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.
While some states have buyer remorse laws, but there are no ‘seller’s remorse’ statutes.
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.
This is a complicated legal question, and one that is est answered by an examination of a state’s specific laws.
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.’
While most of the For Sale by Owner (FSBO) Home Sale legal forms are geared towards developed property (e.g. property with a house or building), the documents can certainly be used to sell vacant land.
A co-owner to a real property can transfer his or her interest in that property to a third party using a Quitclaim Deed. But be advised that such a step does not remove the original owner from all responsibility.
Generally, the phrase ‘deed in lieu of foreclosure’ explains the process more so than any actual deed itself.
While this matter can vary by state, generally ownership in a mobile home is evidenced by a title (much like a vehicle).
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.)