We're trying to understand the laws and process to determine the best way for me to live in the house and pay back the Money to my father. We are trying to avoid as many taxes and fees as possible.
answered on Feb 11, 2019
The answer depends on who is asking. For instance, the best thing for your father is for you to obtain a loan and to pay him the full purchase price in exchange for a deed. He then walks away and you live in the house. The best thing for you might be an option to purchase, or a rent-to-own. These... View More 
But are listed on the mortgage note, as the Lender. The loan has been sold and transferred several times. The latest one it was transferred or sold to is Ocwen Loan Servicing. They've had the loan twice.
answered on Jan 11, 2019
The beneficiary under a Deed of Trust IS the lender.
Although this online forum is not designed to seek legal research on specific issues / entities / matters, you can check with the State Department of Assessments and Taxation (SDAT) for information on the last known resident agent for... View More
The second trustee is not communicating with the family after helping herself to funds from the trust for her own use.
What can I do to redeem the property from the bank? Can I take over the loan and have the fees removed? Can I refinance although I'm not on the loan? The borrower has... View More
answered on Jan 10, 2019
Under federal law, family members inheriting property may be able to simply take over the mortgage payments instead of refinancing in certain situations. However, whether that is feasible depends on other factors, such as buy-out ability. If the property remains in Trust, it is sometimes... View More
How long before the tenant must leave? I am in Maryland.
answered on Dec 7, 2018
As with many things legal "it depends." If the tenant is a "bona fide" tenant (not related to the owner who lost the house), they may get 90 days or they may get to ride out the current lease.
The rules for how long a tenant gets to stay under the terms of their... View More
Do i have any other options? I heard I could do a debt in lieu of foreclosure by handing in my keys. HOW long do I have to do this before I have to move out. These loans were bought during the write off days of the mortgage bust and now I am at risk of losing my house because the new companies... View More
answered on Nov 14, 2018
A deed in lieu of foreclosure simply means you hand over the keys and deed and move out, but you must first get in writing that the mortgage company releases you from personal liability on the remaining balance of the mortgage. You'll have to cut that deal with the first mortgage holder, and... View More
Hello,
My wife and I live in Maryland. She cosigned on a loan for her Aunt, who lives in Florida, to help her buy a house. Could I be in anyway ultimately responsible for it?
answered on Sep 18, 2018
Maryland does not shift debt to a spouse, so if a husband never signs any loan documents he should not be personally responsible for the debt of his wife.
Whether or not any assets are at risk will depend how they are titled.
While not legal advice, I hope that this helps.
My father owes $103,487 and the average home value is $108,000. No equity in the home. Heirs are unable to become the successor.
answered on Aug 15, 2018
If there is little or no equity in estate owned property and the lender is willing to accept a deed-in-lieu of foreclosure, then yes, a Personal Representative has authority to sign such a deed. Whether or not a deed in lieu can be done depends on the willingness of a lender.
Note that if... View More
As a real estate investor, I target tax delinquent properties. those who are behind on their property taxes. From what I know there is a default time where the home owner goes behind on the property taxes and then I believe it goes to auction and you have to bid for them? I want to pursue the... View More
answered on Jul 27, 2018
You essentially ask about tax sales. Each county has different dates and specific process for the sales/bidding, but in Maryland if the taxes are ~6 months or so past due, the county holds an auction. The county will advertise the auction in advance. The property owner can pay up the taxes, in... View More
I am trying to avoid forclosure. The house is now on the market and there has not been any interest. I do not want to be a landlord living in another state. But, I definitely do not want to property for forclose. What are other options in the State of Maryland.
answered on May 14, 2018
A house only goes into foreclosure if the mortgage isn't paid. As long as the owner pays the mortgage, foreclosure should not be a concern, regardless of where the owner lives.
Practically, though, if an owner doesn't have enough money to pay the mortgage if they move elsewhere,... View More
answered on Feb 5, 2018
I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.
answered on Feb 5, 2018
I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.
I do not know who lives there, whether they were renting from previous owner or they were the previous owners.
answered on Apr 23, 2017
You can still evict them. I would first attempt to evict "the owner and all occupants" using a forcible/entry and detainer action. If the person living on the property ends up being the former owner then congratulations! If the person living on the property is not the former owner,... View More
When she was diagnosed with Alzheimers a lawyer advised us to change her house to the children's names even though she had a mortgage so that if she was put in a nursing home they could not take it. She has since passed and the home was foreclosed on. The sale of the home did not cover all... View More
answered on Sep 18, 2017
Generally speaking only the borrower(s) who signed is/are personally responsible for debt, although obviously the lienholder / mortgage company has rights to take back the property if the loan isn't paid. At times, however, relatives "assume" a mortgage, in which case they step in... View More
answered on Jan 28, 2017
Yes, generally the owner of the property can continue to use the property or rent it out until it is sold at foreclosure. The law gives certain rights to a tenant under a bona fide lease - if the bank buys back the property a tenant may have the right to continuing living there and paying rent to... View More
answered on Oct 30, 2014
Until the foreclosure sale, the owner can attempt to sell. Of course, the sale is subject tot he costs and expense of the mortgage. But it remains the best option for realizing full value. But since foreclosure cases are public records, many know that the auction sale will be less expensive.
my father passed away as the mortgagee i am listed as a tenant in common and we are paying the mortgage currently however that situation could change
answered on Sep 5, 2014
The Personal Representative of the Estate stands in your father's shoes. If no estate was opened, it is likely the mortgage company will force the opening of the Estate. You would need to open the estate, anyway, in order to inherit his interest.
answered on May 31, 2012
What do you mean by "recordation?" At some point, the Trustee that conducted the foreclosure may deed the property to either the bank or a third-party purchaser.
answered on Apr 23, 2012
There are two key dates: first the date of the auction and second the date when the judge approves or "ratifies" the sale. While the new owner "buys" at the auction (and must tender the deposit on that date), the sale isn't finalized until the ratification.
answered on Apr 23, 2012
When a mortgage or "Deed of Trust" gets filed, it lists the name of an attorney who acts as "Trustee," basically this person holds the rights to sell the property if the borrower doesn't pay. The right lasts for so long as the mortgage debt remains but the Trustee can be... View More
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