Posted by Anthony - OH on October 21, 2003 at 24:03:28:
Well as long as you got title insurance. You got title insurance right?
Then call the title company and file a claim.
Am I in hot water?.. - Posted by John p TX
Posted by John p TX on October 20, 2003 at 02:21:59:
(I posted this in the legal forum also)
I bought a house from a lady about a year ago on a contract. Gave her a deed of trust with following terms:
I pay 2,500.00 down, 1st note for 1,500.00 payable in 7 installments, 2nd note for 37,000.00 payable in 84 equal installments. paid off in apx 7.5 years. Sounds great. Now she wants to sell me another house , same terms…nearly no interest. EXCEPT
I found out she is still married, split for three years, bought these houses from her own retirement fund. Now she’s afraid her husband is going to get sued and his creditors will come after her assets.
I’m concerned that he or his heirs could come after the houses I bought from her. Whats the worst case scenario for me here. What could I eventually lose here, if I didn’t get HIS signature on the deeds?
Only her name is on the deeds, but Texas is a community state.
(short breath)
I hate to lose out on this second deal, but I don’t know how to proceed. She’s not even willing to tell me the husbands name. I’m afraid if I find out who he is and try to get him to quitclaim his his portion, he may decide to dispute the first house.
I’ve got about 10,000 wrapped up in the first house and about 20,000 in equity. Should I take care of this now, or wait and hope noone ever gets the Idea to come after husbands half?
my appologies for the long fast talkin post…
any comments appreciated.
-John
Re: Am I in hot water?.. - Posted by roger
Posted by roger on October 20, 2003 at 23:41:17:
if the funds in her retirement were made before they split it is community property/if it is from after they split he may have a hard time touching her property get a good r,e, lawyer A,S,P,
Re: Am I in hot water?.. - Posted by Brent_IL
Posted by Brent_IL on October 20, 2003 at 10:04:30:
What are you doing? You don’t need advice from any posters. You need to retain an experienced real estate attorney in Texas to straighten this out. The lawyer may advise you to get out while you can. If the husband or one of his creditors files an action, protecting your interest will be expensive and the outcome not a foregone conclusion.
The seller can?t give you clear title when you finish paying the CFD. I can?t believe that she will be able to hide her transactions from an experienced searcher. What if she’s deposed, lies under oath, and then the sale is discovered?
If you are leasing the place out, you might take a chance and continue renting the house, although if I were the husband and I found out, I?d sue you for all of the back rent. I?d probably make up some excessive wear-and-tear, too.
If you?ve L/Oed the house to a third party, you have major, perhaps unsolvable, problems.
IMO, the water is boiling. Get a lawyer today.
Re: Am I in hot water?.. - Posted by luke-NC
Posted by luke-NC on October 20, 2003 at 07:30:22:
ask an atty.
here in NC, anything purchased BEFORE marriage remains separate unless it is combined later on during the marriage.
If you’re talking 10k and 20k in equity, there’s probably not enough for him to consider going after.