whatyouneedplayer,
Just curious does the lender SPS know you Quit Claimed the property to your aunt and she is on title to the property?
John $Cash$ Locke
Call an attorney!
SPS didn’t seem to care whos name the title was in, they say that they have the final say as the lienholder
$Cash$
If the mortgage is not in her name then why should she care if it is late or not. That does not mean that she would be turned down if she has old collections and charge offs.
I agree it is probably a long shot but I was just trying to suggest that he talk to her about the loan coming out of his name.
If for some reason she wants to quit claim it to another person in the same house they could then do a rate and term refinance taking the mortgage out of his name.
I also agree…he needs an attorney!
man isn’t that kinda nasty sicking the lawyers on your own family members. i’d hate for it to come down to that cause then it makes me look like the agressor when all i want is to lookout for myself and my familys credit future
I think the relatives cast the first stone by not living up to their obligation and hanging you out to dry.
Agreed !
Ramona Hall,
I agree she does not care as I related in a previous post that these payments do not reflect on her credit. She is 60 years old and my gut tells me her credit is bad, worth a shot sure if he asked her to refinance problem over, so why hasn’t he done it, ask him?
He seems to have a problem with confronting his Aunt regarding this problem for fear of possible family retrobution and this plays a big part in someones decision when it comes to family. Easy to say it is the Aunts obligation, the key word here is family, much different than evicting some stiff out of your property.
What do you suppose it would cost to hire an attorney for a person who admits he lives in a “shack”, where does this money come from to hire an attorney, minimum for a good attorney $2,500 - $5,000 to start the suit?
Then do you really think that he could win in court, the deed is transferred and compensation was given, the loan is current, I could go on with many reasons why he would lose in court. The payments are late or have been late is not a defense to get your house back.
At this point he needs to go to the Aunt explain the situation and try to resolve it. but let’s find out if he has already done this.
“whatyouneedplayer have you done this yet, talked to your Aunt about this proplem?”
John $Cash$ Locke
$Cash$
Agreed 
Over the past year I’ve had SPS send out 3 (three) assumption packets to my aunt and nothing has been done from what I can tell, I keep hearing excuses. These docs would basically transfers it out of our name and into hers. It requires a credit check etc just as if she were refinancing it but likely with minimal paperwork and nil closing costs other than a $300 filing fee. The ball was in her court to do this and she dropped it 3 times.
I only started feeling agressive with this when all the certified mail started coming to my name, re: 60 days late threat to foreclose etc and i ‘never’ get certified mail. All house related.
I’m a bit apprehensive about talking this over with my aunt because she jumps on the defense about how she makes the note on time, i helped raise you boy (grew up in her house as a kid with my mom) etc. i asked her and she defends that she has good credit of her own due to her own hard work and sacrifice but its likely good as this home is not showing up on her report but mine. shes got her own place on the west coast that she has a HELOC on and probably many other extras like reverse mortgage and 2nd and 3rd morgs etc that i can’t confirm but will agree are probably there if shes makeing 2 house notes and is no longer working.
i’m not one to nosey into other peoples finances so I haven’t dare asked how shes paying for it all… but shes single, childless, has no car note (that i know of) and seems to just pay for house food and personal bills. lord only knows how but shes making it.
without getting an attorney the only possible situations I can think of again where everyone wins is…
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she puts title back in our name (so the title matches mortgage holder) and puts it for sale at a fair, but quick to sell price. she can take the money and run. only time delay is how long for a buyer to pop up. shes off it, we’re off it, and shes got some money out in equity she put in. I just think it would be hard to sell the place if the title is not clear it would be red flags to a buyer, no?
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she applys for a mortgage and puts it all in her name and lives there
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far stretch: puts it back in our name, we homestead it like we had it before, I file bankrupt chapter7 and keep the place (florida is a homestead state that lets you keep your 1 primary home in bankruptcy if its under a certain amount) , and I get fair compensation for her living there. crackpot idea I know, and i really dont want to file bankrupt as im’ in year 4 of my 7 year hiatus… many SOLs have expired now.
anyone have any other ideas i can propose to her?
Nasty? No, nasty is a family member taking over your payments, failing to pay them and ruining your life. You owe her NOTHING! Also, only an attorney can properly tell you how everything works in your area and can properly interpret all of the involved contracts, etc. Everyone here (no offense to those offering help) is essentially only seeing part of the story and are only guessing about what your local laws are based on what they are seeing in their own areas. Spend money on a lawyer now or spend it later, sooner or later you’ll be even more backed against a wall.
whatyouneedplayer,
The property can be sold even though you are not on title, a title company will have no problem as you are both there to sign off on the sale of the property.
Anything can happen in court, but I will relate just one instance where I helped a student that was challanged by a seller who sold Subject To the exsisting mortgage.
The seller saw that the appreciation went sky high in the area and decided he wanted the property back. So his complaint was he did not know what he was doing, he was lied to along with typical boiler plate lawyer talk.
The Judge listened to both side of the story and asked one question. “Who’s name is the deed in?” My student said “mine your honor” and handed a copy to the court clerk. Case dismissed the student owned the property.
So this was not an Equity Stripping case or done without both seller and buyer understanding what happened, if you can prove that something was done that was illegal you would have a shot as long as it is in writing or provable.
This is just my opinon of what could happen and of course if you have the money hire an attorney and you feel the attorney can present a case to overturn your Quit Claim deed then by all means go for it. So in essense the Judge would have to throw your Aunt out of a property she has the deed to, paid consideration for and helped you when you needed help.
Do you have the money to hire an attorney?
John $Cash$ Locke
No I have little to no money at all right now (like under $100) and am getting my family by day to day by selling on ebay. I was working a $10/hr job but got fired over a month ago… so no attorneys on prospect here. just enough to keep food on the table
I would have to agree with Tedjr at this point.
Well I am really trying to figure out the best solution here and it seems most of the options other than getting face to face with Auntie have been covered.
The lender has been notified that the deed has changed out of his name, which did not even trigger the DOS, which would have caused a foreclosure and at this point the only way to put the property in foreclosure, Apparently that is not going to happen… So much for lenders calling the loans due.
whatyouneedplayer, either get face to face with your Aunt about what she is doing to you and your family, or there are no options I can see due to your current situation.
I sincerely hope it works out, who knows maybe this e-bay thing will turn out great for you making enough money so you can pay cash for everything and don’t need any credit.
John $Cash$ Locke
So much for lenders calling the loans due…
I agree, did I hear the home is in FL? The lenders are already upside down on their REO portfolios there due to the hurricanes, IMO they’ll do anything to keep a good loan on the books. It could possibly be a different story about the DOSC somewhere else where the lenders have a glut of low paying I/O loans in an appreciating area…
Regards,
Dave
Dave,
Check this link out and tell me what area the lenders are going to jump on first?
http://money.cnn.com/2005/12/29/real_estate/buying_selling/handicapping_housing_markets/index.htm
John $Cash$ Locke
Hello John,
Good to hear from you. In the article, many FL and CA markets are well represented as highly overvalued. Overvalued markets with a glut of I/O ARM loans, causing a boon of foreclosures upon market correction (Inevitable with the impending interest rate hikes, IMO).
Banks are not going to want all these properties back which, in my mind creates a willingness on the lenders part to play ball on a semi-performing loan.
I was just stating that the lenders already have a massive REO inventory in FL due to hurricanes and will do whatever it takes to keep a loan on the books. Give it 6 months, hide and watch, after they get tired of the holding costs, the 6 times reserves they can’t lend out at increased rates & and we’ll see REO’s taking ridiculous offers on FL properties. I’m positioning myself for future action in both CA and Fl for these reasons. At least, that’s how I’m reading the writing on the walls. But, hey…I’ve been wrong before. I’d love to hear your views on it.
Regards,
Dave
I think the other poster was just saying you may want to get some professional legal advice. The nice folks on this board provided good information, but you seem to be in this mess by not really working with professionals in the first place.
You don’t have to “sic” the lawyer on your family, but maybe a local lawyer can help give you advice. It seems like your mortgage company isn’t helping, so the lawyer may have alternatives.
It sounds like you have more of an interest in staying on good terms with your aunt than moving on with your life. She’s a major player in why you are where you are. If it were me, I’d go ahead and ask the lender to foreclose, but maybe you can let her the aunt what we’ve told you here. Give her the choices: she can decide to help you sell the house, refinance in her name, or lose the house to foreclosure.
DeeinAustin,
Would you explain the part about losing it in foreclosure?
John $Cash$ Locke