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Recent real estate law questions
In California, I had a home equity line (non-purchase
In California, I had a home equity line (non-purchase money). When my home went into foreclosure, the bank with the HELOC purchased the first loan, apparently to reduce their potential losses. They then proceeded with their own foreclosure. How long do they have to pursue payment or deficiency judgments, or other legal action against me?My father is ill with cancer and wants to place his home and some accounts in my name. I want to make sure it can't be seized.
I am in the process of refinancing my 1920-era home with
I am in the process of refinancing my 1920-era home with cash out. The proceeds will go to improvements, ones that affect the value of my home. The front porch is in disrepair. The siding with peeling lead paint needs to replaced, among other things. (These issues appeared in one season.) Any lender would want an appraisal. I am terrified of an appraisal. Comparable homes in my neighborhood are selling for what I think it is worth. But these homes need no major work and have lovely curb appeal. My home looks, well, sad and neglected. The interior is excellent though.How much would the condition of my home as described affect an appraisal?Another thing, since the discovery of peeling exterior paint, my 2-year-old and I have been staying elsewhere. A friend is occupying my home, as I do not want it vacant and he will not chew on lead paint chips. One lender told me that if I am not currently residing in my home, it is considered an "investment property," and a higher interest rate would apply. Cash-out would not be an option either. Is this true? We plan to move back in a week or two after close (after the contractor is paid and takes care of the lead).Is it wise to apply for a HELOC in case the cash-out refi does not work out?
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I had an E*TRADE HELOC in 2004 that was paid off with a
I had an E*TRADE HELOC in 2004 that was paid off with a first mortgage debt-consolidation refinance in 2007. The lien satisfaction documents were never forwarded to my county's recorder's office in 2007. I am now trying to sell my house and this lien needs to be satisfied. E*TRADE says they sold my loan and have no records of the lien satisfaction, even though I received a letter from E*TRADE saying the lien satisfaction documents were being forward to my county recorder's office in 2007. None of the companies E*TRADE MAY have sold our loan to have any record of my loan number. Please advise! Thank you.JA: Real Estate issues can be tricky and expensive. The Real Estate Lawyer will need to help you with this. Have you talked to a lawyer yet?Customer: No.JA: Anything else you think the lawyer should know?Customer: E*TRADE quit offering HELOCs and other types of loans a few years ago. Nobody at E*TRADE can find my loan information. I've been corresponding and working on this for a month!JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Real Estate Lawyer about your situation and then connect you two.
I need to refinance a HELOC that has matured. The amount is
I need to refinance a HELOC that has matured. The amount is $48000 and my home is worth $200000. I have great salary, a very good credit score, but some other debt I am paying off along with my husband as a result of his failed business. Our first mortgage is paid off. I am getting the loan in my name only due to his bad credit. The problem is that he has some judgements listed on our property, due to his business. One from 2005 totalling $26000( with fees, interest), and 2 others that are paid off but still showing. The outstanding judgement from 2005 shows a nulla bona on it in 2012. What are my options as the spouse in trying to refinance with this probably showing through a title search? We live in Ga.
I live in SC and had a boat repossessed about 6 years ago.
I live in SC and had a boat repossessed about 6 years ago. It was sold at an auction, but the bank told me I still owe them the difference. This, I understand. The debt has been charged off according to my credit reports. I make small 150.00 payments to them every month. I checked with the Clerk of Court in the county I live and they did not see where the bank had filed any judgments/liens against my house. I am selling my house and have a scheduled close date in a few weeks. The law firm that is handling the closing sent a document to the bank which I also happen to have a HELOC with (it is paid on time every month) asking for the HELOC balance so it can be paid out of the proceeds from the sell of my house, along with the primary mortgage. My question is: can the bank, once they realize I am selling my house quickly execute a judgment/lien against my property in order to collect on the remaining balance I owe them on the boat? I have 25,000 in equity in my home. I have read about a special exemption. I think it is called "The Homestead Exemption" that varies by state and am wondering if I am protected under this or perhaps some other way?
We wanted to refinance our home with a unique mortgage
Hi, we wanted to refinance our home with a unique mortgage program and the loan was only subject to appraisal to show value. The bank's AMC (appraisal management company) sent an appraiser who did a report with all kinds of mistakes and outrageous analysis of property value to cause the loan denied. The bank would not make remedy to situation. Now, due to the liquidity needs and time constrain, we may have to sell our property fast to incur related expenses and taxes. If the appraiser truly violated appraisal rules and regulation and did it with purpose behavior, what recourse do we have against this appraiser and the AMC and the bank?
Q. I have a question about Helocs. A former partial owner
Q. I have a question about Helocs.A former partial owner has sold all of his shares for our family home and we now have clear title. It is owned by our family trust.However, I am very concerned that he did not clear out his HELOC and still has it. We receive mail concerning it. I do not know if it was co-signed by the current owner but I don't think so. The reason I don't know is because the current owner is no longer fully functional mentally (he does not remember). There is no record.What is my liability here and how can I assure this person is no longer borrowing against this property ? Should I do a title search ? Should I inform the lender ? I do have the loan number and bank. What could happen to him if I report it ?Unfortunately, simply asking him is not an option.And if he still has a loan can they come after our home if he cannot pay it ?
HELOC? We are seeking a HELOC. We've spoken with several lenders
HELOC? We are seeking a HELOC. We've spoken with several lenders today, and received contradictory and confusing information. Our home's value is about 435K, and the outstanding mortgage balance is about 150K. When we asked about the amount of loan we might be eligible for, two lenders said that at 80% loan to equity ratio, they might be able to lend as much as 295K, but that the outstanding mortgage balance would first have to be subtracted from that, yielding a maximum loan of 206K.The other two lenders said that since we are applying for a HELOC, the outstanding mortgage does not need to be retired. We just keep making monthly payments on it, plus on the amount loaned. Who is correct?
The settling of a second mortgage (HELOC) after a foreclosure.View more real estate law questions
The settling of a second mortgage (HELOC) after a foreclosure.JA: Thanks. Can you give me any more details about your issue?Customer: My primary residence went into foreclosure in early 2014 and sold in fall of the same year. The sale resulted in a deficiency and the $30K HELOC was transferred from the servicer at the time of foreclosure to a collection company owned by the same (or at least it appears - not sure that the last point really matters). It still shows as a $30K balance in my credit reports. I have considered approaching the debt collection agency with a settlement offer - they made an offer to settle for ~3K in late 2014, but I have not had any correspondence since that time. More to follow...JA: OK got it. Last thing — Real Estate Lawyers generally expect a deposit of about $18 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.Customer: I was told that my loan/s might be a special circumstance due to the laws in Georgia, though, because both loans were closed at the same time, under the same lender. Since there was no confirmation of the second, the second mortgage might actually have no standing. I am looking into this possibility. Do you know of any special rules for situations such as this?