Deed of Trust

Archive for January, 2010

Question: average cost of a lawyer when suing someone?

Breaching an real estate Trust Deed note.

Answer: It would be nice to know what state you are in. I you meant a "contract for deed" note (aka mortgage). I don't know any attorneys that take a contract case on a percentage basis (except perhaps some million dollar slam dunk) I was alarmed at the poster that things a percentage goes to the court (not in the US, ever). The standard "no win , no pay) contingency contracts with attorneys are usually only involve Tort cases. Lawyers charge anywhere from $75.00 to $300.00 an hour. Without knowing the details and average real estate contract case involving a normal residence, would require a retainer of $5000. to $10,000. Most bill in 15 minute increments for everything even mailing things and phone calls. You didn't include enough details to respond further. I also was confused by the 3% explanation from Connecticut. In my jurisdiction there is no limits to the expenses (outside of normal office practice ) necessary to bring the case as long as the client approves the expense because the client must pay that separate from the attorney fees.

Commercial Loans in Puerto Rico

Question: Should I add a home that I am on the Deed of Trust to but not on the finanacing note under my bankruptcy?

My boyfriend and I bought a home. The financing was done in his name alone but we were both put onto the Deed of Trust. We are seperating and I am going to have to file bankruptcy now since I am disabled and can't work. Should I include the house in my bankruptcy even though I am not responsible for the note? Thanks for any help anyone could give.
With my name being on the Deed of Trust, what am I liable for as far as the house goes if I do not list it under my bankruptcy?

Answer: Hmmm... I'd say that would be a question better posed to your bankruptcy attorney. In many cases when a person holds a mortgage(or even a car), but isn't having trouble making the payments, that person can get a letter from the bank(s) excluding the properties from the bankruptcy. If there's no default, then they won't want to be included, but the proper paperwork has to be submitted to the bankruptcy court. However.....in your case, since you are listed on the deed, but there's no mortgage in your name, the bank can't send a letter excluding themselves. The house might very well be considered property that can be sold and the funds divided to satisfy your other creditors.

Although your romantic relationship with your boyfriend has gone by the wayside, how is the relationship overall? Are you still friends? You might want to discuss the possibility of you Quit Claim Deeding your portion to the title of the house to him, writing up a lease agreement, and renting from him. Or, you could Quit Claim Deed your portion of the title and agree to buy the house from him Contract for Deed. Basically, HE would be the financer as the agreement would be solely between you and him. You'd be making payments directly to him until the time you could refinance through a regular bank or have the house paid off.

As of now, since you are not on the mortgage, you've no financial obligations toward the house(as far as the mortgage goes). You might very well be considered partly responsible for the property taxes, however. The names of the parties holding the Deed will be named as the responsible parties for prop taxes.

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