All Forum Posts by: Terry M Jordan

Bummer! I thought that was the case but was hoping there was a way around it. Thanks for your reply I really appreciate it.

Hello and thanks in advance these forums have been a big help. My brother went through a divorce and the ex wife got the house. Shes been ordered to pay the mortgage and refi into her name by 2032. How can he get himself off of the mortgage before then? The reason hes worried about it is the mortgage is 3 months behind and hes trying to repair his credit. It could possibly end up being foreclosed.  This is wording from the order:

Defendant shall sign a general warranty deed conveying his interest to Plaintiff. That Plaintiff shall be solely responsible for the mortgage on the residence and shall hold Defendant harmless and indemnify Defendant for the payment of the mortgage. Plaintiff shall have until December 31, 2032 to refinance the mortgage on the martial residence to have Defendant’s name removed.

Hello all, I was wondering if it’s ok to buy a property on a land contract if the seller still owes on a mortgage? How do you protect yourself in the event the seller defaults on their mortgage? This particular property needs renovation. In the event of a foreclosure would I lose the property and all the money spent on improvements? Thanks y’all are great!

Thanks for the reply. The property is two lots. One house on each and the pool in between straddles the property line. Main house then pool then pool house. Two unit property on two lots but one deed. Second house newly being operated as STR. Need cash out refi to pay taxes and buy another property.

I own a property free and clear and need to do a cash out refi to pay some taxes and put into my STR business. My issue is I got days before closing and the bank backed out. The property has a main house, a pool, and a 2nd house. It is on 2 parcels. All of it is on one deed. We pay taxes on it as one thing etc. It is two plots of land, two addresses for utilities. They said the Fannie Freddie guidelines view it like borrowing on two houses and rejected the loan. Ive since spoken with a few other lenders and theyre telling me the same thing. Does this mean ill never be able to borrow against or sell this property?