Desperate Arizona home owners susceptible to mortgage scams.
With many sub-prime mortgages with adjustable rates resetting at significantly higher interest rates many hard working Arizonians are finding it increasingly difficult to make their monthly mortgage payment. As the mortgage payment due date grows closer many Arizona home owners become desperate to save their homes and in their panic they reach out to any source that seems to offer a way out.
Homeowners listen to news reports which state that there are government programs designed to help people like them but when they contact their lender they get the run around. When it appears that the government isn't helping and the lender doesn't care there is despair and into that void arrives an advertisement for the “loan modification specialist.” These advertisers piggy back off of the very really potential that lenders might be willing to modify their loan by lowering their interest rates, place missed payments onto the back end of the loan, or even lower the principle balance due.
Arizona homeowners must be aware that even though legitimate programs exist which help lenders modify their loans, the unscrupulous loan modification specialist usually ask for money upfront then do little or no work on the case. Many loan modification specialists tell the homeowner to stop making their mortgage payments and then homeowner usually falls further behind because the money that should have been going towards mortgage payments was instead paid to the specialist. It is only when it is too late that the homeowner finds out that a foreclosure was started instead of a loan modification.
For more information contact the Law Office of Raymond A. Kenney at 623-234-3536 or visit the website http://www.rkenneylaw.com
Welcome to R. Kenney on Real Property
This blog is intended to educate and inform the reader about real property topics. The goal of the blog will be to provide basic real property information to the reader/subscriber on a monthly basis. The contents of this real property blog are expected to be updated the last week of every month. During the course of the blog's initial roll out I intend to provide real property basics in an easy to comprehend format. As the blog entries progress, readership builds and the real property basics have been covered I expect the blog will evolve into what I intend for it to be - a question and answer format blog driven by the needs of you the readers. It is hoped that the blog's readership will have commented on the blog posts and/or emailed sufficient questions to ray@rkenneylaw.com that the following month's blog may consist of material that is of the greatest importance to you, the loyal reader, which would be answers to your specific issues, questions and concerns. You should bear in mind, that although the information contained in this blog is intended to provide general information to all readers throughout the web, that the author is an
The following question was submitted on a popular legal website with my answer below.
Question: My mom quit claimed the deed to my primary residence over 4 yrs ago to me for repayment on some work I performed for her. Now apparently she never paid off the mortgage and my home is in foreclosure. Although the quit claim is recorded, I have never received notice of the foreclosure. I've never been part of the mortgage. She was just supposed to finish paying it off with the additional funds I had given her. She didn't. Can the bank foreclose on my home since my mom released her interest in the home to me. Doesn't the quit claim deed just make her loan an unsecured loan?
Answer: No, the quit claim deed does not make her loan an unsecured loan. The quit claim deed transferred to you whatever interest, if any, your mom had in the property. Under the scenario you laid out, your mother's interest in the property was subject to a mortgage. Mom cannot pass on to you more than she owned. Although you cannot be held personally liable for the repayment of the mortgage note, if you were never on the note, the mere act of Mom quit claiming the property to you does not mean the bank has lost its security interest in the property. You might want to look further into the lack of notice issue you raised regarding the foreclosure, but keep in mind that based on what you have written here, the property is still subject to a mortgage which will need to be paid even if the foreclosure has not been properly noticed.
Welcome to R. Kenney on Bankruptcy
This blog is intended to educate and inform the reader about bankruptcy topics. The goal of the blog will be to provide basic bankruptcy information to the reader/subscriber on a monthly basis. The contents of this bankruptcy blog are expected to be updated the first week of every month. During the course of the blog's initial roll out I intend to provide bankruptcy basics in an easy to comprehend format. As the blog entries progress, readership builds and the bankruptcy basics have been covered I expect the blog will evolve into what I intend for it to be - a question and answer format blog driven by the needs of you the readers. It is hoped that the blog's readership will have commented on the blog posts and/or emailed sufficient questions to ray@rkenneylaw.com that the following month's blog may consist of material that is of the greatest importance to you, the loyal reader, which would be answers to your specific issues, questions and concerns. You should bear in mind, that although the information contained in this blog is intended to provide general information to all readers throughout the web, that the author is an Arizona Arizona
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