Divorce Decree Required Ex To Pay Mortgage On The Condo . . .

A caller was divorced in Florida and the divorce decree required her ex to make the payments on a condo in Florida. Now he’s defaulted and she’s concerned because her name was on the mortgage. Brian explains that a good divorce attorney needs to review the divorce decree to make sure the husband can’t discharge this debt in bankruptcy AND she needs to go to court in Florida to get the decree enforced before more harm occurs.

For Legal Advice contact: The Dailey Law Firm, P.C.

Judgment Against a Deceased Relative

A caller is one of three people who hold a piece of property jointly with full rights to the survivors. A creditor obtained a judgment against one of the other owners — who is now deceased — and placed a lien against the property. Brian explains that the surviving owners can file the death certificate with the register of deeds and get a new deed issued in the names of the survivors and the lien will then become ineffective.

For Legal Advice contact: The Dailey Law Firm, P.C.

The Bank Tells Me Different Things Each Time

A caller has been getting different answers from a bank regarding the refinancing of his home and now he is worried. Brian explains that it is better to be proactive — start keeping records, ask for specific answers (names and dates etc) and meet with an attorney right away. Since the initial consultation is FREE, why not?

For Legal Advice contact: The Dailey Law Firm, P.C.

How “Short Sales” Work

Justin explains that a short sale is when a seller cannot find a buyer for what the property is worth, but CAN find a buyer who will pay something. If the lender agrees to take the lesser amount, you will be able to get out from under the upside-down mortgage. This could go on your credit report but it is hard to quantify its effect. It is always advisable to have a skilled attorney help you with these.

For Legal Advice contact: The Dailey Law Firm, P.C.

More Short Sale Issues

A caller was prepared to re-finance when one of the lenders suddenly asked for more money. Brian explains that this may or may not be right — was the offer made by the borrower accepted by the lender? If so, it may be too late for them to simply “change their mind.” Brian explains to the caller that it is time to let an attorney review all the documents to set the proper course for the action.

For Legal Advice contact: The Dailey Law Firm, P.C.

Short Sale Frustrations

A caller has been trying to get out of her upside-down mortgage for some time but the banks have been less than helpful. Brian explains that a knowledgeable attorney who is creative can often negotiate a deal where a bank agrees to waive $50,000 or more in a short sale. The key is to find the right attorney, one who has done this before in this market.

For Legal Advice contact: The Dailey Law Firm, P.C.

Problem with a Balloon Payment

A caller bought a house through a realtor, who also lent him the money to buy the house. After verbal loan modifications, the loan “ballooned.” Brian explains that this situation is highly unusual, but the borrower can still approach the lender and try to work something out, even if the lender is not a traditional mortgage company.

For Legal Advice contact: The Dailey Law Firm, P.C.

Still in the House After Bankruptcy

A caller went through a chapter 7 bankruptcy and is still living in the house. Now the bank has notified him of their intent to foreclose. Brian explains how the bank — as a secured creditor — kept their interest in the home despite the bankruptcy. Still, there are ways a consumer can retain their home if they want to, especially with an attorney who has handled cases like this.

For Legal Advice contact: The Dailey Law Firm, P.C.

Do I Need A Lawyer To Negotiate With The Bank About My Mortgage?

Brian explains how a knowledgeable lawyer can help a home owner negotiate a better deal with a bank, perhaps getting the home owner a deal they never thought was possible.

For Legal Advice contact: The Dailey Law Firm, P.C.