CATEGORY: For Sale by Owner Home Sale Questions

Answers to Frequently Asked FSBO Real Estate Questions

If a Home is Owned Jointly and One Person Takes Out a Mortgage That Goes Unpaid, Can the Lender Foreclose on the Entire House?

If payments are missed on a loan that is secured by a mortgage, the lender secured for the mortgage can file a foreclosure action. But the language of the title and the mortgage documents are critical to how the lender may proceed. Continue reading If a Home is Owned Jointly and One Person Takes Out a Mortgage That Goes Unpaid, Can the Lender Foreclose on the Entire House?

Does a Property Buyer Have to Honor an Existing Lease in a Short Sale?

A potential buyer or a new owner of a property — be it short sale or standard purchase — must honor an existing lease agreement unless that lease agreement specifically contains a provision for the termination of the lease in the case of sale. Continue reading Does a Property Buyer Have to Honor an Existing Lease in a Short Sale?

Can a Wife Purchase a Husband’s Solely-Owned Home in Her Name Alone to Save it from His Bankruptcy Filing?

A wife could purchase a husband’s solely-owned using only her funds (i.e. not using any joint funds or co-mingled marital funds).

If she became the sole owner of the home, then that home would not be included as an asset in a husband’s bankruptcy case.

But it is unlikely the transaction would be ‘clear sailing.’ Continue reading Can a Wife Purchase a Husband’s Solely-Owned Home in Her Name Alone to Save it from His Bankruptcy Filing?

How Do My Girlfriend and I Take Equal Ownership in Buying a House While Listing Only One of Our Names on the Mortgage?

A lending institution is more likely to loan money when it feels that there is adequate security for its loan.  While a lender may make a loan to one person who is to be the co-owner of a home (disregarding the other), most conventional loans require that both owners sign the note and grant the mortgage to secure the loan. (The theory is that payment from two sources is better than payment from one from the perspective of the lender.) Continue reading How Do My Girlfriend and I Take Equal Ownership in Buying a House While Listing Only One of Our Names on the Mortgage?