your broker for this. If you get nowhere, you may need to consult a real estate attorney.
I'm trying to get rid of a rental property that is currently underwater. What legal protection do I have from the lender if any?: The California property was initially purchased in 2005 as my principal residence. I've since bought a new home in April of 2011. The property bought in 2005 is now used as a rental property. I recently refinanced this property through the HARP program in June 2013. I am approximately $100K underwater. Would I be protected by the mortgage debt relief act of 2007 or SB 1069?
James’s answer: If you refinanced with a DIFFERENT lender than the one who gave you the loan when you bought the condo, you have risk of personal liability. SB 1069 only works for loans closed starting in 2013. The Mortgage Forgiveness Debt Relief Act does help you avoid only TAX liability for the debt that may be forgiven. A short sale may be a better way to go.
With a joint tenancy grant deed does it have to be a family member only. Or can it be any person the origanal owner who grants .: owner of the home im living with is get ill. the familly wants me to keep paying rent with the option to buy the home. they want to add me to the deed. is that legal?
James’s answer: If they presented the arrangement they way you described, they probably do not understand the consequences. A lease-option, as Mr. Boss noted above, is what would be in the owner’s best interest. If they made you a joint tenant, and the co-owner dies, the property would be yours alone, subject to the equitable argument that you owe the estate some money. You cannot legally ‘rent’ property from yourself. Putting you on the deed is great for you, however. Anyone may be a joint tenant.