Closing And Title Company
Is there a way to find out where the closing took place (title company) for a property?
Where/ how would I look county? Recorder?
Is there a way to find out where the closing took place (title company) for a property?
Where/ how would I look county? Recorder?
A 401k can be rolled over to a traditional IRA tax free. I have to question the timing of selling your 401k assets now when the market is down. You will be taking losses that you may never recover when the market recovery begins next year.
For a self directed IRA to invest without any tax issues, the IRA must completely fund the investment. No outside loans, and the IRA will need to hold the deed, too. You have some issues to work out with your IRA/LLC investment plan.
Talk to your tax advisor and an IRA custodian to get more specific details.[ Edited by NewKidInTown3 on Date 05/01/2009 ]
and an cpa make a good point on IRAs.
You will pay ordinary income when you start pulling assets out of the SDIRA. Where as a roth, would be takxfree.
Converting a 401k to A Roth IRA is a two step process. First, rollover the 401k to a traditional IRA, then convert the traditional IRA to a Roth IRA.
The traditional IRA to Roth conversion will be taxed at ordinary income tax rates on the full amount converted.
Does anyone have any companies they would recommend who act as custodians for this type of investment? I know there are several out there, but curious on if anyone has used them and would recomend them? Also, how much money is usually required to set one up? I am thinking of starting out buying tax lien certificates starting out small and building it up from there.
Good question.
I noticed that the letter includes a cc to
"Maryland Office of Financial Regulation"
Per docs sent, mortgage of 58500. was to be paid in monthly installments of 564.55 beginning in 11-1991 and continuing for 20 yrs. to be paid off in full at that time. It includes timely late charges and clear specifics if there is a default.
His letter states that this is a private mortgage so there is no mortgage license number and all dealings must go thru his office, and that 48,389.45 is due.
At my settlement in 5-05, a check was issued to a "Sally Rose Wyatt", which was signed and cashed. The mortgage was with "Sally Rose " , who is stepping forward that she has a valid unpaid mortgage w/ a deceased couple (the seller).
The title insurance company and my settlement attorney have already stated that they have no claim on my property; issue would be with signee, This letter is sounding like their attorney thinks they still have rights.
Your title insurer has a responsibility to defend this suit and keep your title clear. Contact them.
"with a copy of a mortgage included"? What mortgage? Yours? Somebody elses? On this parcel? Same attorney representing the seller or that your mortgage holder is foreclosing on you?
You got a letter but no copy of the lawsuit?
Thank you for your feedback; appreciate it.
Is it enough for the settlement attorney and the Title Insurance company to have responded directly to the attorney that it was fraud within family members? Do I have to also send a response to him when they have?
Thanks.
Personally, I would not respond. Let it play out.
[addsig]
At this stage I think you have nothing to gain by doing any corresponding with that lawyer in writing or orally and anything you say could be twisted and used against you.
With the costs of litigation being high and getting higher all the time, the alleged aggrieved buyer is going to have to come up with some cash for most any lawyer to get involved so a suit against you is unlikely to happen.
And even a DOT foreclosure costs money to process so it too is unlikely to occur.
But turn everything over to your lawyer and let him/her worry about what to do.
In my opinion...not worth suing for. Chalk it up to experience and focus on your own DUE DILIGENCE.
You could try to squeeze your Broker to be reimbursed for your expenditures... but sue...NO!
[addsig]
jesse,
In my experience, a title/escrow company or an attorney conducts the settlement and is the one in charge of the settlement schedule.
The mortgage broker was the wrong person to talk to. You should have been having a conversation with the settlement company or settlement attorney about how to settle by mail, and to confirm before you got on the plane that settlement was on schedule if you had to appear in person.
Since you did appear in person, what were the conditions that could not be resolved within 24 hours so you could have still settled the next day before you took the plane trip home?
For what it is worth, I have always settled my out of state properties by fedex and fax no matter whether I was the buyer or the seller. The only time I was required to appear in person was when I bought a HUD property. For some reason, HUD did not allow settlement by mail even though I was not using HUD financing. This was back in 2001, so I hope the rules have changed since then.
I suspect it is really up to the lender. Even though Wells Fargo wrote both loans, they may have sold the first to Fannie/Freddie and are only holding the second.
If they foreclose on their second, the sale could be subject to the first. In this case you are bidding on the second note and will assume the first if you are the winning bidder.
It could be that Wells Fargo wants both notes paid off. They are foreclosing on the second to avoid having the second wiped out if the first were to foreclose. In this instance, the second will also have to pay off the first, so the opening bid will be the combined balance on both notes.
I have bought a 1/2 dozen 2nd mortgages or liens at foreclosure sale. We have never had a problem taking over payments or assuming the first mortgage.
You are now the OWNER. The mortgage company is happy to find a responsible person to assume the obligation of paying their mortgage.
[addsig]
For those that have purchased 2nds, did the lender just willingly fork over all payment details and leave the loan in the original borrowers name, or did an actual assumption take place?
Thanks
when you buy the 2nd, it subject to the 1st. you have to make the payment or if it goes to auction someone else can buy the property.
Is there a possibility of buying the notes>
Say:
1st if 200K
2nd 50K
Borrow/partner w/ someone that has 250K cash, buy the notes then refi out the cash partner.