Oh..more space to write.. I recieved 2 houses through quitclaim. Am i able to take out a home improvement loan or a equity loan? i mean i own the house right..but i do not owe anything for the house..does that mean the house is worth 100k i can sell it? or pull out a loan on the house? or even get... View More 
answered on Oct 23, 2011
If you own the home, even with a Quit Claim Deed, you can take out a loan. Understand that if there is an existing mortgage or other encumbrance on the property , the lender may not be willing to provide the loan because, in a foreclosure action to collect, the other mortgage or encumbrance has to... View More
answered on Oct 23, 2011
You should discuss the matter with an attorney that is experienced in both bankruptcy and foreclosure defense. You may be able to avoid further liability through bankruptcy. You may also be able to sell the house through a short sale and not owe anything further. There are other options so... View More
Are not named. Do they have to be?
answered on Oct 23, 2011
I need more information to answer your question. Are you saying that the original mortgage lender is listed as the plaintiff in a foreclosure lawsuit although the loan has been assigned? You need to have a foreclosure attorney review your docs and help you decide the proper course. There are... View More
Both houses have someone renting them. I will collect on the rent from both properties when the quitclaim is complete. The problem I am having is that the loan is not in my name, but only the properties. WHEN my parents finish their divorce they both plan to file Bankruptcy, leaving them both with... View More
answered on Oct 23, 2011
Your parents should reconsider their course of action. It could be viewed as bankruptcy fraud. If the rental properties are upside down they may benefit from a chapter 13 where they may be able to cram down the secured loan to the value of the property and the balance of the loan will be treated... View More
answered on Oct 23, 2011
If you ignore it, then most likely a default will be granted against you. It is better to appear and demand trial so that you can argue your position to the judge. You do nto have to agree to anything at the pretrial. They will probably send you to mediation. Ask a consumer law attorney to... View More
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