My husband and I just purchased a home in South Florida with
Hi,My husband and I just purchased a home in South Florida with FHA about 3 weeks ago and recently found out we have foundation issues which will cost around $17,500 to repair.We found a large crack in an exterior wall that was kind of hidden by 2 large garbage bins & quickly called a foundation company which confirmed we have foundation issues and the signs where all over the house thru cracks found by external & internal walls some very small some more apparent. Prior to purchase we had the house inspected & appraised by an FHA agent. The day of the inspection we had asked the inspector if the fine line crack on the floor that extended to the other room had to do with foundation issues. He replied that the crack was due to normal settlement of the home which meant the house settled where it should stay from now on . On the structural report part they make the following notes in regards ***** ***** visible cracks:Exterior walls siding & gutters:Note:Seal and maintain settlement cracks regularlyNote:Carport support post is rusted at the bottomInterior walls & Ceiling:Note: living room floor has settlement crack visibleMaster bedroom south base board has termite damage, reference termite report.$250.00At no point do they mention the large crack we found by surprise or that we might have foundation issues & maybe we should seek seek experts advise in this matter. After the inspection the house was shortly appraised by FHA and they did not seem to mention any issues regarding this matter either ( I assume they also go over the inspection report). We are first time home buyers and from our limited understanding FHA appraisals are much stricter and would not approve if the structure was compromised. Is there anything that can protect us at this point. An acquaintance mentioned the tittle insurance might be able to help.Please advise, and thank you very much in advance!
My neighbor has concrete in his back yard that is cracking,
My neighbor has concrete in his back yard that is cracking, and he says that a root from my tree is doing the damage. We are both guessing about the cause of the damage, but assuming it is the root from my tree, am I liable for the damage caused to his concrete?JA: Where is the property located?Customer: CaliforniaJA: Has any paperwork been filed?Customer: No, we are just discussing at this point. I want to know whether I have any liability for the damage. He has threatened to engage an attorney if I don't agree to pay for the cost to bring in a contractor to replace the concreteJA: Anything else you want the lawyer to know before I connect you?Customer: no, thank you
Counselor at Law
QUESTION involving BOTH REAL ESTATE and LOAN/DEBT
QUESTION involving BOTH REAL ESTATE and LOAN/DEBT SETTLEMENT.Due to my having been seriously injured 5 years ago in an auto collision by the at-fault driver, grave financial problems have arisen and I am not yet working again. I'm a widow with no living relatives. I owe $6,000.00 property tax on a mortgage-free Maryland home and $3,600.00 property tax on a Utah home plus I am 4 months ($5,560.00) behind on the Utah mortgage. Recently, this month October 2016, I paid off my multiple other debts but that won't be on record with the credit bureaus until December 2016 or even January 2017. My question is: I am not credit-worthy so can I take out a home equity loan using my mortgage-free Maryland home as collateral. I'm financially very unknowledgeable and a widow so I have no one to ask but you and my instincts always are to be honest. QUESTION #1: Can I be honest with the home equity loan prospect and honestly tell the bank the purpose of the loan? I would like to tell them I need it to pay off the property taxes of both homes plus the mortgage backlog of the Utah home.QUESTION #2: Will they deny me? I have no savings or investments but my Maryland home is in a very upscale, stable neighborhood and everyone in the neighborhood is able to sell their homes in a month or two.QUESTION #3: The Utah mortgagee is an enormous global concern consisting of banking, credit cards, mortgages, etc. Should I ask them for a loan? Can I trust them? It's Chase.HELP! It's 12 noon Eastern time and I hope to get your answer soon as I need to leave in about an hour to go to the bank which is not my mortgagee but where I have all my insurance (homes and car) to ask for a home equity loan.
I'm an international student. I rented an apartment in Ohio,
I'm an international student. I rented an apartment in Ohio, and my lease was for a one year. Then I renewed for another one year until I graduated from my school. I stayed in my apartment for 20 months. So that means It remained two months to complete the other one year lease. I told the leasing office that I would back to my home country. And they said you have two choices:1. you can break the lease, and if someone come and rent the apartment, you will not pay anything. Unless no one rent the apartment. And you will be responsible for paying the rent.2. you give us the rent for the rent for the two months, and you'll be done.What I did, I asked them to break the lease, and I went back to my home country.Then after three months I got admitted at other University in another state.Do you think that international students could break the lease because they graduate from their school and considering they stayed at the same apartment over a year?
What is the percentage of homeowners is required to dissolve
What is the percentage of homeowners is required to dissolve an HOA in Texas?JA: Because real estate law varies from place to place, can you tell me what state the association is in?Customer: I stated Texas in my original questionJA: Has any paperwork been filed?Customer: NoJA: The lawyer is ready to answer your real estate law question. Is there anything else you want him to know?Customer: No
I just purchased a older mobile home in Michigan via a
I just purchased a older mobile home in Michigan via a private transaction only to find out the previous lienholder made a mistake that has clouded the title. It'll probably be more helpful if I explain the events as I understand them:1. The seller purchases this home from a family early in 1993.2. There was an apparently small remaining debt obligation to two individuals at this time. She assumed responsibility for the debt, hence there is a lien listed on the title.3. She pays off the loan later that year.4. The lienholders release the lien by signing the front of the title. All is normal so far.5. BUT they also signed the back of the title as if asserting a new lien after transfer of ownership. To the best of my knowledge, they signed this on the same day they released the lien.6. Because we failed to understand the above, the seller and I have filled out title assignment on the back.7. Due to this issue, I have not yet attempted to transfer the title through the secretary of state yet.I'm trying to track down the lienholders by sending mail to the two addresses they have listed on the title, and I'm hoping I'll be able to find them and convince them to certify that the second lien claim was made in error. However, these are two private individuals, and my information to track them down is only the lien address on the front of the form and a different one on the back. I don't think either address is current.Assuming I'm not able to track them down, is there any other option the seller or I have to clear an entirely false lien off the title? Is acquiring a bonded title a possibility since the title is essentially defective (or does a false claim of lien qualify a title as defective)? Or is a quiet title action necessary to remove the cloud of this false lien claim?
I recently saved A house from foreclosure in a very
I recently saved A house from foreclosure in a very expensive Chapter 11 bankruptcy. I had no problem debt other than the loan on a rental property on which arrears had accumulated. I'd been told the arrears would be rolled into the modified loan I was applying for under Making Home Affordable's HAMP 1 program. I had re-applied for 6 years, always with Bank of America, or the loan servicer to which BofA had handed the loan off in Year 4, requiring new copies of out-dated documents. I was not rejected until the new loan servicer said in Year 5 that my income was inadequate. They had determined it to be about half what it really is.I hired a lawyer, and he got them up to 80% of my real income, which they also rejected, and then finally, he got them to verify my entire gross monthly income of slightly over $10,000/month. In an exquisite Catch-22, they then declined my application for inadequate income, but a later explanation made me question that. They set a foreclosure sale date and managed to arrange things so that I didn't know I had thirty days to appeal. (I can fault my lawyer here. He knew, but didn't think to tell me. They had informed him by telephone, which was improper, and which meant that there was no letter he could forward to me.) I immediately complained to CFPB. I said that the process had been artificially delayed so that my arrears became too great for HAMP 1.The loan servicer responded to CFPB's request that they address my concerns. They repeated that my income was inadequate. To demonstrate that, they showed how they had calculated the allowable arrears, which is not derived from my income. The real reason they declined my application was excessive arrears. They found that they were not allowed to put enough of the current amount owed into the forbearance/balloon to yield a balance that HAMP 1 said I could afford. Well, they should not have been so helpful, because whoever wrote the unsigned letter revealed that they were doing the calculation wrong. HAMP 1 said they could put 30% of the capitalized unpaid principle balance into forbearance, but they had calculated 30% of my original balance (the one I had when I began applying for HAMP 1). That made a big difference, because by then my arrears were nearly half the size of the original balance. They also didn't do the last part of the HAMP process, which was to extend the loan term, if necessary, to create smaller payments (and incidentally much higher amounts paid over the life of the loan). I became curious about this, wondering if this had only been done in my case. Data from the US Treasury showed that this loan servicer had the very lowest HAMP approval rate of all the servicers they tracked. They approved only 12% of HAMP applications. I then found data on Bank of New York Mellon's investor site that showed that any loans they did modify were modified without any adjustment to the loan term. The 2006 tranches all had maturity dates in 2036, the 2007s in 2037, etc. Unless they calculated my allowable forbearance by hand, I assume that they did it wrong for all borrowers, because it would have been built into whatever software they used to determine the net present value of a modified versus unmodified loan.If a fraud examiner were brought into a class action suit against this loan servicer, do you think she or he would find some nicely smoking firearms? Are you familiar with any litigation over matters like these that would supply optimism for a borrower like me? I went through far more than was necessary to get my interest rate dropped from 6.375% to 4%. I couldn't re-fi in 2012 or 2013 because my inflated balance was still too high, and by then the arrears were sky high, too.Additional atrocities attached. The long and short of it is that my HAMP applications were not handled honestly, which I think amounts to fraud. Do you?
We were scheduled to close on a home on September 7. I set
We were scheduled to close on a home on September 7. I set utilities in our name to continue service and avoid disconnect/reconnect fees on the same date as the seller's cancellation. Closing was delayed, and on the 12th, we stopped by the house to peek in Windows because we found out the house was vacant, only to discover a massive leak in an external wall. We immediately called our agent and the water company so the seller could make repairs. On the 14th, we reinspected the home only to find no more running water, and wet paint over a distorted internal wall, and a wet external wall. There was no evidence of the wall being cut open to inspect insulation or subflooring. Due to concern of mold, which is heavy in this region, we tried to cancel the contract. Now, the seller's are threatening to sue us for damage because the water was in our name if we don't continue with the purchase, and allow them to make repairs. What are our rights/responsibilities, and who would win if there were a lawsuit?