Kinseylis, Home Buyer in Arlington Heights, F...

should i sign over the deed to previous owner so he can avoid legal fees? how long do we have to vacate house if do sign over deed? Don't no

Asked by Kinseylis, Arlington Heights, Fort Worth, TX Fri Sep 24, 2010

Tex. law We are still looking for a place. Since the bank loan was not in our name the credit companies do no report the over $40,000 we have paid over the last 2 years, or the homeowners insurance, or taxes we have paid up for 2011, so no credit for payments shows on our credit to show to rental companies. do we get back the tax money we have paid for 2011? We think we got taken with nothing to show for it, we thought we were homeowners but seems like we were only renters who paid a $10,000 deposit, paid homeowners insurance and property taxes. The owner/financer want to save himself legal fees by having us sign a deed back over to him, should we? We just need time to find a new place to rent because we won't have another chance to be homeowners.

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4
I am wondering why you did not add yourself to the loan on the property if you were the one's who were making the payment!? For most lenders, if you can show 12 month of cancelled checks and utilities that were in your name, it's enough to establish credit for you to be added to the loan.

But I agree with the recommendation that Thom has about talking to an attorney to find out what your exact options are. As far as the lender is concerned you are a tenant, but tenants have rights too. In California, if a rental property is being foreclosed, tenants have up to 90 days to vacate and most of them can negotiate a cash-for-keys deal where the lender will pay them several thousand dollars to move out without damaging the property.

Good luck.
0 votes Thank Flag Link Wed Sep 29, 2010
Kinseylis -

The only thing you should be doing is consulting with an attorney.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
0 votes Thank Flag Link Sun Sep 26, 2010
You really need to talk to someone in your area! Find a real estate attorney and get advise to see how you can at least improve your situation and maybe get reimbursed for the taxes at a minium. From what you have writen I think an attorney should be able to help you with a lot of issues.'

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http:///milwaukeebailout.com
0 votes Thank Flag Link Sun Sep 26, 2010
Consider consulting with an attorney who specializes in real estate before signing any legal paperwork--most professionals do offer a free consultation--or if you cannot afford one, contact your local Legal Aid Society for a pro bono attorney--free.
0 votes Thank Flag Link Sat Sep 25, 2010
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