I Want To Purchase Quit Claim Property
I have QC property , title in my name only. Someone else has the morgage. I want to purchase this property so I checked with mortgage co. They said I can purchase the property. Should I use their lawyer to do the title search or get my own? I was going to try an finance with the mortgage co. that holds the mortgage, but someone told me they might call loan due if they found out.., is that true?
[addsig]
If you have QC title that means you already have a deed so aren't you the owner now?
I know I am the owner of the property, but I want to refinance the mortgage to get some of the equity out and to get the mortgage in my name. Would I use the mortgage company lawyer? They said I could use there title search lawyer, if need be. Or should I pay for a title search myself before I apply for refinancing?
Quote:
On 2004-10-13 00:25, saroz wrote:
I have QC property , title in my name only. Someone else has the morgage. I want to purchase this property so I checked with mortgage co. They said I can purchase the property. Should I use their lawyer to do the title search or get my own? I was going to try an finance with the mortgage co. that holds the mortgage, but someone told me they might call loan due if they found out.., is that true?
[addsig]
Why don't you ask the refi lender wht it wants?
Probably OK with them if you order the title update, or if they do.
Either way you'll be paying for it, and either way the lender will get its lender's title policy.
I got the QC about 4 mos. ago. The mort holder lives in the house. and pays ins, taxes, and mort, now . This is included in his mnthly mort pymnt. I am in the process of getting a title search and getting this house refinance in my name. I know when he finds out I am refinance this house he is going to be very upset. He is paying the mort, but I am out of $20,000.00 that he refuse to payback for keeping the house from foreclosure auction. How can I go about getting the house appraise wi/o a big fight? Shoud I get a lawyer to send a letter or do it myself? Plus, can he get the house back because he is paying the ins and taxes? I concider this as he is paying rent. He has not even tried to get intouch with me about this matter. :-(
[addsig]
I"d suggest you sit down with your lawyer on this deal because it sounds like you've got some agreement in place that gives the occupant some rights.
You need to know exactly what his & your rights are before you take any action.
Ya know? I think situations just like this are the reason that conventional wisdom says don't let the original owners stay in the house after you rescue them from foreclosure... Don't got an answer for you, other than what has already been suggested. But, in the future, I'd be very hesitant, if I were you, to let current owners stay in houses after rescuing them. Funny how soon they forget, huh?
I would definetly talk to your RE attorney, it sounds like theres more going on with this transaction than your saying.- Also it will be hard for you to refinance-only being on title for 4 mos.--although it may be able to be done most lenders require you to be on title or to have had an interest in the property for at least 12 mos.-- And I am sure your aware of this but once you do refi you will be paying off the current mortgage and will then be soley responsible for the payments etc.-- maybe if the "tenant??" pays you rent than thats what you want-- ??
As far as who does the title search- thats the least of your problems - just let the mortgage company your going through order it- I'm sure they will give you a copy and it's just easier that way.
Good Luck
I have spoken with a lawyer and a lender. I am refinancing the house and getting some of the equity out of the house. I went to the closing yesterday, now I have 3 working days to decide if I want to change my mind. My lawyer said he doesn't have anything to say about the house because I am the only one on the title. Oh, the title is clear and they will be cutting his mortgage company a check for payoff.
I just want to THANK all of you for bearing with me and giving me some very good information. I know finding this website was a miracle you just don't know.