Owner loses home, wants title back
Q: I bought a condominium a few years ago, then lost my job and couldn’t make the payments to the condo association. They foreclosed on my property in May 2016. Recently, a man claiming to be the new owner knocked on my door and asked me to leave or start paying him rent. I’m back on my feet now. When can I get title back in my name?
A: You can’t, since you lost title at the foreclosure sale. There is a right to buy the property back in a homeowners association foreclosure for a short period of time, but that has long since passed. What has happened to your lender? Are you still making payments to them secured by property you no longer own?
You may have a lot of cleaning up to do. Texas has pretty harsh foreclosure laws. Good luck on this one.
Q: I’m leasing a house to a tenant who has been there about a year. He now wants to change the tenant’s name to a corporation. Does it really make a difference?
A: Yes. If you assign the lease to a corporation, the tenant no longer has personal liability for the rental payments. Not a good deal, in our opinion. If he wants to do this, add a personal guarantee to the lease for the current tenant to sign. Q: I’m about to get in serious financial trouble. Can I convey my home to my child so my judgment creditors can’t foreclose on it?
A: In Texas, judgment lienholders cannot foreclose on your homestead. As crazy as it may seem, the lien simply isn’t valid against a homestead. You may have to prove up your homestead status on the sale. It all depends on the title company’s criteria. In addition, conveying a property to a child can be a mess.
When they reach the age of majority, they may throw you out of their home.
Since they are a minor in title, you also can’t do a thing with the house until they reach the age of majority, or go through the expense of guardianship. It is not a good idea, for the most part.
To send a question visit www. AskGeorge.net and select the “Ask A Question” button. Answers to questions do not contain legal advice.