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

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

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

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

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

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.

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

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

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

I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.

I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.

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

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

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

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.

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.

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.

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

Circuit Court.

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.