Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law

I am interested in helping my housekeeper buy a house in Bergen

Customer Question
County, New Jersey. She...
I am interested in helping my housekeeper buy a house in Bergen County, New Jersey. She and her husband both work and they can't get a mortgage...he apparently lost a house previously in foreclosure, so his credit rating is low. But he makes his rent every month, and I completely trust them. I would co-sign a mortgage if I could. They're paying more money in rent than they would with a mortgage (especially if I give her some money for a down payment). A mortgage broker told me that I can not cosign unless I am a family member, but I can co-sign a lease. How can I help them???
Submitted: 2 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 15 minutes by:
7/9/2015
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 119,521
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposed only.
Are you able to take the mortgage and buy the house yourself?
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
I could, but I'm wondering whether there would be a way to have the house in their name.
Customer reply replied 2 years ago
My husband also is reluctant to take on a second mortgage.
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago
Thank you for your reply.
If you can afford to buy the property, that would be the first step if the mortgage company will not allow you to co-sign for the loan. Once you buy the property, you can do a land trust, which allows you to get them the property and retain an ownership to guarantee the payments while she is the beneficiary of the land trust. Thus, she could obtain the benefits and get the house, but as you are the party "financing" the house you retain rights to take the house back if she fails to continue paying as agreed.
The alternative is to look for other mortgage lenders, because not all require a co-signer to be a relative, that is a rule set by each lender. The problem with this is being a co-signer makes you liable to pay if she does not pay, but you have no rights in the house and have to sue her if she breaches the contract. Thus, the land trust gives you much more control and protection.
Ask Your Own Real Estate Law Question
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 119,521
119,521 Satisfied Customers
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

10,826 satisfied customers

16 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,657 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,367 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,899 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
Back in Nov. of 2009 our second mortgage was written off as
Back in Nov. of 2009 our second mortgage was written off as a bad debt after filed Ch 13. We stopped paying on that mortgage which is why it was written off but the lien still remains. We are now back… read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,881 satisfied customers
I like to find out if Bank of america ( second mortgage )
I like to find out if Bank of america ( second mortgage ) with a defaulted equity loan ,,,,can forclose a … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,921 satisfied customers
I am being sued by the bank I got a second mortgage through.
I am being sued by the bank I got a second mortgage through. The house was foreclosed on approximately 10 years ago. I thought at the time that the second mortgage was wiped away too as I have not see… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
34,903 satisfied customers
I need to get a second Mortgage on a property located in
I need to get a second Mortgage on a property located in Chicago , IL . How can I do it from Tucson , AZ ? … read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
I am the owner of an $87,000 second mortgage located in
I am the owner of an $87,000 second mortgage located in Alexandria, Virginia. The mortgage is in foreclosure due to default and I've just found out that the first mortgage is underwater. Here's how it… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,657 satisfied customers
What is the statute of limitations on the second mortgage in
What is the statute of limitations on the second mortgage in Texas? Trying to obtain a lien release on second cancelled/charged off in 2009. The servicer is no longer in business, account transferred … read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
The city of Miami Beach gave a second mortgage with the
The city of Miami Beach gave a second mortgage with the stipulation that the property could not sold, rented or used other than the borrowers primary residence for the following 15 years. The borrower… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
We bought a house in May of 2006 and took a second mortgage
we bought a house in May of 2006 and took a second mortgage out on it in January 2007. I was just reading the paperwork on the second mortgage and the security for the second mortgage is the house. Do… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
We took a second mortgage on our house six months after
We took a second mortgage on our house six months after purchase in January of 2007. The second was for 700K and was with Countrywide - which has since gone bust. It was turned over to a collection ag… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
My second mortgage company is foreclosing on my home. I am
Hello! My second mortgage company is foreclosing on my home. I am in good standing with the first and am in contact with a firm who is willing to re-finance the entire debt, but the second says they a… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,657 satisfied customers
What happens if home foreclosed and second mortgage does not
what happens if home foreclosed and second mortgage does not file? this is in South Carolina, home foreclosed 3 plus years ago and nothing done yet on home equity note? … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
In 1999 I apparently had a second mortgage take out on my
In 1999 I apparently had a second mortgage take out on my property, in 2002 I had to claim bankruptcy, I don't remember paying directly anything to that loan, I was discharged from bankruptcy in 2005.… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
Tina, we have a second mortgage we haven't paid on in about
hi tina, we have a second mortgage we haven't paid on in about 7 years. the property finally has some equity. there's no lien or default filid on the property. what can we expect the lender to do at t… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,207 satisfied customers
In 2012 I was asked by my second mortgage carrier to vacate
In 2012 I was asked by my second mortgage carrier to vacate or quit. I had owned my home for 22 years i lost my business and had major hardship. I called my mortgages and he stated he would help we wa… read more
Barrister
Barrister
Lawyer
Doctoral Degree
10,826 satisfied customers
When can a second mortgage holder foreclose their interest
When can a second mortgage holder foreclose their interest when a first mortgage is in place? … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
27,458 satisfied customers
I am having trouble finding who holds my second mortgage.
I am having trouble finding who holds my second mortgage. Want to refinance and pay it off, but haven't been able to make payment because I have no address or contact info. Haven't received any statem… read more
Ely
Ely
Counselor at Law
Juris Doctor
4,899 satisfied customers
I have a second mortgage on a townhouse. I filed for
I have a second mortgage on a townhouse. I filed for bankrupsy 7 years ago and it was completed. But the lender of the second mortgage went out of business and no ones knows where they are. They have … read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
We have a house in foreclosure that has a second mortgage on
We have a house in foreclosure that has a second mortgage on it. The second mortgage was taken out a year after we bought the house, and it has since been sold to a servicing company. We have never ma… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,051 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x