Posted by John P TX on October 20, 2003 at 11:07:57:
NT
What happens now… - Posted by john p tx
Posted by john p tx on October 20, 2003 at 02:18:46:
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
What happened to caveat emptor? - Posted by I.R.
Posted by I.R. on October 20, 2003 at 12:13:09:
Don’t mean to kick a fallen man, but didn’t you look at her title BEFORE you bought? Sounds like you didn’t if you don’t know Husband’s name.
You’ve taken a big risk, buying an unidentified critter, and let’s just hope it doesn’t turn out to be an alligator.