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About Real Estate: Divorcing spouse liable for home loan even after quitclaim ...

23.05.12

A. The bank has the amend to hold you financially liable for the loan even if you quitclaim your half interest in the property to your soon-to-be “ex.” Both you and your stillness agreed to repay the mortgage when you originally purchased the house, and the fact that you’re now getting divorced doesn’t deliver either of you of that responsibility.

There are some other dangers here. In a worst-case scenario, you would give up your half-interest, your husband would stoppage making the payments, and then you would be forced to personally pay off the mortgage on a property you no longer own.

I’m not suggesting your repress is planning to dupe you, but he easily could fall behind on his monthly bills if he gets miserable or is laid-off in this uncertain economy.

Your letter states your husband “makes special-occasion money,” so he should try to refinance the current loan based on his income alone. Doing so would sever your own monetary ties to both the bank and the property. If he can’t qualify for a loan by himself, perhaps his parents, other relatives or even the company he works for will cosign his utilization.

Of course, the simplest solution to your problem is to insist that the home be sold. The lender would be paid from the transaction marked down proceeds, you wouldn’t have to worry about being liable for any future payments, and any loss (or unexpected profit) from the traffic could be split however the two of you wish. Talk to an attorney and a tax expert for details.

A. Because you have never bought a rental quirk before, it’s probably best to start by purchasing a single-family house rather than of a small apartment building.

Being a small-time landlord is not easy. You will have to learn how to demand the property to tenants, screen applications, collect the rent and keep the property in solid repair. Hiring a management company to perform all these tasks for you would be a big expense that cuts thoroughly into your profit.

Managing a single-family house would be easier than managing a close-fisted apartment building, in part because you would have to deal with only one tenant instead of several, and you already know what it takes to keep your own diet in shape.

It’s also worth noting that the long drop in home prices has created a stuff of good but bargain-based houses out there. Many of them can be purchased at a cut-rate price today and rented out at a profit tomorrow.

Of order, if you buy a single-family house as your first rental and decide you like being a small hotelier, you can eventually parlay your newfound expertise to buy an apartment building.

• For the booklet “Simple Talk About Living Trusts,” send $4 and a self-addressed, stamped envelope to David Myers/Trusteeship, P.O. Box 2960, Culver City, CA 90231-2960.

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Source: Chicago Daily Herald

International City Mortgage (ICM) Opens New Branch Office in Bellflower CA

23.05.12

( swarm release distribution ) International City Mortgage (“ICM”) Company expands California operations. Oecumenical City Mortgage announced today that it has opened an additional retail loan origination subdivide in Bellflower, California, and has named Juan Galvan as Branch Manager.

With over 10 years of residential lending exposure in Bellflower and Paramount, Juan has the necessary skills to help area residents buy home loans that meet their financial needs, whether purchasing or refinancing a home. Galvan gained discernment of the mortgage industry as an owner, licensed originator and manager. His expertise extends to agreed as well as government home loan programs .

“I like to work with first time home buyers,” said Juan Galvan. “I have a top relationship with about 24 realtors who trust me to handle their clients’ loans and recollect I can guide their first time buyers safely through the loan process.”

ICM Vice President of Production, Cory Hjelmeir, commented on dilation plans for the branch, “We are committed to strengthening our presence in Bellflower by expanding our group of experienced licensed mortgage professionals. Juan will be bringing on additional loan originators over the next several months who have a proven account of originating loans in Bellflower and the surrounding areas.”

International City Mortgage (“ICM”) is an Orange County based, privately held residential mortgage banking without lender serving California. Founded in 1987 on the principles of responsible lending, competitive rates, and deficient service, we have successfully weathered mortgage industry cycles and are positioned for sustained rise. Our 19 retail branch locations are focused primarily on purchase transactions, which are generated from clear relationships with Realtors and Builders. We offer a wide range of financial solutions for home buyers and owners, including the finest Conventional, FHA, VA, Jumbo and Bond products available within the industry today.

For additional low-down contact Debbie Shetland, Marketing Coordinator at debbie.shetland@icitymortgage.com or Juan Galvan at C: (562) 755-0500.

Intercontinental City Mortgage provides home loans for properties in the state of California. This is not a solicitation for borrowers financing belongings outside this state. Loans made or arranged pursuant to California Department of Corporations Residential Mortgage Lenders Entitle #4130570, NMLS-DOC: 222730, and HUD Mortgagee #7906300005.

Contact Information

ICM Bellflower Section:

Source: Press Release Centre (press release)