you are great but please you miss the fact that i said i filed chapter 11 (which is chapter 13 for homes above 1.3 m) the stay was lifted i dont have money for reorganization which is over 20k per month.
your answer was very good but i need to clarify another thing. 25e is in foreclosure with wells fargo. 25f in foreclsoure with bank of america. building got foreclsoure judgement of 250k against both of them and was sent to referee for calculations. but since their payment is subject to mortgage they did not pursue foreclsoure because bank got there already.ok with all these i have this choice of selliing my apartment not making any money. or sell the deed.
the idea of getting permision from the bank is good but they would never agree to it unless they are fully paid. this guy says he is going to buy the deed then go satisfy the bank. what does that mean i dont know? he acts as if once deed is to his name he will have this magical power to convince the bank to sell the mortgage cheapter. Why i dont know. one lawyer told me even deed is to his name auction can just move forward. when i told deed man that he said he plans
to pay the bank fully before auction. i said if you are paying the bank fully and paying the building the 125k then why are you bothering with purchase of deed why not just go ahead and buy the apartment. he said you dont understand and wont give me straight answer. ok in the past i did transfer a deed from my husabnd and my name to only my name. the bank didnt know. i then refinanced and paid the bank. in this case if i dont ask for their permision as long as they are paid why woudl they come suing me? the idea is if i transfer the deed and they dont get paid right? now if they are not getting paid what they want meaning the entire(###) ###-####then they have to sue me and sue him etc while incurring cost and late fees and interest and legal fees. so what is the chance the bank will take what this guy has to offer them and call it a done deal.
so these are all issues here. but the fact remains: a what kind of contract i have to sign with the deed man you said some terms i have to go back to look at your notes. what is it exactly i have to sign with him? is it transfer of deed form is it regular sales contract? my lawyer sent a regular sales contract for 150,000!! how could a sales contract be for $150k and not mention anyting about mortgage and condo fees owed to him. i am just not in line with this lawyer and have to search for a new one. so this is is one
:1. what kind of forms i am supposed to sign? sales and contract, sales and tansfer of deed etc2. the next thing is the building. even if he pays the building what they have said they agree on he also have to gaurnatee he will pay their monthly payments. if he is battling with the bank over deed and they are suing me etc., meanwhile someone has to pay for the condo fees. Question is:is transfer of deed also makes him responsible for condo fee payments?
3. if i transfer the deed does that stop the foreclosure auction or it will still move forward unless he pays them.
4. if he has to pay them why doesnt he just buy the apartment instead of paying them? why doesnt he go buy the mortgage, there has to be something he is upto after i transfer the deed to him that is going to make it lucritive to him otherwise why to bother all this? ok i transfer the deed he will pay the building and pay me then what is the upper hand he has agasint the bank? there has to be one for him to have this deal attractive to him
5. if i transfer the deed to him he can just not pay the bank then go on foreclsoure auction day and buy it there. this way he is stopping me from the dale of the apartment to anyone else and buying it in foreclosure auction. is it possible that is what is in his mind?
6. if i transfer the deed to him you say the bank will come after me. why? if transfer of deed and he doesnt pay then bank forecloses and makes their money any way. why to come after me? i know if they sell they will make their money. if they dont i am sure they wont come after me. i think the issue here is if this guy doesnt pay any of it. it is not if the bank made enough money in auction. if they make or dont make money in auction i am not worried about it. i had asked for short sale they didnt agree to it. that was their choice to go on auction. plus they said if they dont they will pull it out and go put it in open market. this is a very desirable and sought after apartment and eventually they will make their money. so my issue is if you say they will come after me when do they do that? if he owns the deed bank can still foreclose so that means they cant come after me. b. if he owns the deed and bank doesnt get paid they they can sue me . in that case i have the agreement with deed man i can pull it out and say not my problem he said he is going to pay the deed. if the courts make him to pay