Deed of Trust

Archive for October, 2007

Question: signed Trust Deed. 200 due to creditor but deed signed. scared they start bankruptcy then deed wont go through

I have a Trust Deed signed last friday. unsecured creditor agreed 200 payment so that no action be taken cant pay them as in Trust Deed. their letters state they might take bankruptcy proceedings they will know about Trust Deed next week. debt was 2698.00. worried as want Trust Deed to get protected.

Answer: The Trust Deed is protected when two thirds of your creditors agree to it.
The chances are they'll go for it as something is better than nothing.
They are guaranteed part payment with a t/deed, but may get nothing if they force bankruptcy.

Loan Modification: Don't say the F Word!

Question: quitclaim deed forms - PLEASE HELP ME IF YOU KNOW ABOUT THIS!?

Our home was financed before we were married - in my husband's name only. He took out a VA loan, and of course - we weren't married yet. Well now we are, and have been for a while. I want my name on the title. What is the cheapest and most legal way to do this?

Answer: Check your state's regulations regarding quitclaim deeds before you act; there are some variables. Dowloadable forms are fine as long as it has the verbage required for your state. Having an attorney prepare it can give you peace of mind, but $300 seems pretty high. (You can also prepare the form yourself and simply have it reviewed by an attorney, which should cost less.) I have used downloadable quitclaim forms with no problem; you have the forms witnessed and notarized, and you file a copy with your county. Keep a notarized copy for each owner's records in addition to the one you file.

Another option; the VA has it's own rules and stuff and has streamlined processes for refinancing with no penalty and no closing costs. Depending on when your husband financed and at what rate, it might be worth seeing if you could streamline your loan at a lower rate with both of you on the note. This would put you on the title as well as possibly saving you some money.

Miami Florida Attorney - Lawyer Dania Fernandez www.FloridaLawAttorney.com Real Estate Spanish # 37

Question: Can one spouse sell the home if only their name is on the the loan in the state of Mississippi?

My name is only on the Deed of Trust not the loan. Can the spouse whose name is only on the loan sell and get profits from the home without given the other spouse half of the profits?

Answer: The property can not be legally sold unless both of you agree to sell the house.

Once you have agreed to sell the house and if it sells the escrow closing office will issue one check in the name of both sellers after all debts, liens, taxes and any other debts on the property are paid.

The division depends on how title is held by you and your spouse.

The sellers may ask for two separate checks in the event of a conflict, but that will have to be a part of the escrow settlement documents called escrow instructions.

It does not matter that your name is not on the mortgage. They are to entirely different documents.

You can be on one document without being on the other document.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Commercial Lending Loans in Mississippi