Question by silver_platinum_trek: Untitled mobile home on newly purchased property?
My parents bought the property next to theirs last week, the owner died, and her mother sold them the property super cheap, on the property is a double wide trailer, the seller said her daughter stopped making payments and when she tried to go to court to make arrears no one from the company she was buying the trailer showed up.
The seller claims her daughter tried repeatedly to and each time no one showed up (this was over 6 years ago and since then no one has showed up to claim the trailer), anyway, the property was sold “with all buildings on property”, which included the trailer, but my question is what can my parents do to ensure they can keep it?
They are retired and just wanted an investment, they want to move in to the trailer and rent out their property (they’ll make more money this way) but don’t want to be left out the cold should the mobile home company come and take the trailer away and wouldn’t want to rent to someone and one day have them be thrown out!
I know above I mentioned the seller claimed no one has showed up for the trailer in over 6 years with no payments being made, but I remember about a year and a half ago I was visiting my parents when my mom mentioned the neighbor was upset because someone had showed up trying take the trailer.
What can my parents do to get ownership of the trailer?

Thanks in advance!

Best answer:

Answer by the tax lady
Your parents don’t own the trailer. The people who sold them the property didn’t have clear title, so they couldn’t sell it–and the wording of the title does not override this.

Contact a local lawyer or even just go by a trailer seller and ask them the names of the major players. Your parents need to get the trailer repossessed or buy it themselves from the lender.

What do you think? Answer below!

Technorati Tags: home, Mobile, newly, Property, purchased, Untitled

Question by Paris: How can I Own a home after I purchase a Tax Lien on a property in CA?
I’ve read and heard the following:

*If the owners of the property continues to not pay the property tax, All mortgages are wiped out? is this TRUE or FALSE?
* How can I own the property “Free and Clean” if the owner does not pay the property tax, and the home goes into foreclosure, he does not file bankruptcy?
*What about the other Liens on the property? Mortgage Liens?
* is this a good investment buying Tax Liens ( to potential become ownership)? free & Clear?

ONLY Real Answers please, NO negative remarks ..
5 points to best answer.

Real experience/professional preferred.

Thank You.
spelling error;
FREE AND CLEAR OF OWNERSHIP

Thank YOU!

Best answer:

Answer by glenn
You will need a title insurance policy to assure you that you have a free and clear title.

In several states it will be six months or even longer that you have to wait after the auction before you can be sure it is your home.

Most people I know that “buy” these at auction intend to sell the tax debt back to the owners at a profit- and never intend to own the house. I don’t know anyone that bought a worthwhile house for a very low amount of money at one of these.

Know better? Leave your own answer in the comments!

Technorati Tags: after, home, Lien, Property, Purchase

Question by bigdonut72: legal & tax advice buying a home for in-laws (michigan)?
my wifes parents are claiming bankruptcy (business closed) and are leaving their house. we would like to buy a housethey could stay in, near to us (within 5 miles). Some lenders require more (down payment/higher rate) because this is an “investment property” but i have been told that they are family and this could be my second home (lower down/lower rate). my attorney states that we should have a lease, and would pay taxes on a fair market rent, but we dont plan on charging them. Will I have to pay taxes on a non-existent income? can I still get the tax deductions for mortgage interest and city taxes I pay? can they homestead the property? I’m lost. any knowledgeable direction is greatly appreciated. Basically, can I buy a second home for myself and let my in-laws stay for free? Will I have claim this as income producing (even though it’s not)? Are tax advantages better one way or another?

Best answer:

Answer by racache_us
Dude you have an attorney and not a accountant? Your questions are all valid, for a accountant. The laws change state to state. A good loan officer will know the answers and they can direct you towards the best loan for your situation.

If you sign your in laws to a lease to show additional income for you, the bank will want a rental history or in your case mortgage history and that wont look good. Yes you can write off the interest on your loan, no they can not homestead the property unless they are on title. You see what I mean you need a good LO.

Know better? Leave your own answer in the comments!

Technorati Tags: advice, Buying, home, inlaws, legal, michigan

Question by Alpha Bravo Charlie: what qualifies as a second home for mortgage loan?
I am working overseas, I want to buy a house in Texas. Can I consider it to be a 2nd home and ask the mortgage company to give me interest as second home instead of calling it “investment property” ?
The interest rates and taxes for 2nd home is less than investment property.

It will be rented out till we come back to Texas.

Best answer:

Answer by Tim
Because you are renting it out, it is not a second home. A second home has to be one that you can visit and stay at as your second home.

If it is rented to someone as their residence, it is an investment. You can still deduct interest, depreciation and other expenses as a investment property that you would necessarily be able to deduct as a second home.

What do you think? Answer below!

Technorati Tags: home, Loan, mortgage, qualifies, second

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