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jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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Hi Texas,
It is always better to consult an attorney while transferring title to a property to avoid problems in future. However, you can do it yourself as well, if you want to. Whoever holds the title, needs to sign a deed whereby he/she will transfer his/her share in the property to your friend. The deed then has to be notarized and recorded. |
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hammy
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Post subject: modifaction |
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| is it true that if they start the process on florcloser in florida they have to produce the original note? in order to do so..if so what other means can be taken to wipe out a secound..and lower the first.. meaning vaule of the house the secound does not hold up... |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome hammy,
The second mortgage cannot be wiped out. Though your property is foreclosed by the first lender, the second mortgage lender would have the right to sue you for his dues. If you do not pay the dues, the second lender will charge off the loan to a collection agency.
As far as lowering the first mortgage is concerned, you'll have to negotiate with the lender and check out if he agrees to it or not. |
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lzgar
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Post subject: foreclosure on warranty deed |
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| we purchased as an owner financing but we found out two years later there is a first lien on the property who are now trying to foreclose on the seller who apparently is not making payments and is in default. where does that leave us?? we've paid thousands $ so far..... |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi lzgar,
It would have been better if you did a title search before going for the owner financing. However, as there is a first lien on the property, the seller will have to satisfy it. If the seller can't satisfy the debts, then the creditor will have the right to foreclose the property.
Thanks |
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Aggie1990
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| If someone transfers property to another individual using a warranty deed, is the recipient responsible to claim this property as a gift on their taxes? Can the warranty deed be transfered back to the orginal grantor? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Aggie!
Welcome to forums!
The grantor who transfers the property to the grantee will have to pay gift taxes for this transfer. Yes, the recipient of the property can claim it as a gift on their taxes. Yes, a warranty deed can be transferred back to the original grantor.
Feel free to ask if you have further queries.
Sussane |
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SC65
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Post subject: WHat court do I need to file in?? |
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| I have agreed to sell property to a sibling, in good faith I wrote the bill of sale, she signed it agreed to the price and the payment date. I thought I could trust her so I signed the necessary papers over to her... however she has not paid and when I ask she said there is nothing I can do, it is hers now.. I know that she breached out contract.. what can I do to retrieve my property so I can sell it to someone else? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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sueryan62
Joined: 12 Apr 2009
Posts: 2
2.22 Dollars($)
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Post subject: Mobile home and land - no mortgage |
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| I live in Texas. My mobile home and property are combined real estate. I got a personal loan to buy it. I want to pay off the existing personal loan balance of $15K (at 11%) with an equity loan against the free and clear property. I am told that because I have no mortgage to pay off, I can't borrow against my unmortgaged property in Texas because it is mobile home/real estate. Is that true? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Joran
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Post subject: Deed without warranty |
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I am buying a TX property with deed but no warranty. As I know, it will be difficult to obtain title policy. Is there any company can help me with this request?
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Penyless75002
Joined: 16 Apr 2009
Posts: 1
1.37 Dollars($)
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Post subject: affect of Texas warrenty deed on disability tax exemption |
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Hello-
My husband is termally ill. We jointly own a house here in North Texas and currently received a homestead exemption as well as a disability exemption. We also jointly own some property in Oklahoma. Our lawyer prepared for us a texas warrenty deed for both our Oklahoma land as well as our house here in Texas so it will be easier for me to sell the house when he dies. Will we now lose the disability exemption ? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Penyless!
Welcome to forums!
If your husband is removed from the property deed, then you'll lose the disability exemption.
Sussane |
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Deeds, Property Transfer and Estate Planning Forum
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