-
The release of a deposit from escrow can be a little dicey but let’s talk about it. Your question specifically asks whether it is legal for the seller to refuse to release your earnest money deposit. Technically, when money is held in escrow the HOLDER of the escrow (Broker of the Listing firm, an attorney who is managing the escrow account or
-
Well, let’s see. You were promised a cash rebate and a bonus which appear to be outside the scope of the “official” or legal transaction since you did not receive the money as part of the closing on the home you purchased. I am very carefully saying here that the promises made to you do not appear to be legal. Kickbacks seldom are
-
Foreclosure sales are all too common these days. First, there is no real need for you to attend the sale. If you have been able to pull together enough money to redeem your home (and keep it), then you would have needed to make arrangements PRIOR to the sale date. The exact amount of time will depend on the foreclosure laws in your state and specific
-
The process is actually very simple to complete though you really need to consult an attorney about the implications of such a move since once it’s done, it’s done. To transfer title to someone else, to ”gift” your real estate property to them, can usually be facilitated by completing a “ quit claim deed ” which identifies
-
CONS : This part is very easy: I honestly can’t think of any. PROS : There are some very strong pros for a modification. Let’s start with what exactly is a modification ? A modification is a permanent change in the terms of a mortgage, which is usually facilitated by the loss mitigation department of a lender or servicer when a borrower
-
STAY PUT. It is not in your best interest to vacate as soon as you receive the default notice . No matter what state you are in there has to be “ due process ” based on the default before you will need to vacate. How long you have will depend on a number of variables including whether you have a deed-of-trust, which allows for a trustee
-
If you have not filed for bankruptcy you still have the right to put the home on the market for sale. In fact, that is an excellent idea if you are facing foreclosure and feel that you will not be able to resume making the payments. A pre-foreclosure sale means that you are facing foreclosure but it does not necessarily mean that you owe more to the
-
In today’s market you should certainly consider not only whether or not you can afford the home (down payment—10% or so, insurance, maintenance, etc) but it is critical that you are comfortable with the stability of the market in the area where you are considering purchasing. Are property values still sliding, or have they stabilized? Do
-
A lender does not have the right to garnish your paycheck/attach a 401K until AFTER they have gone into court and gotten a “ deficiency judgment ” which indicates they are entitled to additional funds since the sale of the property did not cover the entire amount you owed them. Once they have taken this legal step they will be able to use
-
First, your lender would have to approve such a sale (normally called a short sale). It is important that the terms of that agreement stipulate that they will not come after you for the difference (called a deficiency). Whether or not they will waive their right to legally pursue you for the deficiency will depend on several things, including what kind