The Deed of Trust to Secure Assumption – What it does and does not do....and how to solve a conundrum Let’s understand once and for all what a Deed of Trust to Secure Assumption (DTSA) is and is NOT. I got in trouble while giving my course on Owelties by saying, the DTSA, while always […]
I left you, last newsletter, with the cliff hanger… “Next week, Part II – Is there ever a reason why the grantee (of a property mortgaged by the grantor) should not be required to refinance the debt in order to extinguish the grantor’s liability?” Well, I’ve thought about it. Actually, I’ve thought about it a […]
Subtitle: Do you have to refinance in order to remove a spouse from the liability? Sub Subtitle: The New York Times gives more bad advice Sub Title to the Sub Subtitle: The Elusive Assumption of Liability Here's some very bad advice from the NYT: http://www.nytimes.com/2011/04/10/realestate/10mortgages-refinancing-divorce.html?_r=0 Why don’t they have me write their stuff? Geez! […]
Elements in an Owelty Lien Last week, we began discussing the elements in a divorce settlement that create an Owelty – a financeable Owelty lien. I took a short "rabbit trail" to point out certain factors that would derail the proper creation of an Owelty and thus make a buyout that would be severely […]
Elements in an Owelty Lien I am going to show the basic elements that create an Owelty interest and, thus, a financeable lien on a homestead property. But first things first. Always remember the foundational axiom - it costs you nothing for me (and my title gurus) to review your decree (or Special […]
Perhaps no other topic that I address triggers the interest amongst family law attorneys as does the famous Owelty lien. I think I know why. It’s a bit of a mystery. But, why is it a mystery? Lawyers are known for their ability to understand complicated and complex issues and to, not only make sense […]
This Is Why It Is Important For Me To Preview Drafts of the Divorce Decree Last week, I discussed why every word in a borrower’s decree is read, reviewed and underwritten. The assignment of debtwas the key illustration and element in the first reason why I PRE-underwrite (review prior to finalization of divorce) drafts of […]
Why I Preview Drafts of the Divorce Decree Part I In my Assessment/Approval – my report to you about a client’s qualifications and conditions for mortgage financing – I always include the following paragraph in red URGENT and CRITICAL Please copy us on drafts of the decree before they are executed by the parties. We […]
One of the greatest values you can give your divorcing clients is a set of tools to implement their settlement and agreements. Think of it this way – if your client (or opposing) is ordered to refinance the recently-awarded marital residence and include a buyout to their former spouse, how beneficial would it be if […]
Why Wait? We all deal with hesitant customers and clients, folks who are just not sure that they want to "pull the trigger" on a divorce, a filing, a transaction, et al. When it comes to qualifying for a mortgage, there is never an upside to waiting. Several months ago, a client called to find […]
