Construction loan

Question: In 2016 we bought a lot for $40,000 in Camp Verde to build a summer home. Last summer we got a construction loan for $280,000. This $280,000 construction loan was secured by the lot and by the home to be constructed on the lot. During construction of the home, however, heavy rains caused the…

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Foreclosure For Sale

Question: After our parents passed away two years ago, my sister and I became the owners of their home in Sunnyslope worth $280,000. My sister wanted to live in the home, so I deeded the home to her in exchange for her giving me a five-year $140,000 mortgage on the home. In addition to the…

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auction

Question: Two years ago we loaned my wife’s sister $70,000 to buy a small home in Glendale. The $70,000 loan was secured by a $70,000 promissory note and a deed of trust on the home. My wife’s sister never made one monthly mortgage payment to us, and she moved back to Iowa a few months…

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