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Forums: Learn from other's experiences

Revocable living trust & Quitclaim deed

Posted on: 15th Sep, 2014 11:46 am
Hi, My mother in law passed away in 2005, she had a Revocable Living Trust and my husband was the Trustee and only Beneficiary... She also filled out a quitclaim deed in 1999 to my husband. When we went transfer the property in 2005 she had been on a Exemption for taxes and they recalculated and we ended up owing about $15000.00 in taxes that we had to pay before we could transfer now My question is we have the Trust and the Certification of Trust showing he is the Beneficiary but are being told that the quitclaim deed (notorized) is outdated. We don't have the money to go to an attorney. How can we transfer the property into our name so we can sell it? Thank you
Hi, My mother in law passed away in 2005, she had a Revocable Living Trust and my husband was the Trustee and only Beneficiary... She also filled out a quitclaim deed in 1999 to my husband. When we went transfer the property in 2005 she had been on a Exemption for taxes and they recalculated and we ended up owing about $15000.00 in taxes that we had to pay before we could transfer now My question is we have the Trust and the Certification of Trust showing he is the Beneficiary but are being told that the quitclaim deed (notorized) is outdated. We don't have the money to go to an attorney. How can we transfer the property into our name so we can sell it? Thank you
Posted on: 15th Sep, 2014 11:50 am

How much time do I have before I have to move?

Posted on: 08th Sep, 2014 01:04 pm
I have not made a payments in 17 months. I was served that foreclosure had been started 8 months ago and it's was filed. Now they have started it all over again and have it in short sale. How fast can a short sale go and how much more time do I have before I have to move out? I live in Illinois
I have not made a payments in 17 months. I was served that foreclosure had been started 8 months ago and it's was filed. Now they have started it all over again and have it in short sale. How fast can a short sale go and how much more time do I have before I have to move out? I live in Illinois
Posted on: 08th Sep, 2014 01:06 pm

Grant Deed

Posted on: 03rd Sep, 2014 07:59 pm
California, My significant other and I have agreed to add my name on his Deed. We have made out a Grant Deed with him as the Granter and Me and him as Grantees. We have had it notarized today. Are we going to have to pay taxes on this once we take it to the recorders office? We have one page we have to fill in that came with the Grant Deed form called Preliminary I believe we are to check no on all the questions. This is what we have been told.
California has some of the highest taxes in the nation. One particularly heinous tax is on the sale of real estate. However, certain transactions are not taxable such as between spouses or into certain trusts. In your case, it may be taxable. Check with a local real estate attorney to determine if your transfer is taxable and how you can avoid the tax.
Posted on: 04th Sep, 2014 09:04 am

Loan refinance

Posted on: 26th Aug, 2014 10:28 am
have bad credit and we are applying for home refinance. Both of our name are on the title but my husband is the one applying for the loan, are they going to check my bad credit score and will it affect our application? I am only appearing during closing for signing of papers
The only time your credit would be checked is if you live in a community property state - if not your credit should not matter - you may need to sign off on the deed since it will be a loan in just his name - let us know if you need more help
Brian Barnes
ENG Lending Nationwide Lender
Posted on: 28th Aug, 2014 11:30 am

how far does owner contract go ?

Posted on: 05th Aug, 2014 09:51 am
I did a owner contract 8 years ago with $ 35,000 down and have made improvements of $ 20,000. He owed $ 10,000 to a mortgage company. We had a private contract made up with no attorney's involved. Mine was notarized, his wasn't.. Just 2 pieces were involved. He after 18 months spent 5 of the house payments that I would send to him and the house went into foreclosure. I only found this out by notice to this address. I contacted him and he had the missed payments and fees put on the contract so now I owe an additional $ 3,500.00 and it's been 6 and a half years later and no attempt to pay that off. Property values here have never recovered and with the new fema insurance in place ( I'm in a high flood zone ) it doesn't make sense to stay here. My question is... since he broke our contract twice and I leave can he come after me for the balance ?There were no attorney's involved, am not anywhere on anything, just papers between us. any information will be helpful
The rule of the thumb for me is if there is no papers signed by authority, both of you have no right to come after each other. That is the risk of not getting everything clear on paper.
Posted on: 11th Aug, 2014 07:17 am
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