In some cases, if a homeowner is in trouble and contacts the bank, the bank may be willing to take the title to the home in exchange for the amount owed on the mortgage through a deed-in-lieu of foreclosure. The idea of selling to a bank through a deed in lieu is not an alternative to selling the home on the open market. The "sale" of a home to a lender with a deed in lieu is a "last resort" move before foreclosure.
A buyer could not make it to the closing of his new home and signed a Grant of Authority for the builder to sign the documents. There were many errors along the way and the closing did not happen. Ilyce and Sam explain who should get to have the authority to sign documents if you can't make it to the closing.
When a bank forecloses on a property the property owner remains responsible for the property taxes. Banks set up tax escrow accounts to pay property taxes, but when home owners fail to make mortgage payments the escrow money may be used to make mortgage payments. If there's no escrow account, the home owner has direct responsibility for paying property taxes.
A homeowner put her father in charge of her property and finances while she was incarcerated. During that time, the title to her home was changed to the father. When her dad "acquired" the property, he could only have obtained title in one of three ways and none of them would have been legal. Ilyce explains how titles are transferred and concludes that someone must have forged her name
To build a new home your builder has to secure building permits from the local government. It may take a while to obtain building permits because of zoning board concerns or other local issues. To get the builder moving or switch to another builder it helps to go through the original new construction contract with a real estate attorney.
In some parts of the country, zoning regulations and other covenants that include setback requirements were enacted after homes were built in a neighborhood. Many older homes may be legal but non-conforming, therefore, they will not be in violation of the setback requirement. If the home is a new home, there may be cause for concern regarding the setback requirement.
When you sell a home, the closing agent pays the lender off either by wire transfer the day of the closing or by wire transfer or overnight payment the next business day following your closing. A seller sold a home recently but the lien still has not been filed. The primary concern for the seller should be that the mortgage company was paid off because a lien can take longer to process and is more of a concern for the buyer.
A reader owns and rents out a townhouse in Virginia. The board has proposed to completely disallow rentals, therefore disrupting her retirement income. Sam and Ilyce suggest looking for other successful litigation regarding changes in home assoication by-laws in Virginia.
Buying real estate with family can be tricky. What can you do if you've made all the mortgage payments but you share the title with a family member? In trying to get a family member to change his mind about co-owning a home, it helps to view the situation from the other person's point of view. If the co-owner won't ultimately agree to be removed from the title to a home on whose mortgage he's made no payments, it may be necessary to file a lawsuit.
