Ethanpao
Nov 8, 2007, 11:11 PM
Here is the story.
In 98" my brother purchase a home under contract for deed from my cousin. The contract was $15,000 down and $600 hundred a month for 13 years. 2 years later my cousin files for bankruptcy and my brother had to get a loan for the full amount remaining on the contract so her bank won't take the house.
My question is, did my brother had to get a loan for the full amount remaining on the contract for deed or for what she owes the bank only since she breeched the contract?
Well, what he did was get a loan (or re-finance) for the full amount remaining on the contract for deed and pay what she's owes on her mortgage and the rest of the money he gave it to her.
In 2003 my brother consulted me and he wanted to refinance the home but his credit was not that great and ask me to buy the home from home instead. I decided to purchase the home from my brother. The loan went through and the house is mines. The house is a Duplex, we had an agreement, I would live downstairs and he would live upstairs and he will help me with half the mortgage, so I added him on to the title not the Loan. If I decide to move out and rent the bottom half, since my brother is on the title, can he claim the property as homestead so I could avoid paying non-homestead taxes?
Does being on the Title mean having any ownership?
How do I give him half ownership and what kind of form should acquire?
Also when I check the city records my house shows up that I am not the Primary owner, my cousin is, and that there is still a contract for deed that is not yet satisfy out on my house (the contract from my cousin to my brother). Am I responsible for this or is the Title company that did my closing responsible to fix this?
Can I sell this house with out any issues?
How do I go about fixing the owner status on my home or do I need a Lawyer?
In 98" my brother purchase a home under contract for deed from my cousin. The contract was $15,000 down and $600 hundred a month for 13 years. 2 years later my cousin files for bankruptcy and my brother had to get a loan for the full amount remaining on the contract so her bank won't take the house.
My question is, did my brother had to get a loan for the full amount remaining on the contract for deed or for what she owes the bank only since she breeched the contract?
Well, what he did was get a loan (or re-finance) for the full amount remaining on the contract for deed and pay what she's owes on her mortgage and the rest of the money he gave it to her.
In 2003 my brother consulted me and he wanted to refinance the home but his credit was not that great and ask me to buy the home from home instead. I decided to purchase the home from my brother. The loan went through and the house is mines. The house is a Duplex, we had an agreement, I would live downstairs and he would live upstairs and he will help me with half the mortgage, so I added him on to the title not the Loan. If I decide to move out and rent the bottom half, since my brother is on the title, can he claim the property as homestead so I could avoid paying non-homestead taxes?
Does being on the Title mean having any ownership?
How do I give him half ownership and what kind of form should acquire?
Also when I check the city records my house shows up that I am not the Primary owner, my cousin is, and that there is still a contract for deed that is not yet satisfy out on my house (the contract from my cousin to my brother). Am I responsible for this or is the Title company that did my closing responsible to fix this?
Can I sell this house with out any issues?
How do I go about fixing the owner status on my home or do I need a Lawyer?