Due to my bad credit history when me and my girlfriend (who now is my wife) put our money together to buy two houses I could not go on the loan. What should I now do to protect these houses,the content, and my investment into these properties in the case of her passing?
212405
Since you have significant assets you should have a will or a trust that includes the properties.  You should also have term life insurance for both you and your wife.  It would probably be a good idea for you to have enough insurance on your wife to allow you to pay off the loans on the properties.  This will give you the option of owning the properties free & clear if she passes.  It might not be the best use of the money, but you will not worry about having a situation where you will be burdened with the debt if she passes away.\n\nYou should also clean up your credit, so that in the future you will be able to put your assets and loans in both names.
378134
I've been in the real estate business since 1973 and seen this type of thing happen before. Like Eunice said you can sue the pope for rape but proving it is another matter. You do have another course of action; you could choose to have the regulatory bodies in your state do an investigation to see if indeed you were banboofeld. Most lenders in most states are regulated by the Financial Institutions Divisions of your state and you can fill out a form that will require them to determine if indeed the action you described is a violation. Another Department is the Attorney General's Consumer Protection Division. I would send you the links to those places but I don't know your state.\nHere are some links that might be able to give you some direction:\nFederal Statutes Laws having to do with Banking, from Cornell University*: http://uscode.law.cornell.edu/uscode/html/uscode12 \nFederal Code Laws having to do with Banking from Cornell University*: http://www.law.cornell.edu/cfr/cfr.php?title=12 \nFDIC Emerging issues in Banking*: http://www.fdic.gov/bank/analytical/fyi/2003/091703fyi.html \nReal Estate Settlement Procedures Act (RESPA) [about closing costs & settlement procedures]: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm \nFTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm \nFinally before you take a legal course of action please have an attorney review it so that they can inform you whether you have a case or not.\nBuena Suerte
342780
She can "buy" her house back up to the hour of sheriff sale.  Her best bet would be to literally SIT DOWN with the bank officers that hold her mortgage right now.  See if she qualifies for refinance.  If she doesn't.  She can, and must move quickly, apply to the federal government for a mortgage loan- it would only consist of the amount that she has fallen behind on (4-5 what the amount of payments, plus interest, etc).  The organization is PHFA and she could access the numbers online- fill out the application and notify her bank that she has applied to PHFA, the bank would then have to hold off on the foreclosure until she hears if she is approved by PHFA.  Good luck to you and your cousin,  oh one thing, she has to show that she can make the payments *has the income now.  The PHFA loan would be just a lien against the property and she would have many, many years before having to start paying on it.  You are a great cousin!!\n\n\nSORRY- I told you to contact PHFA- that is for Pennsylvania residents- it stands for pennsylvania housing and financial administration- call you state housing agency regarding these loans.-- they maybe the same as pa- just having the first letter of your state before the hfa- you can try to search it on the web- good luck
43393
you really need to talk to a lawyer about this . the laws very from state to state . for instance , in some states your situation would have been considered a "common law" marriage . in which case ,you might not be able to sue her . It would be the equivelant of suing your wife . but this may not be true in your state or locality . and because "common law" marriage laws vary so much from state to state as well as real estate laws . talking to a  real estate lawyer from your state , will be more helpful .
220461
If your husband has a steady job and your previous credit is fairly good, then you might want to try one of the credit companies like Capitol One for instance or HBC.  The interest rates are huge but they can usually find a way to put all the different debts together and spread it out over 25 more years to keep the payments low.  This was an option I took a a number of years ago during a renovation that went bad. Hopefully you can sell the house when completed if the amount you sell the house for is more than the debt and start fresh, getting rid of the high interest debt. It sucks to sell what you have worked so hard for but it is just a house.  The credit companies will sometimes let you pay the total debt without penalty if you sell the home and then you haven't paid much high interest anyways.  I understand the devastation and hopelessness of being in what seems to feel like an out of control situation.  You have to believe that life can get better just as quick as it went wrong.  If your only option is bankruptcy, so be it,  do what you have to do to make a stable home for your kids.  Just take control of the situation, get a few opinions and start sleeping again.  Banks run like sissies when you need help yet they are the first in line to bankrupt you in the first place.  There are reputable companies around to help people like yourselves in this tight spot.
517972
There's a couple things they should consider: First, as previously mentioned, joint tenancy gives automatic survivorship rights to the other party if one party dies.  This is great for a married couple, not good for two unrelated guys buying a home together.  They should probably take title as "tenants in common".  This is usually done with investors, and anyone else that may not wish their stake in the home to go to the other party with no compensation.\n\nSecond, and BEFORE THEY CLOSE, they need to find an attorney who can advise them on a couple issues.  First, what happens if one person dies?  If your BF's friend dies, his stake in the property is locked up in probate for a while.  A will should probably be drafted for both parties to address what happens to their stake.  If the BF's friend leaves his stake to his parents, is there a buy/sell clause?  Your BF should have the right to buy out his partner's stake, before being forced to sell the home to cash-out his heirs.  \n\nLastly, the will should probably address the survivor's rights to collect on payments for X amount of time, or something to protect your BF from having to make 100% of the payments during the transition period.\n\nAssuming this is being purchased as an investment, they may wish to incorporate themselves, to protect their personal assets against lawsuits, etc...  They can potentially purchase the property and quit-claim the deed into their corporation's name.  It is very common for partners like this to purchase some form of cheap term life insurance to cover the other in case of their death. \n\nBottom line, he has no business completing this transaction without spending a couple hours with a competent real estate attorney.  A few hundred bucks today could save many thousands later, if for any reason tragedy did strike.  \n\nThe attorney can always draft the purchase agreement for you for a nominal cost.
523822
Laws governing property and spousal rights vary widely from one state to the next. Go see a lawyer. Initial consultations are usually free.\n\nWith that said, in many states it doesn't much matter whose name is on the mortgage. Assets acquired while a couple is married are generally considered to be jointly held. And so, a wife who moves out nonetheless has a property interest in the house whether she co-signed the mortgage or not. The same is true for any other property and investments.\n\nIt will behoove you (especially if there are children involved) to not be guided by what any of the folks here are saying (including myself). Call a local lawyer who will help you to keep a share of what is rightfully half yours.
287690
Since the loan is not in YOUR name, it has no effect on YOUR credit.  If the LOAN is in the "the estate of __________", the bank KNOWS the person is deceased, even if they don't realize it.  It may be the DEED is in that name, which is a whole different animal.\n\nWith a credit score of 780, I wouldn't worry about getting the loan in your name.. Just pay it off and start putting that payment into savings where it will earn YOU some interest (instead of you paying it to the lender).  You will benefit from paying it off by having 1). no mortgage payment and 2). full equity in the house.\n\nGood for you for wanting to get this paid off!  Sounds like you have pretty good financial sense.
502807
just because you are married you are not responsable for your spouces debts, as long as you did not sign anything for them . but if your spouse dies there estate is to  go for paying there debts off. if you have anything that you both are co-owners the creditors can force the sell to get there money.you need to contact the collection agency and chew there butts out and inform them if they cant show you proof that you signed for the debt , they better get this off your credit report or you will sue there tails off.you will have to be firm with them or they will bullie you to get you to pay the bills. next you need to write the 3 madger credit reporting agencys tell them that these are mistakes and to remove them from your credit report . send it return recipt requested so you have proof of when they got it. they have 30 days to prove weather it is valed or not. if in 30 days they have not contacted you and cant prove it to be valed they have to remove it from the report. you need to write them again the same way and tell them to remove it form your report. (that is federal law) but you will have to stay on the collection agency and who ever turned this over to the collection agency untill you get the matter solved . because they can put it right back on your credit report again and you have to start it all back over again.  if you run in to a brick wall with the collection agency and they wont budge you may have to have a talk with a lawyer they can be sued for fulse reporting to the credit buearo. i cant remember what the addy is but you need to search for the fare debt collection act it will give you more info.......... why cant you sue the doctor if he made a mistake during surgey??? if this is what the docs or hospital is telling you go see a lawyer
372915
Unfortunately, the simple answer is yes.  You need to go to your mortgage holder and advise them of the situation.  Your spouse DOES NOT have the legal right to take out loans in both your names.  Good luck!
410225
She can't sell the house unless she owns it, the bank may be willing to work with you if they know what happened. Good Luck!
91439
In most states if you fall behind 90 days your lender will begin the foreclosure process. You will receive a notice posted on your house(and sometimes in the paper)of the "Trustees Sale" (depending on which state) This will recorded in the county where the property resides. It will list the scheduled date of the Trustees Sale, the last date you can redeem and for how much. If you are in this situation and you have any equity in the property you should do anything you can to save your home and your credit. There are investors/buyers all over advertising that they pay cash for homes. Interview them and find the best deal for your situation. You may be able to sell your house, pay off the mortgage and walk away with some cash.\n\nGood Luck
191840
Unfortunately in the - very advanced - society we currently live in, the computers do not have a field for joint applications and/or accounts.\n\nThey - institutions and the like - say yes it is joint, but the fact is whoever is listed first, is who the account/property, etc is listed under.\n\nOne (the institution etc.) has to look further into the matter (via computer screen) to see the joint names.\n\nBut it is the individual that appears first on the account that USUALLY has ALL the control.\n\nHaving said that, when you contact the customer service departments, speak to a supervisor, if the rep. is not responsive. YOU ARE listed on the account and have the right to the information. So a)You should get billings - even if they are copies, and c)You are entitled to mortgage interest information - if you know the amount - then you are legally (understand I am NOT an attorney/accountant) entitled you use at least 50% - if not more. It depends on what percentage of mortgage /home equity you pay - even if you do pay ALL, ex may argue he used his funds to pay your 'whatever' bills.\n\nb)Equity account awarded to you - again speak to supervisor and/or their legal people. Explain you have judgment in your favor-they SHOULD- give you the access you need to the equity.\n\nd) If the house is in your name, then the house is yours and the loan is 'joint' Insurance claims as I understand (I'm not an insurance agent)are paid out to the lien holder's favor (mortgage company) who would then release it to proper party - like the people that reconstructed whatever broke - so do not pay out of pocket - let insurance company pay.\n\nNone of the above is easy, or a great way to do things.  it will take time, and probably longer than you would like. Document EVERYTHING, who you talk to and when, check your credit report regularly (I have a link to free report on my website) and do what you can to move on.\n\nYou may decide it prudent to get a second opinion from an another attorney, it may be expensive, but may be worth it, IF it allows you to get on with your life.\n\nGood Luck!
344045
sorry for your loss.  well, i'm not sure why you can't sell.  that really would be your best option.  even if things get back on track, you are "mortgage-payment poor".  you need to find something more inside your means.  hopefully you don't owe more on the house than its worth.  if you do, maybe bankruptcy is your option.  a chapter 13 allows you to setup trustee payments for the deficiency balance, and resume normal payments once a month.  that way you dont have to worry much about the past due amount.\n\nhave you tried refinancing?  there may be an option there.  if not, maybe you can talk with your mortgage company and setup a forebearance agreement (a payment plan BETTER than the one you have, that would help you get caught up).  do you have equity in your house to do a 2nd mortgage and consolidate any other debts you have?   maybe doing that would save money monthly from your budget.  i don't know, just some suggestions for you.  good luck... it will work out eventually.
649542
Can you track down your sister?  Maybe one of your relatives knows where she is.  I'd probably try to find her first and talk to her about buying her share of the house.  That would probably be the most straightforward and least expensive route.  \n\nPrepare beforehand.  Take the current value of the house.  Divide it in half.  From that half - subtract the mortgage you paid (if she took all the money), half of the taxes you paid and half of the repairs you had done.  Add what you would have paid for rent to live in the house for that time. (Forget the water bills since you used the water.)\n\nThen subtract what you would have paid for rent during that time.\n\nBased on that figure - decide what you're willing to offer to buy her out of the house.  Start on the low side so you have some room to negotiate but be fair.  If you can reach an agreement here it will save a lot of legal fees and hassle.\n\nOtherwise - see a lawyer.  I'm sure a lawyer would be able to advise you on how to use the value of the house to get the repairs done.\n\nI'm not so certain about getting your sister's name removed from the deed.  Your parents wanted her to have half of their home.  While it's your duty to protect your sister's investment by getting the repairs done - it doesn't seem right that you should take her share of the inheritance.
157096
First you have to put your home back on the market and sell it again to someone else.  If the house sells for a lower purchase price than the previous deal then you can demand that the difference be deducted from the deposit provided by the first buyers and any remaining balance be returned to them.  If the house sells for more than the previous deal then you have to instruct that the entire deposit be returned to the first buyers, since you had no damages.\n\nThe foregoing assumes that:  (1) your original contract with the first buyers did not address the issue of a default by the buyers; and (2) that you did not default under the original contract.  If the original contract addressed the possibility of a default by the buyers then the contract will be controlling.  If you defaulted (for example, refusal to make agreed-upon repairs) then this whole mess is going to court and anything can happen.
227187
Unfortunately, he can file bankruptcy, which just makes it harder for you to collect. You did mention for "us" to qualify  for a loan on our new house... I'm assuming this means you both own this house together (BOTH of your names are on the title)? If this is the case, you can go to court, and sue him for your half of the equity in the house (and the original downpayment plus attorney's fees) - this may require him to sell the house (which he can't legally do without your signature if your name is also on the title also). While the money you used to pay off your ex's vehicle and travel trailer might be gone (but not necessarily), at least you might be able to recover your loss suffered in the mortgage loan. Good luck!