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Recent Appraisal questions
The 1st mortgage Bank mortgaged property when it was one
the 1st mortgage Bank mortgaged property when it was one parcel. Just got word that property can be listed for sale as two properties. One has house on it and one has barn on it. mortgage has climbed so high that even if if I sold both properties, I will have problems paying off junior mortgage holders. Can I do a short sale on house property and take the entire proceeds of the barn property to pay off junior liens? Or, if I did not satisfy the entire 1st mortgage balance, could I negotiate a percentage of the proceeds from the sale of the barn lot? The bank says I could sell the property for the lower of the two appraisals which is 740,000. The higher appraisal is 1,230,000. The mortgage is 1,250,000. The value of the house lot is 1,000,000 and the land lot is 500,000, or at least that's what it's listed for. Is bank going to re-appraise the property and demand to be paid all it's money? My argument is that I worked hard to make it 2 lots and I should not be denied the benefit. What do you think?
My wife and I applied loan in order to pay off gher interest
My wife and I applied for a loan in order to pay off higher interest debt including a time share and a credit card balance. The loan Company requested all the usual information, and had a drive by appraisal of our residence performed. Based on the above, they then determined the maximum amount they could lend us. We accepted and closed. The money was disbursed to us - about 70% in checks endorsed to the aforementioned creditors of higher interest debt. I sent those checks to those creditors as stipulated under the loan. The rest we kept for other uses.About two weeks later, the loan company contacted us and said "we should have done a full appraisal of your home, not a drive by, and we need you to apply for a new loan". We said no, thanks, ***** ***** immediately sent a legal letter saying we had no choice in the matter. Again, we said no, that in our opinion we had done everything they had asked, taken the amount they offered, closed the loan and paid the bills as stipulated.Six weeks later, they persist with their request that "as a gesture of goodwill" we don't have to apply for a new loan, but they still want a full appraisal, and wouldn't we be nice and let them do that?We still see no need to do this, and that there is only downside for us by letting them inside our house. We would like to know if they have any right to ask this of us, and if they do, what would happen if they did the appraisal, and it came in lower than the drive-by?
My husband and I refinanced our home in 2014. Loan Terms:
My husband and I refinanced our home in 2014. Loan Terms: "Even if you make payments on time can your monthly amount owed, for principal, interest and mortgage insurance rise? No." Nationstar raised our monthly payment by $300/month because of an escrow shortfall. We now have to sell our house because we simply cannot afford it any longer. What are our rights?
My ex-brother-in-law was deeded S40ft of an acre which
My ex-brother-in-law was deeded S40ft of an acre which included a barn. My ex-husband was left the rest of the acre. When he mother passed away he was the executor of the will. He wrote out the warranty deeds and filed his deed with the Appraisal District the same day he probated the will, but when he did so he went from the s40ft of the acre to 13,330 feet. My ex-husband has passed away and I am trying to get the estate in order. He has already sold the lot to a neighbor. There is no specific language saying where the lot starts and ends. Is this legal and is there anything I can do about it?
I owned some a house that had a lititle more than a 1/3 of
I owned some a house that had a lititle more than a 1/3 of an acre land. When i purchased the house they told me that the land was broken out into 2 part. 2013 I foreclosed on the house and it was purchased by someone in 2014. I received a letter in the mail from a collection agency that works with the dallas tax office saying I owed 1200 in bax taxes. I contacted the collection agency and then the appraisal district and they are telling me that they still have me as the owner of that land. I asked the them how much it was worth and they said close to 10k. I was told that when the new owner bought the house it was not included in the deed or sale. I am looking for some advice on what I should do to get this out of my name or responsibility. Thank you very much..
Own a home with a friend. He put half down in cash..I, half
Own a home with a friend. He put half down in cash..I, half in a loan. the title in both our names. 5 years go by..Friend wants to refinance and have me quick deed title to their name only. Do you go by the value of property before and now or equity in home and divide?
My father passed away in 2014 and left my brother and I as
My father passed away in 2014 and left my brother and I as co-executors on his estate. We have split everything up with no issue until it came to the house. A few months after my fathers death he told me that he and his family wanted to live in our father's house and that he would pay me half of the value of the house and we even agreed on the date of payment. That date came and went with no payment and then the next agreed upon date came and went and then he moved in the following July 1st. It has been just over 1 year since he moved in and he made all kinds of excuses to delay the process of coming to an agreement on the amount he would pay me for the house. We have had the house appraised and that value was significantly lower than what I believe the house will sell for on the open market. It is in a very sought after neighborhood and on a golf course. I have agreed to sell him the house at half of the appraised value but he wants to subtract money from my half totaling 4.5%. His figuring is that if we sold the house we would pay 6% to an agent and then another 3% in closing costs so 4.5% knocked off the price he pays me. Now if we sell the house I 100% understand that these costs are going to happen and we both lose. But per his method of calculating the house only I lose. In fact he wins twice because not only is he not charged the 4.5% but he also gets my 4.5%. I'm trying to be as fair as possible in these negotiations but I don't see how me losing and him winning twice comes out fair. Is there any legal precedent that can help us with these negotiations? The sad part is that if we sold the house on the market I believe we would get enough that minus the 9% I would still get half of the appraised value.
I own a half interest in a vacant 5 acre parcel in GilchristView more real estate law questions
I own a half interest in a vacant 5 acre parcel in Gilchrist county Florida. The other half owner filed a chapter 7 bankruptcy and his half of the property was inclued as an asset. I have recently purchased and receved a quit claim deed from a bankruptcy lawyer to the other half of the prperty. I have recorded the deed with the county. What do I need to do to get a clear deed to the property so I can offer it for sale or did the recording of the deed that? Should I purchase title insurance on the property (it is appraised at $22500.00) or would and Abstract of title cover me? Would it be best to have a lawyer handle the process? Thank you.