Renting & Real Estate
contract sale on a mobile home?
by admin on May.05, 2010, under Renting & Real Estate
tryfrog asked:
Me and my husband found our dream home,the problem is we have no credit,and the way everything is now no bank will give us a loan.The owner of it is behind 1 year on her payments,and supposedly she has turned over the property to the finance company but when i called them they had no knowledge of it.She said she would do a contract sale,how do we go about it?Do we contact the finance company that has the house and try to make arrangements with them or just pay her every month.If we pay her how will we know the finance company wont come and take it away.Help!!!! Please!!!!
Anita
Me and my husband found our dream home,the problem is we have no credit,and the way everything is now no bank will give us a loan.The owner of it is behind 1 year on her payments,and supposedly she has turned over the property to the finance company but when i called them they had no knowledge of it.She said she would do a contract sale,how do we go about it?Do we contact the finance company that has the house and try to make arrangements with them or just pay her every month.If we pay her how will we know the finance company wont come and take it away.Help!!!! Please!!!!
Anita
Knowledgeable answers please! Buying house & current owner breaking agreement! Long due to details?
by admin on Mar.05, 2010, under Renting & Real Estate
yourbadhabit25 asked:
I will try and sum this up as best as I can. I’ve rented the house I live in for 3 years now. No lease or contract of any kind was established (I moved in with the landlords’ daughter who is my friend and within a couple of months backed out and moved back home to her parents’ house).
One day an investor knocked on my door inquiring about buying the house. He informed me that he’d seen it for the 2nd time in a row on the foreclosure listing and wanted to know if it was up for sale prior to it foreclosing. What!?! That weekend (on Saturday) I look it up online and sure enough…2nd time in a row and it was scheduled to go to auction on that following TUESDAY! I call my dad and since it was pretty much going up for auction for 5-10K of what was owed on the note still (less than half of the worth of the house), he was interested in buying. I told him I’d speak to landlord and see what was going on. Well, sure enough landlord calls me to collect rent for that month and I tell her my findings. She made excuses, and I told her abuot my dad’s interest in purchasing and she agreed immediately. She didn’t want it to go bad on her credit and said we could just pay it off and that was fine with her. She was to LOSE the house in 2 DAYS! So, come Monday, chaos. We’re trying to get it out of foreclosure and they asked for a chunk of change to reinstate it. The landlord didn’t have the $ to pay so she calls me and then I talk to my dad and we agreed that if that was the only way to do it, then my dad would put up the amount they were asking with the agreement that she would turn around and sell the house to us once she was back in good standing and house was saved from being sold in auction. We succeeded at reinstatement and she signed a Promissory Note, which I notarized (I’m a notary). The promissory note states that they (her and hubby) were in agreement that the money we had just sent to her mortgage company was pretty much our “deposit” on the house. States that in the event that reinstatement did not occur or anything else prevented sale of the house to my dad, she’d be obligated to pay the entire amount back to my dad. The note talks about her agreement to sell the house for what was owed on the mortage w/out any further fees to be assessed or expected-besides closing costs, which my dad would be responsible for.
My dad hires a title company to do all the paperwork and they established the first set where the owners give consent to proceed with the paperwork and contacting their mortgage company in an effort to pay off their loan and transfer title, etc. So far so good…until it was time to sign away the house-they stalled. This is as of last week. Turns out her husbands didn’t know anything. By that I mean, he didn’t know the house was in danger to be lost much less knew about the sale of the house or anything until the very end. She didn’t tell him either! We found out after seeing the pay-off quote to her mortgage that she had failed to pay a single payment for 8 months. Then she lied saying her mortage was $300 more than what I was paying in rent so she couldn’t afford it….turns out her mortgage is like $8 less than what I was giving her..sure she wasn’t making any profit, but she had the mortgage payment every month.
Anyway, title company called them to tell them to come in and sign and then she turns around calls me and tells me that they were going to need $5k at signing or her husband wasn’t willing to sign. I asked her to tell HER HUSBAND to contact my dad so that THEY could discuss that. She said she would have him call…but she didn’t…she ended up calling my dad herself telling him the same thing she told me. Greed! How dare she!
Now, my question (yes, I’m getting to it)…isn’t she breaking the agreement to my dad by asking for more $ when the whole purpose of that contract was for her to not pull this kind of crap? If her husband is the one who refused to sign, why didn’t she who the day and time she told the title company she would? I mean, if he doesn’t sign and the deal doesn’t follow through, then she loses out on the $ she thinks she’s getting, will lose the house b/c apparently they can’t keep up with the payments and still owe my dad $7500! If my dad agrees to her demand just to get it over with (which is what he plans to do), when she accept that money, isn’t she breaking her initial agreement legally binding her to do as she said? Wouldn’t my dad then have the grounds to turn around and say, you owe ME back the money that I put up front since you didn’t keep your agreement to me??? FEEDBACK PLEASE! Sorry so long!
I knew I forgot something-I’m in Texas.
I will try and sum this up as best as I can. I’ve rented the house I live in for 3 years now. No lease or contract of any kind was established (I moved in with the landlords’ daughter who is my friend and within a couple of months backed out and moved back home to her parents’ house).
One day an investor knocked on my door inquiring about buying the house. He informed me that he’d seen it for the 2nd time in a row on the foreclosure listing and wanted to know if it was up for sale prior to it foreclosing. What!?! That weekend (on Saturday) I look it up online and sure enough…2nd time in a row and it was scheduled to go to auction on that following TUESDAY! I call my dad and since it was pretty much going up for auction for 5-10K of what was owed on the note still (less than half of the worth of the house), he was interested in buying. I told him I’d speak to landlord and see what was going on. Well, sure enough landlord calls me to collect rent for that month and I tell her my findings. She made excuses, and I told her abuot my dad’s interest in purchasing and she agreed immediately. She didn’t want it to go bad on her credit and said we could just pay it off and that was fine with her. She was to LOSE the house in 2 DAYS! So, come Monday, chaos. We’re trying to get it out of foreclosure and they asked for a chunk of change to reinstate it. The landlord didn’t have the $ to pay so she calls me and then I talk to my dad and we agreed that if that was the only way to do it, then my dad would put up the amount they were asking with the agreement that she would turn around and sell the house to us once she was back in good standing and house was saved from being sold in auction. We succeeded at reinstatement and she signed a Promissory Note, which I notarized (I’m a notary). The promissory note states that they (her and hubby) were in agreement that the money we had just sent to her mortgage company was pretty much our “deposit” on the house. States that in the event that reinstatement did not occur or anything else prevented sale of the house to my dad, she’d be obligated to pay the entire amount back to my dad. The note talks about her agreement to sell the house for what was owed on the mortage w/out any further fees to be assessed or expected-besides closing costs, which my dad would be responsible for.
My dad hires a title company to do all the paperwork and they established the first set where the owners give consent to proceed with the paperwork and contacting their mortgage company in an effort to pay off their loan and transfer title, etc. So far so good…until it was time to sign away the house-they stalled. This is as of last week. Turns out her husbands didn’t know anything. By that I mean, he didn’t know the house was in danger to be lost much less knew about the sale of the house or anything until the very end. She didn’t tell him either! We found out after seeing the pay-off quote to her mortgage that she had failed to pay a single payment for 8 months. Then she lied saying her mortage was $300 more than what I was paying in rent so she couldn’t afford it….turns out her mortgage is like $8 less than what I was giving her..sure she wasn’t making any profit, but she had the mortgage payment every month.
Anyway, title company called them to tell them to come in and sign and then she turns around calls me and tells me that they were going to need $5k at signing or her husband wasn’t willing to sign. I asked her to tell HER HUSBAND to contact my dad so that THEY could discuss that. She said she would have him call…but she didn’t…she ended up calling my dad herself telling him the same thing she told me. Greed! How dare she!
Now, my question (yes, I’m getting to it)…isn’t she breaking the agreement to my dad by asking for more $ when the whole purpose of that contract was for her to not pull this kind of crap? If her husband is the one who refused to sign, why didn’t she who the day and time she told the title company she would? I mean, if he doesn’t sign and the deal doesn’t follow through, then she loses out on the $ she thinks she’s getting, will lose the house b/c apparently they can’t keep up with the payments and still owe my dad $7500! If my dad agrees to her demand just to get it over with (which is what he plans to do), when she accept that money, isn’t she breaking her initial agreement legally binding her to do as she said? Wouldn’t my dad then have the grounds to turn around and say, you owe ME back the money that I put up front since you didn’t keep your agreement to me??? FEEDBACK PLEASE! Sorry so long!
I knew I forgot something-I’m in Texas.
Yes, I know that it was a very risky thing to do this and that we are NOT realtory, investors, lawyers, a mortgage company or any other profession that would have allowed us the knowledge to know exactly what we needed to do and what steps to do it with, but keep in mind that I state we had 8 hours in which to work with or they would’ve lost the house if we’d taken any longer. Actually, we didn’t get the money wired until literally, the last minute (might’ve been a few minutes past the deadline the mortgage company gave us in which to wire the $ to them).
Vicki
I’m renting and got a notice of Trustee Sale?
by admin on Apr.28, 2009, under Renting & Real Estate
meeee asked:
the sale is set for Aug. 7th and rent is due on the 1st. Should I still pay the owner? I’m pretty sure I’m not getting my deposit back! I’m also veryy angry, cause we received a notice of default 3mo ago and the owner told us not to worry that he was just doing a loan modification and that’s why he was in default cause you have to be in order to do the modification. Now I know that was a lie! I could of moved then now what do I do??!!?? I just got laid off a week ago & I’m going to have to find means to move!! I can afford rent still, but to gather enough money (first & last, deposit)to move??!!!???! OMG… Can he do that? Do I have rights?? Someone help please!!
Maureen
the sale is set for Aug. 7th and rent is due on the 1st. Should I still pay the owner? I’m pretty sure I’m not getting my deposit back! I’m also veryy angry, cause we received a notice of default 3mo ago and the owner told us not to worry that he was just doing a loan modification and that’s why he was in default cause you have to be in order to do the modification. Now I know that was a lie! I could of moved then now what do I do??!!?? I just got laid off a week ago & I’m going to have to find means to move!! I can afford rent still, but to gather enough money (first & last, deposit)to move??!!!???! OMG… Can he do that? Do I have rights?? Someone help please!!
Maureen
Quit-claim proptery (house in Massachusetts) over to a co-owner?
by admin on Apr.01, 2009, under Renting & Real Estate
Poor Sap asked:
I wanted to buy a house but couldn’t qualify for a mortgage so my Mother agreed to be a co-owner, she made the down payment of $75,000, which was to be returned upon the sale of the house. My wife is not on the deed or mortgage because she didn’t want to be involved. Everything was going OK until 2 years ago… I got laid off and haven’t been able to find a job that pays enough to cover all the bills; I drained my savings to cover the mortgage the first year, now my mother has been making the mortgage payments this past year. I decided to quit-claim the house over to her and pay rent. The equity would offset the $75,000 down payment and my debt to her. My wife found out… she’s pissed and wants a DIVORCE plus half the money when the house is sold. I tried to explain to her that my Mother now owns the house. I don’t think that my wife is entitled to any money from the house but she won’t listen and is getting a lawer to sue my Mother. Is my wife entitled to any money from the house?
Steve
I wanted to buy a house but couldn’t qualify for a mortgage so my Mother agreed to be a co-owner, she made the down payment of $75,000, which was to be returned upon the sale of the house. My wife is not on the deed or mortgage because she didn’t want to be involved. Everything was going OK until 2 years ago… I got laid off and haven’t been able to find a job that pays enough to cover all the bills; I drained my savings to cover the mortgage the first year, now my mother has been making the mortgage payments this past year. I decided to quit-claim the house over to her and pay rent. The equity would offset the $75,000 down payment and my debt to her. My wife found out… she’s pissed and wants a DIVORCE plus half the money when the house is sold. I tried to explain to her that my Mother now owns the house. I don’t think that my wife is entitled to any money from the house but she won’t listen and is getting a lawer to sue my Mother. Is my wife entitled to any money from the house?
Steve
How to make sure we get a property on Short sale in TX?
by admin on Mar.26, 2009, under Renting & Real Estate
red0328 asked:
We put in an offer on a short sale property in TX. Our agent says there are many offers on the property, but the owner is not respondng to the listing agents calls. What options do we have to make sure we get the home? Call the bank? How do we find out what bank has the mortgage? Can we try to contact the owner? We need this house. What do we do to help the situation? We are ready to buy and close.
Thank you all for your advice. It really saved me some shame and helped me relax a bit.
Charlene
We put in an offer on a short sale property in TX. Our agent says there are many offers on the property, but the owner is not respondng to the listing agents calls. What options do we have to make sure we get the home? Call the bank? How do we find out what bank has the mortgage? Can we try to contact the owner? We need this house. What do we do to help the situation? We are ready to buy and close.
Thank you all for your advice. It really saved me some shame and helped me relax a bit.
Charlene
