Comments for Leon Law Firm, (214) 696-0021

Comment on I want to abandon my property and walk away from the loan. What should I do? by David Leon

David Leon — Sun, 13 Jun 2010 13:40:48 +0000

I would have to read the loan documents to see if the loan is recourse or non-recourse. You should investigate other options such as offering a deed in lieu of foreclosure, or short sale.

Comment on I want to abandon my property and walk away from the loan. What should I do? by David Leon

David Leon — Sun, 13 Jun 2010 13:38:33 +0000

Unfortunately, the bank granted the loan to the both of you. The bank doesn’t care that you’re no longer a couple. I have yet to see a bank voluntarily release one of the co-borrowers of a loan. If you can get the ex and his parent to refinance the property without you, great. If not, you may be able to force a sale of the house by filing an action to partition. This is an expensive solution, however.

Comment on What is a fiduciary duty? by David Leon

David Leon — Sun, 13 Jun 2010 13:28:01 +0000

I don’t know that he would owe you a fiduciary duty, but this could be fraud. Fraud would mean that at the time he took the money from you, he had no intent of delivering the work. This may be a tall order. You more than likely have a breach of contract case.

Comment on What is a remainderman? by David Leon

David Leon — Sun, 13 Jun 2010 13:25:57 +0000

Unfortunately, the will would likely control in this situation. If there was an oral promise, then you run into a matter of proof. If you can come to some sort of agreement with the surviving spouse, then you would be okay.

Comment on What does FOB mean? What about FAS? What is CIF? and C&F? by Mayank

Mayank — Sun, 25 Apr 2010 14:11:00 +0000

Thanks for providing me information.

Comment on What is a remainderman? by Regina Herrington

Regina Herrington — Wed, 10 Feb 2010 23:58:35 +0000

In the state of Texas can an adult child of the deceased request some kind of “remainderman” clause of the probate court because that heir has been verbally informed of the deceased wishes for that but it isn’t in the will of the deceased and the will only states that the home (owned prior to the final marriage) will be inherited by the spouse who is not related to the deceased’s children but has made verbal promises to pass the property back to the adult children at the time of Her death via her will?

Comment on What is a fiduciary duty? by ryan

ryan — Mon, 16 Nov 2009 07:27:09 +0000

I paid someone to build a website. He gambled my money on another business venture and lost. Was this a fiduciary breach?

Comment on I want to abandon my property and walk away from the loan. What should I do? by Jessica

Jessica — Wed, 28 Oct 2009 16:45:55 +0000

I currently own a home with my ex. I have been trying to get him to buy me out for about 3 years. I no longer live there or have any interest in the property. I just want my name off of the loan. We originally put 20% down and have a loan for $514k and an LOC for $30k. The home is currently worth about $510k-$535k. My ex can’t qualify on his own but his dad was willing to co-sign (at least at one point). Is there anything I can do to get my name off of this loan without it ruining my credit? Currently the loan is in good standing, no payment has been missed or late ever. I just would like my name off of it!

Comment on I want to abandon my property and walk away from the loan. What should I do? by Atikuzzaman Khan

Atikuzzaman Khan — Wed, 21 Oct 2009 20:28:26 +0000

Hi,
I am having hard time to make payments. I been borrowing from my relatives for a while, but I cant anymore.
live in Atlanta, GA. Is walking away okay? since I am not interested with my credit anymore. the loan is from one single bank, and I pay something like Mortgage Insurance every month. Can you tell me if it would be recourse type loan or not?
Thanks

Comment on I want to abandon my property and walk away from the loan. What should I do? by David Leon

David Leon — Thu, 17 Sep 2009 04:45:10 +0000

I would have to take a look at your documents to be sure. As a general rule, either mortgage can foreclose. However, if the first forecloses on the second, the second lien is wiped out. This means that the second lienholder’s only recourse is to sue the borrower. The second lienholder can go after the borrower or a co-signer/guarantor. The time limit is four years from the date of the last activity on the loan. Also, the first lienholder can go after the borrower for a deficiency, if the house doesn’t sell for enough at auction to cover the balance due on the note.

Comment on What is a loan modification? by Heather Mortgage Modification

Heather Mortgage Modification — Wed, 19 Aug 2009 03:38:10 +0000

This is great definition of loan modification. I really wish they would have had these around before my family lost their house when I was in my 20s. I was a pretty traumatic thing to go through. I know it could have saved some of my father’s dignity. I hope more people are able to save their homes this way.

Comment on I want to abandon my property and walk away from the loan. What should I do? by A Grandberry

A Grandberry — Wed, 19 Aug 2009 03:00:39 +0000

My house was foreclosed on in Dec 2007. We had an 80% and 20% loans at closing with same name. The bank foreclosed on the 1st but not the second. They have sold it once, now bought back operation under a new name. I don’t understand, nor was it explained to us that they could come after us. What are our options?

Comment on What is a loan modification? by JaneRadriges

JaneRadriges — Sat, 13 Jun 2009 17:50:26 +0000

Hi, gr8 post thanks for posting. Information is useful!

Comment on Can someone use a medical power of attorney to discontinue life support? by Hayley Dempsey

Hayley Dempsey — Sat, 06 Jun 2009 01:51:08 +0000

Can a medical power of attorney overide a physician’s order regarding discontinuing peg tube feedings, treatments etc when a patient is on hospice

Comment on Is it a crime to overstate your income on a mortgage application? by dlleon

dlleon — Sat, 03 Jan 2009 21:14:15 +0000

The penalties under 32.32(c) are as follows:

(1) a Class C misdemeanor if the value of the property or the amount of credit is less than $50;

(2) a Class B misdemeanor if the value of the property or the amount of credit is $50 or more but less than $500;

(3) a Class A misdemeanor if the value of the property or the amount of credit is $500 or more but less than $1,500;

(4) a state jail felony if the value of the property or the amount of credit is $1,500 or more but less than $20,000;

(5) a felony of the third degree if the value of the property or the amount of credit is $20,000 or more but less than $100,000;

(6) a felony of the second degree if the value of the property or the amount of credit is $100,000 or more but less than $200,000; or

(7) a felony of the first degree if the value of the property or the amount of credit is $200,000 or more.

Comment on What is an FDD? How is it different than a UFOC? by apple bank

apple bank — Mon, 30 Jun 2008 14:37:01 +0000

Nice Site!
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Comment on I executed a medical power of attorney. Can someone override my decisions? by Erydayunsuppy

Erydayunsuppy — Thu, 17 Apr 2008 17:56:44 +0000

Great site and excellent reding. Keep it posting!!!!

Comment on Can someone use a medical power of attorney to discontinue life support? by Can someone use a medical power of attorney to discontinue life …

Can someone use a medical power of attorney to discontinue life … — Thu, 28 Feb 2008 02:26:01 +0000

[...] admin always has something good to say. I like this one posted earlier today. Follow the link for the whole thing.No. A medical power of attorney is only used to make medical treatment decisions. To make decisions regarding discontinuation of life support, you would need to execute a living will. [...]