The crash of the housing market has left a number of Land Contract holders facing balloon payments on amounts that are equal to or greater than the current market value of the property. Mortgage companies will not lend money to borrowers for such an over-valued purchase, even if the buyer has made several years of payments against the Land Contract.
So what options are available to the buyer and seller who find themselves in such a situation in a Land Contract?
A currently-married woman cannot transfer property to her maiden name (which is no longer being used) simply to avoid losing the property to a judgment in a current or potentially upcoming litigation.
Most often, the terms used in a written contract are binding on the parties.
And most times, the terms of that written contract will control the obligations of the parties, regardless of what one party or the other ‘meant.’
A spouse’s income must be reported in a married person’s individual Bankruptcy filing, on the Means Test. But listing income or asset information from the spouse does not give a Trustee free reign to sell off assets.
Generally, the phrase ‘deed in lieu of foreclosure’ explains the process more so than any actual deed itself.
Typically, the creation of a new Last Will and Testament causes any prior existing Will(s) to be rendered null and void.
But if the new Will was not provided to the Probate Court to settle the estate immediately after the passing of the maker, there are options.
Each county in every USA state typically has its own Probate Court, and typically that court has an application to initiate a Probate Court proceeding. But each court can call this application or form something slightly different. Simply call the Probate Court in your local county and ask the Clerk for the form to initiate … Read more
Ask Standard Legal cannot act as a court nor provide a legal interpretation of any document, especially without a thorough review. However, if a Promissory Note was signed by the Maker and some consideration was provided for the note (e.g. there was a loan or other indebtedness), then the Note may be enforceable as written.
While forming a Limited Liability Company (LLC) is not a guarantee that the members will not be named in a lawsuit in their personal capacity, the LLC is a legal entity that provides liability protection to the members (assuming the LLC is properly formed and properly run).
Standard Legal’s Survivorship Deed (using either the Quitclaim or Warranty versions) must be modified slightly to reflect the change from Joint Tenants to Tenants by Entirety.