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Smiles111
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Member since 12/06 1905 total posts
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Need a recommendation for an attorney to draw up a mortgage (Nassau)
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STBX DH’s mother holds a private mortgage for half the value of our house and the term is up. We need to draw up a new mortgage. I want to find a neutral attorney to do this, rather than the one she uses.
Can anyone recommend an attorney for this in Nassau, please?
Adding more details after people asked questions:
Thanks everyone. I actually have no idea how this all works, lol, so I’ll try to give more details and hopefully someone will then be able to direct me. Ok, so his mom and uncle had inherited a house. They were renting it out but then his mom REALLY wanted us to live in it (a few blocks from her, so she could ummm, you know be a big part of our lives and not because she wanted to have as much control over us and our kids as possible (sarcasm)). Anyhow, so we bought it from them even though I didn’t want to buy from his family but it was the height of the market and she gave us a deal on the mortgage. So she holds a private mortgage for us for half the value. No banks were ever involved. (His uncle holds the mortgage on the other half.)
She gave us an interest only mortgage for ten years. Apparently, the way those work, she can call in the ENTIRE loan amount when that ten year term is up. It is past that date. STBX and I are in middle of a messy divorce but we may stay co-owners in the house so kids and I can stay in it. She has agreed to start a new regular mortgage (principle and interest) with a grace period before I have to start paying it so I have time to get on my feet. I have been a SAHM for 7 years and still have one child home with me full time. Because of that grace period she is offering, I don’t want to refinance with a bank right now. If at some point, I can refinance with a bank, I will, but I don’t have the income to be approved for it now anyhow. So I want to get the mortgage legally established ASAP because if things get messier in divorce proceedings, they can use this as leverage against me. (No changes need to be made in the second mortgage with his uncle).
So how would I get a new mortgage drawn up legally?
Message edited 4/16/2019 1:37:04 PM.
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Posted 4/15/19 9:26 PM  |
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NicoleF219
LIF Infant
Member since 5/12 232 total posts
Name:
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Need a recommendation for an attorney to draw up a mortgage (Nassau)
I thought mortgages were written by banks. Do you need someone to do a closing to get her off the mortgage?
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| Posted 4/16/19 9:44 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
An attorney would handle the closing, but would not "draw up a mortgage." Terms of a mortgage are determined by the financial institution that holds the mortgage. If she's paid the mortgage off, they will send her paperwork showing so. If you have a second mortgage in your name, it would still be in effect.
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| Posted 4/16/19 9:57 AM |
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FirstMate
My lil cowboy
Member since 10/10 7789 total posts
Name:
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
Do you mean you need a new deed?
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| Posted 4/16/19 10:43 AM |
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Smiles111
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Member since 12/06 1905 total posts
Name:
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Need a recommendation for an attorney to draw up a mortgage (Nassau)
Thanks everyone. I actually have no idea how this all works, lol, so I’ll try to give more details and hopefully someone will then be able to direct me. Ok, so his mom and uncle had inherited a house. They were renting it out but then his mom REALLY wanted us to live in it (a few blocks from her, so she could ummm, you know be a big part of our lives and not because she wanted to have as much control over us and our kids as possible (sarcasm)). Anyhow, so we bought it from them even though I didn’t want to buy from his family but it was the height of the market and she gave us a deal on the mortgage. So she holds a private mortgage for us for half the value. No banks were ever involved. (His uncle holds the mortgage on the other half.)
She gave us an interest only mortgage for ten years. Apparently, the way those work, she can call in the ENTIRE loan amount when that ten year term is up. It is past that date. STBX and I are in middle of a messy divorce but we may stay co-owners in the house so kids and I can stay in it. She has agreed to start a new regular mortgage (principle and interest) with a grace period before I have to start paying it so I have time to get on my feet. I have been a SAHM for 7 years and still have one child home with me full time. Because of that grace period she is offering, I don’t want to refinance with a bank right now. If at some point, I can refinance with a bank, I will, but I don’t have the income to be approved for it now anyhow. So I want to get the mortgage legally established ASAP because if things get messier in divorce proceedings, they can use this as leverage against me. (No changes need to be made in the second mortgage with his uncle).
So how would I get a new mortgage drawn up legally?
Message edited 4/16/2019 1:38:06 PM.
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| Posted 4/16/19 11:27 AM |
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
Posted by NYCGirl80
An attorney would handle the closing, but would not "draw up a mortgage." Terms of a mortgage are determined by the financial institution that holds the mortgage. If she's paid the mortgage off, they will send her paperwork showing so. If you have a second mortgage in your name, it would still be in effect.
I think that it is not a typical situation. Perhaps they pay her ex MIL. So she is the mortgage holder
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| Posted 4/16/19 11:49 AM |
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Smiles111
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Member since 12/06 1905 total posts
Name:
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
Posted by Straightarrow
Posted by NYCGirl80
An attorney would handle the closing, but would not "draw up a mortgage." Terms of a mortgage are determined by the financial institution that holds the mortgage. If she's paid the mortgage off, they will send her paperwork showing so. If you have a second mortgage in your name, it would still be in effect.
I think that it is not a typical situation. Perhaps they pay her ex MIL. So she is the mortgage holder
That’s right. MIL is the mortgage holder. There were no banks involved. The attorney who did the closing also drew up the mortgage. It’s “her” attorney though, so I would like to find a new neutral one. Or if there is some other way to draw up a mortgage? I have to make sure it’s legally binding.
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| Posted 4/16/19 11:56 AM |
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mrsdukes
LIF Adult
Member since 1/09 943 total posts
Name:
Liz
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
We had a private mortgage on our house, which we had drawn up by a lawyer. Unfortunately, I don’t have a recommendation for one as our attorney has retired (and the private mortgage we had was paid off. )
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| Posted 4/16/19 1:00 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
I'm not sure why you would be paying a mortgage on a house you don't own (I believe you said its owned by your MIL and her brother).
If you want to stay in the home and aren't building equity then you would need a lease.
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| Posted 4/16/19 1:03 PM |
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Smiles111
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Member since 12/06 1905 total posts
Name:
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
Posted by JandJ1224
I'm not sure why you would be paying a mortgage on a house you don't own (I believe you said its owned by your MIL and her brother).
If you want to stay in the home and aren't building equity then you would need a lease.
Oh, we own it. We bought it from them. I realize I wrote that confusingly, I will go back and edit. We closed on it with her lawyer who also drew up the interest-only mortgage with her for ten years. More than ten years has passed.
We have a regular 30 year mortgage (principle and interest) with his uncle.
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| Posted 4/16/19 1:33 PM |
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Smiles111
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Member since 12/06 1905 total posts
Name:
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
Posted by mrsdukes
We had a private mortgage on our house, which we had drawn up by a lawyer. Unfortunately, I don’t have a recommendation for one as our attorney has retired (and the private mortgage we had was paid off. )
Thank you! Ok but so when doing a private mortgage, you go to a lawyer to have it drawn up then, right...? I guess I’ll start google searching for mortgage attorneys ... or real estate attorneys...?
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| Posted 4/16/19 1:44 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
Call Wendi Lindsey (She is a vendor on here as well). She is amazing
631-757-4175
[email protected]
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| Posted 4/16/19 1:50 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Need a recommendation for an attorney to draw up a mortgage (Nassau)
Any reputable real estate attorney in NY should be able to draw up a mortgage for you. I don't know any in LI, or I would rec.
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| Posted 4/16/19 2:22 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Need a recommendation for an attorney to draw up a mortgage (Nassau)
You can try a mark yarkin 516-794-9566
He was our RE attorney for both of the houses we’ve had. My inlaws have used him as well
I’m not sure if he does exactly what you’re asking for , but worth a call
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| Posted 4/16/19 3:20 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Need a recommendation for an attorney to draw up a mortgage (Nassau)
I will PM you a firm. I went to law school with the partners.
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| Posted 4/16/19 9:23 PM |
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