Community Mortgage Funding
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Holly Said:
Who is really behind the sub-prime mortgage bailout,?We Answered:
Well defaulting on loans helps no one. All those people would be homeless and that will cost the taxpayers billions too. The only thing to do is to freeze the rates and allow the homeowners time to repair their financial woes. I hate the idea as much as the next republican, but in light of what has happened freezing the loans is like closing the gate after most of the cows got out. A little help but should have never opened the gate in the first place.Joy Said:
Does USDA home loan subsidize your mortgage?We Answered:
I can guess that if you can't buy a home under $102k then you aren't in a rural area and that's the only way you can get a USDA loan. You can consider moving to another lower cost area or waiting until you have a larger downpayment.I'm not sure what "math" you've already done but you need to talk to a mortgage broker. You have to pay them but this is what they do. They will be the ones who prequalify you and tell you how much you can borrow. The last thing you want to do right now is get a crappy mortgage that won't suit your needs for the entire time you plan on being in the home.
Alice Said:
Bill Clinton signed the Community Reinvestment Act of 1995(CRA1995) in2 law&made Credit Default Swaps legal...?We Answered:
BS - the true president responsible for the current economic crisis is Ronald Reagan - he did away with regulation and the usury laws that had been on the books since the Civil War and called it good business instead of what it REALLY was - loan sharking.Eva Said:
with the Senate cutting off ACORN's stimulus funding how will Obama's civil defense force continue to exist?We Answered:
He will back-peddle, claiming that these are isolated cases and not indicative of the group as a whole. In other words, he'll LIE.Obama will get his schemes done through other means.
Leon Said:
Any lawyers out there? Separate property question for California?We Answered:
If he owned or had a contractual right to buy the realty before marriage, then by "inception of title" the property is characterized as his separate property, regardless of the quitclaim deed. If he acquired the property during your marriage by inheritance or by gift, then it is his separate property, regardless of the quitclaim deed.If none of the above apply, then the property was "community property" before the quitclaim deed. By virtue of the quitclaim deed, the previously characterized community property became his separate property; however that is arguable, and not a fait accompli. Case law in community property states have not given effect to some deeds between spouses when each party did not voluntarily, without duress, or other credible reasons, intend to make a true gift to the other spouse by the conveyance by deed.
3rdly, even if it were to be considered his separate property, and the same was your marital residence at time of his demise, then you would have a life estate in the property.
4thly, I would consider putting all persons on "notice," such as title examiners and the like, by executing a Revocation of Quitclaim Deed and file the same in the Deed Records of the county in which the realty is located. Whether or not that would be given any legal effect is questionable, but it may provide an opportunity to stall a quick conveyance of the property before you had a chance to make any arguments that you may have.
5thly, if it is finally resolved that the property is his separate property, then the community property estate, at time of probate or dissolution of marriage, has a claim for economic contribution based on the enhancement of the separate property realty by improvements and for reduction of the mortgage indebtedness by funds belonging to the community.
Lastly, the matter is sufficiently significant to your future so as to prompt a consultation with a local attorney.