http://www.expertlaw.com/forums/ Legal issues relating to real estate finance, including mortgages, obtaining mortgage loans, refinancing and foreclosure. en Wed, 22 May 2013 08:39:35 GMT vBulletin 60 http://www.expertlaw.com/forums/images/misc/rss.png http://www.expertlaw.com/forums/ http://www.expertlaw.com/forums/showthread.php?t=158452&goto=newpost Wed, 15 May 2013 09:28:00 GMT I'm not on the mortgage of the house, but am the sole person on the deed... The title was transferred in my name via quitclaim deed... My uncle was the mortgager, but he passed away a couple of years ago and it has been in the foreclosure process since... The lender is Wells Fargo... It is a rental property and I have kept up with the property taxes... About 2 months ago, I received a letter in the mail about a cancellation of debt... It states that there is a cancellation of debt for $58,000, which is the entire amount that was owed (which was my uncle's debt)... The house is probably worth less than the amount owed... What exactly does this mean for me? Am I responsible to pay taxes on the forgiven debt? I have not heard anything about the foreclosure since I received the letter... Could it be possible that I now own the house free and clear or is it still going into foreclosure? It would be much appreciated if someone could clear this up for me... Thanks! ]]> Real Estate Finance ph4ntom91 http://www.expertlaw.com/forums/showthread.php?t=158452 http://www.expertlaw.com/forums/showthread.php?t=158367&goto=newpost Mon, 13 May 2013 15:28:07 GMT My question involves personal property located in the State of: California If a Substitution of Trustee and Full Reconveyance has been recorded in... My question involves personal property located in the State of: California

If a Substitution of Trustee and Full Reconveyance has been recorded in the Recorder's office by the Lender, can they for whatever reason down the line rescind the Substitution of Trustee?

Or would they have to go through legal means to have it rescinded, via court hearing?

Thanks for the info! ]]> Real Estate Finance VilloBC http://www.expertlaw.com/forums/showthread.php?t=158367 http://www.expertlaw.com/forums/showthread.php?t=158361&goto=newpost Mon, 13 May 2013 13:52:02 GMT My question involves a mortgage in the state of: Everywhere, generally. I understand that creditors can get a judgment, put a lien against a... My question involves a mortgage in the state of: Everywhere, generally.

I understand that creditors can get a judgment, put a lien against a property, and then foreclose on that property. However, I haven't been able to find what happens in the same scenario, except the property also has a mortgage-lien against it, which is not in default.

That is, can a creditor force foreclosure on a property where there is a mortgage lien, but that mortgage is not behind in payments. If so, what happens to the mortgage?

This situation could occur where the property title is in the owner's name, but another person is paying the mortgage payments. Or alternatively, the property owner refuses to pay the judgment to a specific creditor, while sufficiently paying the mortgage-lender.

Thanks. ]]> Real Estate Finance waterwheel http://www.expertlaw.com/forums/showthread.php?t=158361 http://www.expertlaw.com/forums/showthread.php?t=158346&goto=newpost Sun, 12 May 2013 21:56:32 GMT My question involves a mortgage in the state of: florida I invested in a limited partnership involving land. Made payments towards the mortgage. 5... My question involves a mortgage in the state of: florida
I invested in a limited partnership involving land. Made payments towards the mortgage. 5 years after the payment date, the accounting firm informed me that I was missing two payments. When pressed, after another two years the firm told me of the missing payments dates. This is seven years after the fact and banks do not have the cancelled check information. What recourse do I have? I do not have a cancelled check and neither does the bank. ]]> Real Estate Finance Nanima http://www.expertlaw.com/forums/showthread.php?t=158346 http://www.expertlaw.com/forums/showthread.php?t=158198&goto=newpost Wed, 08 May 2013 23:30:29 GMT My question involves a mortgage in the state of: CA Ralph is on the loan. Steve is on the deed by himself. Steve has been paying the... My question involves a mortgage in the state of:

CA

Ralph is on the loan.

Steve is on the deed by himself.

Steve has been paying the loan since day one. As Ralph is now deceased Steve is unable to get any info regarding the loan (such as the projected payoff date).

How does Steve go about accessing loan information. I called the bank to get some general info of their procedure and I was told to hire a real estate attorney. I doubt Steve can afford to do that.

Any advice or suggestions?

Our thanks in advance! ]]> Real Estate Finance Amander21 http://www.expertlaw.com/forums/showthread.php?t=158198 http://www.expertlaw.com/forums/showthread.php?t=157964&goto=newpost Wed, 01 May 2013 20:21:03 GMT My question involves a mortgage in the state of: California

1st with Cal-Vet: $175K (current)
2nd with Bank of America: $45K (haven't paid in about a year)
HELOC with Bank of America: $15K (haven't paid in about a year)
Appraisal: $215K & slowly rising

I went through Ch. 7 BK and I haven’t paid my 2nd or HELOC going on a year now (about 6 months post BK). I’m a veteran and have my first through Cal-Vet (California Veteran's Dept), my 2nd is with Bank of America. I was hoping to use the settlement method, but prices here are slowly rising and currently my home has about 35K of equity (my first is 175K and my 2nd is 60K, home is valued at 210K).

My lawyer said BofA is not entertaining any offers from anyone at the moment re: 2nd settlements and to “season the debt”. Also, when I got my 2nd Cal-Vet made them sign something that says their 2nd loan is “subordinate” – does any of that matter? I heard there are different rules for veterans but I’m not sure. Should I be hoping that Bank of America charges the 2nd and HELOC off?

Any info is appreciated. ]]> Real Estate Finance al in socal http://www.expertlaw.com/forums/showthread.php?t=157964 http://www.expertlaw.com/forums/showthread.php?t=157795&goto=newpost Sat, 27 Apr 2013 16:55:42 GMT My question involves real estate located in the State of: Florida I was quit claimed with rights or survivorship on my now ex fiancee house but... My question involves real estate located in the State of: Florida

I was quit claimed with rights or survivorship on my now ex fiancee house but was never on the mortgage. Since we broke up she is now in a lengthy foreclosure suit and I am being named in the lawsuit. I am currently shopping for a new home for myself but am being told by mortgage brokers that I can't get a mortgage because I am named in a foreclosure even though I have perfect credit.

Can I quit claim my share back to her? She is willing to sign and file it. ]]> Real Estate Finance Toddd http://www.expertlaw.com/forums/showthread.php?t=157795 http://www.expertlaw.com/forums/showthread.php?t=157786&goto=newpost Sat, 27 Apr 2013 03:23:02 GMT My question involves a mortgage in the state of: Delinquency My wife and I took out a HELOC to fund her startup business in 2005. The business... My question involves a mortgage in the state of: Delinquency

My wife and I took out a HELOC to fund her startup business in 2005. The business failed in 2008, and we lost our entire investment, along with any income she was generating. At the time, we faced foreclosure on our first and stopped paying our second all together. By reducing what expenses we could, we ended up keeping the house without any loan modifications to the first. However, we never resumed paying the HELOC due to loss of income. The HELOC was basically being ignored by the servicer, so we didn't pursue a modification or settlement.

The servicer (RoundPoint) has now contacted us and demanded payment of the amount in arrears ($33K). The loss mitigation rep is telling me that my only options are to pay that amount and resume regular payments, take a settlement amount ($22K), or face foreclosure. They have given me until May 22 to tell them which option we choose.

We want to pay them, but short of taking a hardship withdrawal from my 401k, I don't have the cash for a lump sum. I'd prefer not to take the hardship withdrawal if I can avoid it, so I am wondering if I have other options I am not being told about.

We reside in Florida.

My questions are :

• Is RoundPoint obligated by new laws to offer me other options (restructuring the loan, reducing principal, etc)?
• If I am OK on my first mortgage, does my second mortgagor have the power to foreclose? In other words, can I play chicken with them to work toward a better solution?

Thanks in advance for any help! ]]> Real Estate Finance ckmfox http://www.expertlaw.com/forums/showthread.php?t=157786 http://www.expertlaw.com/forums/showthread.php?t=157611&goto=newpost Tue, 23 Apr 2013 00:39:51 GMT My question involves landlord-tenant law in the State of: Iowa I recently moved out of a house i lived in from october 5th, even though the... My question involves landlord-tenant law in the State of: Iowa

I recently moved out of a house i lived in from october 5th, even though the agreement was on september 24th as move in date, to febuary 28th. The problem is that the guy i was buying the house from came back to town from North Dakota and didnt want to rent a house so as soon as i lost my job even though the month was already paid for i started getting harrased about moving out. Febuary came around and i tryed to give my payment to the owner and they told me to wait and then not to much longer after that they told me to get out becuase i was behind so i left. I been waiting for my deposit and was trying to be nice about the situation and as i was reading threw our contract i renoticed a few flaws.

1: it says in the contract that i was to deposite all payments into a local bank account on the first friday of every month.
owner closed his account a month after payments started.

2: it says that monthly payment would be 400
i was paying 450 every month

3: it says that the contract will only continue till i got the loan to buy the house
was kicked out even though i was talking to the banks about the money

4: and word for word "i am seeling the house for $30000/total, with 1500.00 down and 400.00/month." the agreemnt was 1500 down deposit and now they are trying to say it was for a down payment. i only agreed to the 1500 becuase it was a deposit not a payment.
my banker who gave me the 1500 is the only legal witness i have that knows that this was a deposit. i had my girl griend present and the seller and his girlfriends while selling.

my questions are:
is that my banker knowing that it is a depsoite and not a payment enough to win in court?
will the actions of him cancelling his account and evicting me when i was not behind in rent help me in court?
Is there is anything else that i may have missed that could help me get the money back?
And is there anything else that i could have missed that could help me out?

i can post a typed version of the contract if it would help. ]]> Real Estate Finance jwright http://www.expertlaw.com/forums/showthread.php?t=157611