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  #16  
Old 05-21-2009, 01:58 AM
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Just to be sure, if my mom gets the loan modification my mom will be solely responsible for the new payment but my auntie will still be owner? It doesn't matter that the behavior of my auntie put my mom in that position to have to get the loan modification.


Thank you Ohiogal
Last edited by Mark5739; 05-21-2009 at 02:27 AM.
  #17  
Old 05-21-2009, 02:18 AM
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There is something in the mortgage agreement called an Assignment of Rents. It's found in a category called NON-UNIFORM COVENANTS. It states Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the property......

I don't know if that means the bank has a right to the money her son/tenant claims he gave my auntie as rent? Or is sounds like that might be the cause only if the request it or something.
  #18  
Old 05-21-2009, 05:23 AM
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Quote:
Originally Posted by Mark5739 View Post
Just to be sure, if my mom gets the loan modification my mom will be solely responsible for the new payment but my auntie will still be owner? It doesn't matter that the behavior of my auntie put my mom in that position to have to get the loan modification.


Thank you Ohiogal
Yes. If your mom gets the loan modification she will be solely responsible for the new payment LEGALLY but your aunt will still be an owner on title. And your mom can't sell the house if auntie is on title without auntie's permission.
__________________
Parents should remember three things: Love your kids more than you hate your ex (or soon to be ex) & when you have children the relationship with the other parent is until death parts you & how you treat your children determines what type of nursing home you end up in.


Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship. The devil is in the details after all.

Licensed to practice law in Ohio and a Guardian Ad Litem for children
  #19  
Old 05-21-2009, 05:24 AM
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Quote:
Originally Posted by Mark5739 View Post
There is something in the mortgage agreement called an Assignment of Rents. It's found in a category called NON-UNIFORM COVENANTS. It states Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the property......

I don't know if that means the bank has a right to the money her son/tenant claims he gave my auntie as rent? Or is sounds like that might be the cause only if the request it or something.
Your mom needs to take the entire mortage paperwork to an attorney.
__________________
Parents should remember three things: Love your kids more than you hate your ex (or soon to be ex) & when you have children the relationship with the other parent is until death parts you & how you treat your children determines what type of nursing home you end up in.


Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship. The devil is in the details after all.

Licensed to practice law in Ohio and a Guardian Ad Litem for children
  #20  
Old 05-21-2009, 10:46 AM
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How low can loan modification payment become?

Quote:
Originally Posted by Ohiogal View Post
Yes. If your mom gets the loan modification she will be solely responsible for the new payment LEGALLY but your aunt will still be an owner on title. And your mom can't sell the house if auntie is on title without auntie's permission.
Thanks,
You know if banks are willing to modify loans where the owner can pay back 70% of the payment they were paying before? They usually never give offers that low? or Sometimes they are even willing to give payment options that are even lower? Anybody?
  #21  
Old 05-21-2009, 12:24 PM
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When you get a loan modification is the co-borrower just as legally responsible for the mortgage as the borrower who is on the mortgage?
  #22  
Old 05-21-2009, 01:47 PM
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Who pays the mortgage doesn't seem to matter. My mom, dad and auntie bought the house right. So could that mean my mom and dad could be 66.7% owners and my aunt could be a 33.3% owner? If so, my dad is now out of the picture due to divorce, so could that make my mom a 66.7% owner?
  #23  
Old 05-21-2009, 04:42 PM
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Quote:
Originally Posted by Mark5739 View Post
Who pays the mortgage doesn't seem to matter. My mom, dad and auntie bought the house right. So could that mean my mom and dad could be 66.7% owners and my aunt could be a 33.3% owner? If so, my dad is now out of the picture due to divorce, so could that make my mom a 66.7% owner?
Nope. Were they joint tenants with rights of survivorship in the entirety? Tenants in common with percentages listed? HOW is the deed worded? Exactly. Get it and quote it. And if your dad is still on the deed, he is still an owner.
__________________
Parents should remember three things: Love your kids more than you hate your ex (or soon to be ex) & when you have children the relationship with the other parent is until death parts you & how you treat your children determines what type of nursing home you end up in.


Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship. The devil is in the details after all.

Licensed to practice law in Ohio and a Guardian Ad Litem for children
  #24  
Old 05-21-2009, 06:23 PM
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Yes my dad is on the deed but my mom has a quit claim deed or something from her divorce lawyer where she can take him off. She just hasn't done it yet. I thought she did it 3 or 4 years ago but I was surprised to learn she is really taking her time doing it.

I'm not sure what the deed says I'll have to look in to it.

Thanks
  #25  
Old 05-21-2009, 09:05 PM
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Quote:
Originally Posted by Mark5739 View Post
Yes my dad is on the deed but my mom has a quit claim deed or something from her divorce lawyer where she can take him off. She just hasn't done it yet. I thought she did it 3 or 4 years ago but I was surprised to learn she is really taking her time doing it.

I'm not sure what the deed says I'll have to look in to it.

Thanks
Unless your mom has refinanced so dad is NO LONGER on the mortgage dad should NEVER have given her a quit claim deed. that was stupid on dad's part. And if mom does file the quit claim deed it is possible for the bank to call the mortgage to be due in full immediately. Not a good idea.
__________________
Parents should remember three things: Love your kids more than you hate your ex (or soon to be ex) & when you have children the relationship with the other parent is until death parts you & how you treat your children determines what type of nursing home you end up in.


Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship. The devil is in the details after all.

Licensed to practice law in Ohio and a Guardian Ad Litem for children
  #26  
Old 05-21-2009, 11:31 PM
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Well I'm glad she did not file it.

I don't know what's going on with my dad. First dad then auntie, I don't know what's gotten into people this decade. It could be the try to accomplish something in life and your family will lose their mind jinx. Luckily I've found out my school has a student legal services office so I'm going to be needing them alot and all the aspirin in the world the way these people act.

Thanks
  #27  
Old 05-22-2009, 07:20 AM
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Quote:
Originally Posted by Mark5739 View Post
Well I'm glad she did not file it.

I don't know what's going on with my dad. First dad then auntie, I don't know what's gotten into people this decade. It could be the try to accomplish something in life and your family will lose their mind jinx. Luckily I've found out my school has a student legal services office so I'm going to be needing them alot and all the aspirin in the world the way these people act.

Thanks
Your mother needs someone to review the entire mortgage paperwork. And you can't blame this on your dad and your auntie. YOUR MOM is also to blame as she made decisions here and is not innocent. She made choices. And there are consequences to choices.
__________________
Parents should remember three things: Love your kids more than you hate your ex (or soon to be ex) & when you have children the relationship with the other parent is until death parts you & how you treat your children determines what type of nursing home you end up in.


Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship. The devil is in the details after all.

Licensed to practice law in Ohio and a Guardian Ad Litem for children
  #28  
Old 05-22-2009, 01:34 PM
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Thanks we'll do that.
  #29  
Old 05-22-2009, 01:46 PM
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Hello I heard it used to be possible to declare an emergency bankruptcy and that would prevent and take you out of foreclosure. Is something like that still possible? I heard bankrupcy laws were about to change.
  #30  
Old 05-22-2009, 09:41 PM
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Mark Take a deep breath and SLOW DOWN , the first and foremost thing your mom should consider is getting aunt off the title , that means BUYING aunt out / or having a court order a partition of the property (sale ) NOW the one thing thats to your moms advantage is that if she runs two columns with totals of aunts share vs what she has paid out its likely your moms share is going to exceed aunts , this is what will be to her advantage in a partition suit. Any time your mom had to pay a bill that was related to the property will cause the her totals to grow more , property taxes , ins ( if there is only one water meter one half of the water and sewer) if the structure needed repair like a new roof 50% of it. SO tell your mom to sit down and start figuring it all out and then to speak to a real estate atty who has experiance with partition suits to learn how it works in your state. UNTIL your mom comes up with totals and speaks to a atty its pointless to speculate farther. BTW partition suits are not a Do it your self deal , A atty is the only way to go on this so no mistakes are made.
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