Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

Shady In Laws

Author Message
joy

Guest







Post Posted: Tue May 05, 2009 2:11 pm    Post subject: Shady In Laws
Like 0
Dislike 0

My husband signed a quit claim deed a couple of months before he filed for bankruptcy. My father in law actually built the house so he is the one on the mortgage. he was behind on payments and the house had been for sale forever. so, we decided to buy it. Since he was behind on payments he said that we would have to do a lease purchase agreement so we did. Is all this true? Are they in some way benefiting financially from this....because I can't understand all this. It just doesn't make sense to me! Please help.....I know it is confusing because I'm even confused.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile smckaybiz
s.mckaybiz
Community Expert
Community Expert



Joined: 24 Apr 2008

Posts: 195
Location: PA
10.64 Dollars($)
Post Posted: Tue May 05, 2009 6:51 pm    Post subject:
Like 0
Dislike 0

Sounds to me like he wants you to do an article of agreement with you. this is where you would pay a set amount over a set period of time and then purchase the home at that point. I may be wrong, (please someone stop my if I am) but either way boy does it ever sound shady.

If he is behind on the payments and wants to make sure the bank isn't going to foreclose on the home than you'd think he would want to just sell it out right as quickly as possible.

Besides, interest rates are low right now and who knows what they'll be like a few years down the road. Now is the time to buy if possible.

Let us know how it goes.

_________________
Scott McKay
FreeOnlineCreditGuide.com
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10038
Location: Alaska
920.62 Dollars($)
Post Posted: Tue May 05, 2009 8:16 pm    Post subject:
Like 0
Dislike 0

Hi joy!

Welcome to forums!

In order to transfer the property in your husband's name, your father in law could have simply signed a quitclaim deed. As far as the mortgage is concerned, your husband could have refinanced it in his name. But as your father in law was delinquent in his payments, the lender may have asked your husband to pay off the delinquent amount first and then refinance. But, again, you have mentioned that your husband had filed for bankruptcy. In such a situation it would be difficult for him to get a mortgage.

Sussane
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.076 seconds.