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Why is the bank offering me money????

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commentator

Senior Member
This is not an eligibility issue. It's a "make him go away quick" issue. You just don't know whether, if you bluff them and refuse to sign for this amount, whether they'll negotiate or say "okay, let's go to court." Your decision.
 


mytwokids

Junior Member
Thanks that's what I was looking to hear. Although I'd assume it would cost them much more $$$ to go thru the court system and also time.
 

justalayman

Senior Member
Thanks that's what I was looking to hear. Although I'd assume it would cost them much more $$$ to go thru the court system and also time.
and every penny is considered a business expense and will be treated as such on their tax filings/



I have seen a company spend thousands to collect less than $100. The game is finding out how much they will part with before just saying; to Hell with it, see you in court.


and realize while not a lot of effort, you will have to deal with that in some way.
 

mytwokids

Junior Member
I don't understand why a bank did a refinance and didn't also redo the title to get my name off. To me it just seemed like mistake after mistake along the way.
 

Ohiogal

Queen Bee
I don't understand why a bank did a refinance and didn't also redo the title to get my name off. To me it just seemed like mistake after mistake along the way.

And? It was a screw up. They can correct it by paying you or suing you. They are offering to pay you. They could sue you. In which case you would get nothing most likely.
 

Zigner

Senior Member, Non-Attorney
I don't understand why a bank did a refinance and didn't also redo the title to get my name off. To me it just seemed like mistake after mistake along the way.

Why do you think they have to? You can easily own interest in property without being on the mortgage.
 

mytwokids

Junior Member
Because the only way they are going to get clear title is if I sign off. If they want to sell the property they NEED the title. Per an attorney they made a mistake and cannot sell until I sign off. I mean something to me is fishy. Nobody offers money so its a tad more difficult than what we think.
 

mytwokids

Junior Member
I was also told that MOST banks will not give a loan unless all parties on the loan are on the title or vice versa. This was not the case. The loan was in two other individuals names and the title still in mine.
 

Ohiogal

Queen Bee
I was also told that MOST banks will not give a loan unless all parties on the loan are on the title or vice versa. This was not the case. The loan was in two other individuals names and the title still in mine.

Take your chances then. You can find yourself on the losing end of this.
 

justalayman

Senior Member
Because the only way they are going to get clear title is if I sign off. If they want to sell the property they NEED the title. Per an attorney they made a mistake and cannot sell until I sign off. I mean something to me is fishy. Nobody offers money so its a tad more difficult than what we think.

They can get the rest of the title interest (realize they already have the borrowers share) by paying you a couple bucks or by a foreclosure action. Do you really want to have to deal with being included in that?
 

justalayman

Senior Member
I was also told that MOST banks will not give a loan unless all parties on the loan are on the title or vice versa. This was not the case. The loan was in two other individuals names and the title still in mine.

What any bank may or may not do is irrelevant. This is where it is.
 

justalayman

Senior Member
Because the only way they are going to get clear title is if I sign off. If they want to sell the property they NEED the title. Per an attorney they made a mistake and cannot sell until I sign off. I mean something to me is fishy. Nobody offers money so its a tad more difficult than what we think.

It's just that you have no understanding of the issue is why you think it is a tad more difficult.

Paying you is the simplest way. It isn't the only way so if you turn down their offer and they actually want the title you will get to see how it works.

Btw; does that state charge any reoccurring taxes on mobile homes?

And since your name is on the title do you realize that you have a liability should something happen in the home? And if it becomes so dilapidated due to just sitting there and must be razed any idea who they are going to look to to pay for that?

You can either be dumb about this or make a couple bucks and be done with it. It's your choice
 

mytwokids

Junior Member
What is foreclosure action? They didn't foreclose on me, I was not nor signed any loans. They foreclosed on the individuals who held the mortgage. The attorney I contacted today basically said legally they own the land and I own the structure. I don't want any long drawn out legal crap that's why I'm trying to get knowledgeable info. to help me make the right decision. Definitely don't want to pay an attorney if no reason to but yet if they legally "owe" me for this title then that's the way it should be.
 

mytwokids

Junior Member
That's why I am here. Looking for answers :-) Not that I don't trust attorneys but sometimes I feel all they want is money so they will tell you whatever to get your business. I came here to see what other advise I'd get hopefully from people that know what they are talking about and its definitely different info. than what I've gotten from the attorney. I know nothing about legal stuff so any insight from knowledgeable people is appreciated.
 

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