I have two mortgages on my house. The first mortgage belongs to one lender while the 2nd belongs to a different lender. Can I still opt for deed-in-lieu of foreclosure having 2 mortgages?
My parents have two properties, one in Fl and one in Ga. They quitclaimed the Ga property(including a home) to me (my name only) and I would like to know if my husband would be entitled to any of the property in the event of a divorce?
The house I live in now was bought in a survivorship with my father, my mother and myself. My mother passed away, which left my father and I 1/2 owners of the house. He has since signed a quit claim deed on the house 1 1/2 years ago over to me. The house was purchased for $336,000. I have 2 questions:
1) Do I have to pay any capital gains taxes on this house due to the quit claim deed since I didn't pay for the house in the first place?
2) If I sell the house for $335,000, will I have to pay capital gains on the house?
There is no mortgage on the house.
Kelley
Is it wise to refinance when the balance on your existing home is 106.000
and you refi for 150.000 with 20 years to pay off the loan @ 6.5 percent?Is this a good percent rate and you have been your home 17yrs?
Hi,
My husband and some friends decided to start an investment company last year - they were flipping houses. Well, all was well until this year when one of the partners skipped town and then the financial person (who was providing the money to fix up the homes) decided that he was no longer going to provide the money for the fixing up. Unfortunately, they used me and my husband's credit to buy these homes - so the mortgages are in our names - however, the properties were quit claimed into the company(which my husband is one of the partners). And everyone is now saying that it is all in our hands that we have to take the fall for it all - however, they will not sign back over the quitclaim deed to us - so that we can move forward.
Now, we are facing foreclosure on two properties (we are 60 days late on the payments) - because the money ran out. We have been in contact with the lender - however, we do not fully understand everything.
One of the homes has been up on the market for over 6 months - with no offers - would we be able to be considered for a deed in lieu of foreclosure?
This property is in mine and my husband's name.
The other property is not on the market yet - however, if we are able to get it up for 30 days - will it be able to be considered for a deed in lieu of foreclosure? This property is only in my husband's name.
And if we are able to do a deed in lieu of foreclosure or a foreclosure - will those who are on the quit claim deed be able to come back in the future and get money from this property or from us? Even though we know we will not be making any money off of the property? Or once it goes back to the lender is it the lender's and out of all of our hands?
Also - because of this - my husband is considering bankruptcy. If he claims bankruptcy - will the lender come after me on both properties? Or just the one that my name is on too? Or will he have a hard time filing bankruptcy on the properties - since it has been quitclaim deeded?
We just need to know what would be best to do - for us. Since no one in the company seems to care - however, are unwilling to let go of the properties. If you could advise me - I would really appreciate it.
I have 2 homes in California and one in Nevada that are rentals. We tried to sell these homes last year before moving from calif to nevada,but they did'nt sell. We then rented them for half the rent and for the past year have paid the difference. The new business we bought in nevada is doing poorly, so we have gone through all our savings and have gotten in over $100,000 into debt trying to be honourable and protect our good credit. Now there is no other place to turn. We're trying to do short sales, but nothing seems to be moving. The one in Nevada we bought for our daughter who has been responsible with all payments.This mortgage just adjusted and she can no longer afford the payments, we can't refinance nor can they buy it because they have no money for a down payment and there are no 100% loans out there anymore. Two of the homes are with countrywide. I can't even imagine what 3 short sales or if they would accept a deed in lieu will do to our credit. Also we do have some land that is free and clear, but those proceeds really belong to my sister, not us. Can they take this land away from us? We are thinking of putting it into an LLC to protect it because like I said even though it's in our names, it's not really ours. We are devastated, after working so hard for so long and always being responsible to be in this mess. Can you shed any light on this situation? We don't know what else to do. Thank you.
Marilyn
As was widely expected on Monday, Merrill Lynch &
Company Tuesday morning announced the "immediate retirement" of
Stan O'Neal as the company's Chief Executive Officer.
In other news, an investor lawsuit has been filed
against Merrill Lynch & Co contending that the company issued false and
misleading statements regarding its exposure to risky mortgage
investments, the plaintiffs' lawyers said on Tuesday.
