Two and a half years ago a family member convinced my husband and I to “take over payments” on their house.Family arguements have us concerned that we don’t really have any claim on this property. Now we would like to get it in our name. A finance company said that they do not usually finance such small amount only owe for about 5 1/2 years. (Would hate to get it so close to paid and family member tell us “Thank You, Bye Bye!” ) Do not have a lot of money to work with. They recommended a quit claim deed and then financing in our own name. If I can get family member to sign quit claim, will the current mortgage company have a problem with this? They get a check from ME each month! A little confused about options and how real etate works. I would really appreciate any advice (besides my Mom’s “don’t do business with family”)! Thanks so much in advance!
A co worker wife works at a local mortage company. Is there any negatives about doing this what questions should I ask?
Any advice will be helpful.
10 points always given for best answer!
by the way its called village finance in highland indiana I cant find them on the web is this a bad thing or good thing?
All right I know its a little long but if you could just take a minute to read any advice would be helpful.Two years ago me and my husband and or 2 kids moved to VA to be a part of my mother- in- laws business. We were under the impression that everything was going ok and they needed my husbands help because the company was growing so fast. They owned a home that my family moved into and within a month my in-laws had it appraised. It was appraised for $ 400,000. So they decided to remortgage the house to get a loan for the company. They did not qualify due to all their personal debt so my husband signed and they co-signed. It ended up not working out up there for us so me and my family moved to TN and for a year they have paid the house note moved back in and all was well. Recently they called and said they were selling the company, the IRS was taking all the money from the sell, they had taken out a 2nd mortgage on the house without my husbands signature but the bank was under the impression that the paperwork was being faxed to him to sign – we had no idea this was going on. They want us to file bankruptcy so that they walk away , I think we need a lawyer but I just dont know where to start. Any thoughts???
All right I know its a little long but if you could just take a minute to read any advice would be helpful.Two years ago me and my husband and or 2 kids moved to VA to be a part of my mother- in- laws business. We were under the impression that everything was going ok and they needed my husbands help because the company was growing so fast. They owned a home that my family moved into and within a month my in-laws had it appraised. It was appraised for $ 400,000. So they decided to remortgage the house to get a loan for the company. They did not qualify due to all their personal debt so my husband signed and they co-signed. It ended up not working out up there for us so me and my family moved to TN and for a year they have paid the house note moved back in and all was well. Recently they called and said they were selling the company, the IRS was taking all the money from the sell, they had taken out a 2nd mortgage on the house without my husbands signature but the bank was under the impression that the paperwork was being faxed to him to sign – we had no idea this was going on. They want us to file bankruptcy so that they walk away , I think we need a lawyer but I just dont know where to start. Any thoughts???
I recently went through the prequalificaton steps for a mortgage loan. Through the advice of a friend who had used the same realtor and mortgage company, I applied for a home purchase. Before I went out to look at a home the mortgage rep called me in to sign papers and go over everything so that I would not have to “come back to his office” he’d already have my signatures. I am set up and 5.2 percent, fixed for 30 years FHA. It took me about 3 months to find the perfect home. The other day we discussed the fact that he would have to run credit again because it’s beel almost 90 days since we looked at my credit. I informed him that it’s time to make all my monthly payments again.
Since they have not techically “funded” the loan, I figure I still have time to go to a bank. I cannot look over anything I have signed because they didn’t give me copies. I was comfortable with the step by step page by page manner in which we went over the documents, but I still would like to be able to read all of it. Plus, the home I found is 51,000 less than the original amount that I qualified for.
My friend told me this morning, that I should have gone to a bank instead of a mortgage company and that I would come out better going to a bank because they can get me in with no down payment.
I paid my earnest money already to my agent. I have not moved to the 2nd step of the home inspection.
I don’t feel ripped off, I just want to know what a bank would offer me.
HELP!
I only interacted with the loan officer over the phone. He told me he would lock in a rate but when I recieved a copy of the application the rate was higher. It also said that I didn’t need to sign anything unless asked. Can banks fill out mortgage application for you over the phone and have it bindng if I didn’t sign anything or pay them any money? Found a better broker and would like to switch but Wamu is telling me that I’d have to pay for some of the things they’ve already done. My realtor told me that they haven’t done anything and the law office said that unless I sign something or give someone money nothing is binding. Is this true? Can I switch to a different lender with better rates without any penalties? Doesn’t make any sense to me that a bank could lock you into a mortgage over the phone without any signatures. I never even meet the loan officer face to face. Would appreciate any advice/knowledge on this.
Thanks
I currently am going on 4 months behind on my mortgage. I just bought the house a year ago. Due to a recent job loss I put my house on the market to try to avoid foreclosure. I tried refinancing no luck there due to my recent late payments and income loss and I live in Phoenix where the market has slumped. A friend of a friend offered to do a short sale of $ 260K. I owe $ 306K. In return, he will rent it back to me for the price of the new monthly mortgage for a 2 year lease, then after 2 years, sell it and we split the profit 50/50. I have an 80/20 loan through the same lender. The short sale will take care of the 1st loan, but not the second and the mortgage company already stated that they will come after me for the remaining debt. I have been getting advice and everyone says it doesn’t sound like a good deal so I should probably just let the house foreclose. What is your advice? Any suggestions you can provide me?
i am a first-time home buyer, looking for advice on what type of mortgage loan i should get. do i need a 30 yr. or would it be better to do an ARM. this is just a starter home and i don’t plan on being there longer than 5-7 years.
Recently widowed senior of 56 years living in home with an adjustable loan at 7% interest and owing more than home is worth.