Compare Mortgage Quotes

Davidou1030 · Joined: 18 May 2011 Posts: 2 1.43 Dollars($)

I did a short sale at feb. 2011. But right now the loan amount still in my account. My ex-wife know I have no house to live with, so she wants to give me back the house what I sold her before for free. My question is could we do the title right now, or we have to wait until the loan amount has been take care?

Thank you.

gmakerley · Posted: Wed May 18, 2011 7:35 am Post subject:

Davidou, I honestly can't figure out what you're trying to do. In February you sold your home on a short sale. The lender you owed that mortgage to would have allocated the funds received from closing to your existing mortgage, written off the remainder and advised you of what they plan to do with the remainder if anything. What happened there?

The next scenario - this home you freely gave to your former spouse - I don't believe you'd have any issues with your lender if you were to take possession of that home. Frankly, I think that in your shoes, I'd seek the advice of legal counsel to ensure that the lender on your other (now-settled) home wouldn't try to enrich themselves with a lien on this proposed home you'd obtain.

I am feeling that you wouldn't have that problem in fact, but it's always wise, and usually safer, to have legal advice on a matter of this import.

Davidou1030 · Joined: 18 May 2011 Posts: 2 1.43 Dollars($)

Thank you for your answer. Actully I sold the house to my ex-wife before, but she wants to gift it to me for free. What will be happen if we transfer the title?

Thank you.

gmakerley · Posted: Wed May 18, 2011 9:49 am Post subject:

We can't really tell what will happen upon the transfer, but as I noted, I doubt the lender on your current property is going to notice and/or care much about that property. They'll need to deal with the existing home. That, however, is where an attorney comes in - one who can eliminate some of the negatives, if they exist, and point out what reaction, if any, that lender might have.

I suppose, if they felt the need to cover their losses, they could seek a judgment at some point in the future and attempt to lien your "new" home as a means of obtaining additional payment. I just happen to think this is far-fetched.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Can we transfer title right now?

Helpful References

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1