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11-03-2008, 03:40 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 9
| | | Wierd (custom) mortgage
What is the name of your state (only U.S. law)? NY
Just a query?
Is it possible to have a mortgage drawn up in favour of the mortgagee obtaining full freehold to the property?
Example: I own a property outright. I want to create/take out a mortgage on my property in my daughters name for X amount, without her having to make any repayments, so that at any time she can foreclose/reposess my property and realise the full current market value for it?
Just a query...
Thanks |
11-03-2008, 03:43 PM
| | Senior Member | | Join Date: Jan 2005
Posts: 14,139
| | | Exactly what are you trying to avoid? (Your scheme sounds like fraud)
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11-03-2008, 03:51 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 9
| | | It's a situation we may have inherited.
I have to cough up $400 to get a copy of the mortgage to see excactly what it says..
Just wondering if it is possible to do this before coughing upthe money! |
11-04-2008, 12:36 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by strawdogz  What is the name of your state (only U.S. law)? NY
Just a query?
Is it possible to have a mortgage drawn up in favour of the mortgagee obtaining full freehold to the property?
Example: I own a property outright. I want to create/take out a mortgage on my property in my daughters name for X amount, without her having to make any repayments, so that at any time she can foreclose/reposess my property and realise the full current market value for it?
Just a query...
Thanks | **A: crazy and confusing. What exactly are you trying to do and why? |
11-06-2008, 08:45 AM
| | Junior Member | | Join Date: Nov 2008
Posts: 9
| | | I'm sorry I have had to delete this post.
Last edited by strawdogz; 11-07-2008 at 08:42 AM.
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11-06-2008, 08:49 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,161
| | | Go to the courthouse and get a copy of the mortgage.
It won't cost you $400.
Tell us what it says.
Your posts are incomprehensible; no one knows what you are talking about.
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11-06-2008, 10:54 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by strawdogz It's not ME
It's a relative that left a mortgage to me....
They made a mortgage up 20 years ago in my name on thier property and have paid nothing on it.
They were very wealthy and moved land and mortgages into and out of family members names without them knowing...
NO...I do'nt know how they did it?
But when she died this mortgage was in my name, and some who have seen this mortgage document are trying to buy the mortgage from me...
The property is not residential and IS very spendy....
I have a lawyer that will be getting the mortgage soon...(Had to cough up the $400)
Will go from what the lawyer says...may be totaly illegal?
I do not know? | **A: well maybe your lawyer knows. | |
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