Sean P.

If you didn't have title insurance, then there's currently a cloud on the deed. I dealt with those problems, back in the 80's when I bought many properties from failed banks at auctions. If it's a rental property, then it'll just sit there unresolved while you collect rent. They can't force a sale to recoup their lien. You can contact an attorney but unless it's a substantial amount, their clocks are continually running and I'm not a fan of attorneys. I was generally able to cut deals with any lien holders for so many cents on the dollar and I got the liens removed. Sometimes after years go by, the person who had the lien or a judgement can no longer be found. There are methods to get them removed too. Good luck. - Wed Oct 15 2008, 21:28

Juan: Kudos on your honesty! - Fri Oct 3 2008, 15:19

Is it humanly possible on this web site to answer anyone's questions with an answer, without soliciting a new customer. Since I'm not looking for your business, most appraisers use an analysis based on current and past sales, the county tax rolls, and what is the approximate replacement cost. In this incredibly bad real estate market, generally all properties are down in the bottom 20% price of where they will go to unless this current crisis becomes a depression. We are not at the bottom yet, but Houston area prices are quite low. I left there as my permanent residence in 1991 and moved to domicile in Adventura, FL. My old house in Brook Forest in Clear Lake, happens to be up for sale now. As strange as it seems, it's at the same price I sold it at almost 20 years ago. Just do your homework, and try to avoid signing anything until you find what you want. In Texas, as almost everywhere else, there's a statute of frauds. Which means all enforceable contracts in real estate must by law be in writing. Good luck! - Fri Oct 3 2008, 09:17

What are the exact details of this property. Without giving up your great deal. I know sources of financing with 20% down, but you're probably looking at 6.6% interest. I know a friend that just got a similar deal for about that, but it was on Miami Beach with a lot of projects in the works. It has about a 40% occupancy rate. - Mon Sep 22 2008, 11:49

An 80/10/10 mortgage or a 'piggy back loan' saves borrowers from taking out PMI or private mortgage insurance. Any way within reason to avoid PMI, jump on the opportunity. Lenders are deceptive about who they let out of their PMI payments. Most banks will insist that a borrowers take out PMI, if they do not have a deposit equal to 20% of the home's appraised value. Supposedly once your repayments have contributed 20% of the homes value, they say you will no longer need to continue paying for the insurance (BS). Here's the rub, if your equity exceeds the 20% of the home's appraised value they may still make you jump thru hoops. I've seen people with 30-50% equity sent a letter from their lenders after they ask for their PMI to be dropped, with a list of requirements other then the 80-20 original rational. At closing you'll never be told the dirty little banks secret, because the mortgage broker is just trying to close the deal. If you've ever been late on your payments, they have the right to deny dropping the PMI payment. If you had other credit problems in the interim that they're aware of like a bankruptcy, they might not let you drop the PMI. If your household income has changed, they'll deny you too. They'll ask for your proof of income again, and you'll have to pay for an appraisal. My answer is anyway you can avoid the extra $1000 a year, grab the opportunity. If you're 45 or older and plan to stay in the house longer then the national average of 6-8 years, then take a 15 year mortgage. It's nice to turn 62 (S/S age) and own your house free and clear. - Sun Aug 24 2008, 21:29

The new legislation just passed probably will not help you. A lot depend on your past history with the lender and if they are just servicing the mortgage for an investor or actually hold the paper. They will usually roll what's owed into a larger payment spread over 6 months, but someone going thru bankruptcy doesn't need higher payments. Most homeowners let pride get in the way of sound judgement. If there's a family involved, that makes the situation even harder emotionally. First and foremost, I'd like to express my humble sympathies for what you're going thru. It's no different from a death in the family, or a serious illness. Try and stay as mentally positive as you can. Everyone knows someone who persevered in life despite terrible tragedies. That was always my grandmother. Though I don't have her around anymore, when I'm at my lowest point I try and remember her love and beautiful spirit and just get thru my moment of despair. Someone else wrote about leasing, which is running well below (PITI) mortgage payments. Try your best to get your lender to work with you. The market is so bad they're acting somewhat human. The problem with most programs is, you need good credit. Your lender is still your best bet. Try and remain strong. There are millions of people going thru what you are. Good luck! - Fri Aug 22 2008, 14:00