Finance Questions

Posts Tagged ‘mortgage’

Question: Is filing bankruptcy during a divorce without the other spouse's knowledge legal when property is involved?

My ex filed bankruptcy in Sep 2005, our divorce was finalized in June 2006. During this she filed without my knowledge and my attourney was not aware neither was I. Greentree Finance Company is the lien holder. I signed the security agreement but not on the loan, she included the house in her bankruptcy. She quick claimed the property over to me so it is in my name. I need advise please help, this in the state of Florida, they are tring to take my house and property. It is a moble home. We went to court on the 6th of April for forclosure, judge gave 120 days for litigation due to the property in my name. Is this legal what my ex wife did???

Answer: You mean she "Quit-Claimed" on the Deed.

In that respect, she has no authority of the Real Property and shouldn't show up on her bankruptcy.

Hmm, there's a lot of jumbled information, here.

1) You signed the security - not the mortgage.
2) She Quit-Claimed it to you. Are you one the Deed/Title?
3) It's a mobile home. Let it go.

If her name is the only one on the Mortgage (home loan) than it won't affect your credit - even if you're named on the Deed.

This would be like her taking a loan out on a car she couldn't afford, putting your name on the title (not the loan) and handing the keys over to you.
They still take the car but, doesn't affect you.

IF (and that's a big IF), you want to keep the mobile home, you can "buy" it from the ex buy refinancing into your own name - but, chances are slim since mobile homes go down in value unlike a stick built house.

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Question: How to finance hunting land?

How do you finance hunting land? What are the major companies who do this, like Citi Mortgage for homes, also what are the interest rates for say a 15 year loan.

Answer: Land does not need to have improvements to take a mortgage on, but you aren't going to find a typical home mortgage to finance the property because you aren't going to live on it. Instead, it is considered an investment property and will require a higher interest rate with at least 20% down (sometimes more). Your local bank offers these kinds of loans. If you have good credit you will be likely be looking at 1 % more than the typical home mortgage rate you see published.

Loan Modification - Bank of America, Citi, JP Morgan Chase, and Wells Fargo Gamed the System