Re: What would u suggest? - Posted by Mike-OH
Posted by Mike-OH on September 23, 2005 at 14:26:44:
I think maybe you should have asked these questions BEFORE you did this deal!
Mike
Re: What would u suggest? - Posted by Monte
Posted by Monte on September 23, 2005 at 14:19:36:
Mike:
I just checked and there is No Usury law in Nevada.
*Nevada does not have a usury law. There are limits on interest and fees that can be charged in a pawn transaction; however, NRS 99.050 requires only that the rate and terms of a loan must be specified in writing and agreed to by all parties. There are no Nevada statutory limits on any fees that may be charged in a mortgage transaction so long as all parties have agreed to those fees in writing. Applicable mortgage loans must comply with all federal laws including, but not limited to, The Real Estate Settlement Act and Regulation Z, Truth in Lending. *
Re: What would u suggest? - Posted by Monte
Posted by Monte on September 23, 2005 at 14:00:06:
Mike:
I just checked and there is No Usury law in Nevada.
*Nevada does not have a usury law. There are limits on interest and fees that can be charged in a pawn transaction; however, NRS 99.050 requires only that the rate and terms of a loan must be specified in writing and agreed to by all parties. There are no Nevada statutory limits on any fees that may be charged in a mortgage transaction so long as all parties have agreed to those fees in writing. Applicable mortgage loans must comply with all federal laws including, but not limited to, The Real Estate Settlement Act and Regulation Z, Truth in Lending. *
Re: What would u suggest? - Posted by Monte
Posted by Monte on September 23, 2005 at 13:54:18:
Thank you for the comment I kinda feel already it will be ugly.
So in my case if I hold a Grant Deed it means nothing?
CORRECTION - Posted by Brad (CA)
Posted by Brad (CA) on September 24, 2005 at 22:47:27:
Ben is right, you do not need to foreclose, since you already own the house.
Re: What would u suggest? - Posted by Monte
Posted by Monte on September 24, 2005 at 10:49:25:
Thank you Brad.
She was late on her 2 last payment but paid them.
So if the loan is being paid (but w/delays) can the bank do foreclosure?
Her FICO went down so I do not beleive any lender can refinance ((485 FICO)).
So as long as she pays her mortgage she can be in the house.
Re: What would u suggest? - Posted by Monte
Posted by Monte on September 23, 2005 at 14:31:17:
Well I wish I had a crystal ball to predict the future LOL
I have this situation (never been before) so I asked all Pros for their opinion.
So if you do not have an answer to help no need to answer this post.
Thanks
Re: CORRECTION - Posted by michaela-ATL
Posted by michaela-ATL on September 25, 2005 at 07:00:20:
I would say, that that would make it even more likely, that she would lose a lawsuit, if the mortgagee decided to do that. Telling the court, that she thought seh was signing a ‘security deed’, when she was actually given a deed to sign. That she was compeltely taken advantage off.
Michaela
Re: I CONCUR - Posted by abstract
Posted by abstract on September 24, 2005 at 23:30:34:
I agree, I incorrectly stated your position in my post, as far as the foreclosure part, I concur that you already own the property.
Re: What would u suggest? - Posted by Brad (CA)
Posted by Brad (CA) on September 24, 2005 at 11:40:58:
Monte,
“She was late on her 2 last payment but paid them.
So if the loan is being paid (but w/delays) can the bank do foreclosure?”
I think that answer would depend on the provisions in the actual loan documents she signed, as well as the foreclosure laws in your state. I personally, don’t see why they would or could do foreclosure if the loan is paid, even if it is somewhat late, but I suppose there could be some provisions in the loan and foreclosure laws, which would dictate something else.
In CA, I believe the homeowner has a right to bring the loan current during the notice of default stage, but during the last few days of the notice of sale stage, has to staisfy the entire loan balance, and can no longer reinstate the loan. But, I think there are also ways around that, bankruptcy and other tactics. I don’t remember exactly, but my point is it is specific to your state’s foreclosure laws and the loan provisions. Once again, a real estate attorney would be advisable.
“Her FICO went down so I do not beleive any lender can refinance ((485 FICO)).”
Refinancing:
What is the total loan to value (LTV) on the property? Some lenders will loan on a house based on the equity alone, depending on how much there is. Or, possibly a hard money lender. Easiest thing to do is to sell the house or for her to refinance, if possible, to get your money.
“So as long as she pays her mortgage she can be in the house.”
That is not necessarily correct, since you OWN the house (have the Grant Deed), unless she has a signed lease with you. That is two separate things 1) ownership to the property and 2) the mortgagee (i.e. person who signed for the mortgage/loan
So, if I understand this correctly, she is responsible for the loan BUT YOU OWN the house. The perfect investment scenario.
Good luck