Posted on: 27th Apr, 2011 11:48 pm
hi,
this is a little confusing so i'll try my best to make it understandable.
my uncle gave us his house since he purchased a new home. we signed a quitclaim deed however he years ago took out a loan on this house. He defaulted on his loan but when they came to take possesion of the house they didn't want it and wrote it off. The loan office is no longer in business they filed for bankruptcy themselfs. They problem is they are still on the title. How do I get this corrected?
this is a little confusing so i'll try my best to make it understandable.
my uncle gave us his house since he purchased a new home. we signed a quitclaim deed however he years ago took out a loan on this house. He defaulted on his loan but when they came to take possesion of the house they didn't want it and wrote it off. The loan office is no longer in business they filed for bankruptcy themselfs. They problem is they are still on the title. How do I get this corrected?
Hi tammiecouch!
Welcome to forums!
Unless the loan is paid off, you won't be able to get a free and clear title. As the lender has filed bankruptcy, I will suggest you to contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless the loan is paid off, you won't be able to get a free and clear title. As the lender has filed bankruptcy, I will suggest you to contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Thats just it nobody bought the company so who do you pay the loan to? This has been over 15 years ago at least
In such a situation, you may not be liable for paying it. However, you can contact a real estate attorney and take his opinion in this matter. He may let you know what you need to do in this matter.
You need to pay off the loans. that is definitely mandatory. If you want a clear title, clear off the debts.