Posted on: 23rd Jun, 2008 10:10 am
My husband passed away June 2007 and he had 3 properties. I was not on the loan of any of these properties I am however on the deed. I have a condo that is now is forclouser and they have sent me a date for a final judgement. They have my name the mortgage company name and also the home owners association. It took me four months before they would even talk to me I cannot sell this condo as the property would not sell for what the mortgage is. The date is set for august 4 Do I have to get an attorney will the judge see that my name is on the deed not the loan? The home I live in now is ok But I also have another, that is rented but just not covering the entire mortgage. Help
man oh man...family issues always get complicated.
rashida, i would have to suggest that it's worth your trouble to discuss this with a lawyer. i gather what happened was that she quit claimed the property to you and herself as joint owners. the loan, however, unless you somehow signed it without knowing, would seem to be hers alone. if your name appears on title, the lender would naturally file against you to recoup its loan once it becomes delinquent. i know it's not a good thing, but you may have some recourse inasmuch as you didn't know it was happening. the lawyer you work with (a good one, i trust) will be helpful in sorting this out and rectifying the matter.
yes, legal action taken can have an impact on your credit. but taking steps now to protect yourself ought to lighten the blows.
rashida, i would have to suggest that it's worth your trouble to discuss this with a lawyer. i gather what happened was that she quit claimed the property to you and herself as joint owners. the loan, however, unless you somehow signed it without knowing, would seem to be hers alone. if your name appears on title, the lender would naturally file against you to recoup its loan once it becomes delinquent. i know it's not a good thing, but you may have some recourse inasmuch as you didn't know it was happening. the lawyer you work with (a good one, i trust) will be helpful in sorting this out and rectifying the matter.
yes, legal action taken can have an impact on your credit. but taking steps now to protect yourself ought to lighten the blows.
A year ago my Mom died and so our house transfered into my Dad's name outright. 6 months ago he transfered the home into both my and his name as joint tenants. However, no changes were made on the mortgage, i.e. I am not on the mortgage. Now we are debating being foreclosed upon. Would my credit be negatively effected OR just my Dad's since he is the only one on the mortgage?
Alternatively, If I were to quitclaim off the deed before we become past due, does that shield me from any negative credit impact?Were experienced in all aspects of REO management and property preservation. Our teams approach to managing REO business focuses not just onproperties, but on marketing, managing, and closing REO assets. By concentrating solely on REO properties (and their unique nuances), we have developed a well-oiled team with valuable experience.
Alternatively, If I were to quitclaim off the deed before we become past due, does that shield me from any negative credit impact?Were experienced in all aspects of REO management and property preservation. Our teams approach to managing REO business focuses not just onproperties, but on marketing, managing, and closing REO assets. By concentrating solely on REO properties (and their unique nuances), we have developed a well-oiled team with valuable experience.
Correction to last post:
A year ago my Mom died and so our house transfered into my Dad's name outright. 6 months ago he transfered the home into both my and his name as joint tenants. However, no changes were made on the mortgage, i.e. I am not on the mortgage. Now we are debating being foreclosed upon. Would my credit be negatively effected OR just my Dad's since he is the only one on the mortgage?
Alternatively, If I were to quitclaim off the deed before we become past due, does that shield me from any negative credit impact?
A year ago my Mom died and so our house transfered into my Dad's name outright. 6 months ago he transfered the home into both my and his name as joint tenants. However, no changes were made on the mortgage, i.e. I am not on the mortgage. Now we are debating being foreclosed upon. Would my credit be negatively effected OR just my Dad's since he is the only one on the mortgage?
Alternatively, If I were to quitclaim off the deed before we become past due, does that shield me from any negative credit impact?
Hi Allied,
As your name is only on the property deed and not on the mortgage docs, you should not worry about the credit effects. A foreclosure will not affect your credit score. However, your father's credit score will get ruined if he forecloses.
Thanks
As your name is only on the property deed and not on the mortgage docs, you should not worry about the credit effects. A foreclosure will not affect your credit score. However, your father's credit score will get ruined if he forecloses.
Thanks
Thanks for the info james! Might there be a site or somewhere else that can confirm this info?
Hi Allied,
As your name is only on the deed and not on the mortgage, you are not liable to pay off the loan. Thus, in case of a foreclosure, your credit will not be affected in any way. However, your name may appear on the foreclosure papers.
As your name is only on the deed and not on the mortgage, you are not liable to pay off the loan. Thus, in case of a foreclosure, your credit will not be affected in any way. However, your name may appear on the foreclosure papers.
Thanks so much for the feedback. Might there be something in writing I could refer to, as a sense of self-assurance?
Hi
As far as I know what Jameshogg and Alessandro had said are correct. But you can always consult an attorney in this regard to be on the safer side and for self-assurance.
As far as I know what Jameshogg and Alessandro had said are correct. But you can always consult an attorney in this regard to be on the safer side and for self-assurance.
I think any one who is facing forclosure should read Missing Mortgage Notes and Deceptive Mortgage Servicing: Wall Street Shell Game 101
at loanworkout.org.
It is in complete contrast to what the above "community Mentors" are saying. Why on earth are they giving legal advice? They should only be refering people to a Real Estate Attorney.
at loanworkout.org.
It is in complete contrast to what the above "community Mentors" are saying. Why on earth are they giving legal advice? They should only be refering people to a Real Estate Attorney.
Hi Shirley,
As a mentor in this community, I'd like to say, we never claim to offer legal advice. We do have experts in our community - you can see Gmakerley's post here. Even he has asked the poster to consult a legal expert. So, I don't think we're claiming to give legal advice; rather we simply express our opinions on legal issues - those which are taken directly from our own experiences or from the people we know about.
I hope you understand what I'm trying to say. We do have attorney like Joshua Heard participating in our forums and frankly speaking I've learnt a lot from his suggestions here. So, our forums being an open platform, we try our best to resolve financial and legal issues by taking inputs from real life experiences shared by experts and members here.
Samantha
As a mentor in this community, I'd like to say, we never claim to offer legal advice. We do have experts in our community - you can see Gmakerley's post here. Even he has asked the poster to consult a legal expert. So, I don't think we're claiming to give legal advice; rather we simply express our opinions on legal issues - those which are taken directly from our own experiences or from the people we know about.
I hope you understand what I'm trying to say. We do have attorney like Joshua Heard participating in our forums and frankly speaking I've learnt a lot from his suggestions here. So, our forums being an open platform, we try our best to resolve financial and legal issues by taking inputs from real life experiences shared by experts and members here.
Samantha
I am on the deed but not on the mortgage which my husband is responsible for. We are divorcing he is in the house refinancing it and I am living and working in Hawaii. The house he is in and which I am on the deed is the only asset in the marriage, no cash, a defaulted $300,000 note subject to an SBA loan and a bank loan. My husband wants me to sign the house over to him and asked for my objections to it. I feel I shoudl never ever sign it over as it is the only asset of our marriage. I believe he will pay the new financing since he is living in it.
Hi alice,
Though it's the only asset of your marriage, both of you are planning to divorce. In such a situation, if your husband gets the property after the divorce is finalized, then you will have to sign the quitclaim deed and transfer the property to him.
Thanks
Though it's the only asset of your marriage, both of you are planning to divorce. In such a situation, if your husband gets the property after the divorce is finalized, then you will have to sign the quitclaim deed and transfer the property to him.
Thanks
I own a propety with my exhusbands brother, a few months ago I fond out that he has not been paying the mortgage so we put the proprty on the market so I thought. Recently I found out that the realtor NEVER put the proerty for sale for everone to see but rather kept it hidden till my exbrother in law could find a buyer, Im the only one on the mortgage but we are both on the deed...I have another realtor whom I do trust but he will not sign the sales agreement. What are my options??
anyone out there?? I posted a question earlier and was hoping to get some advise
Hi bebe,
As your ex brother-in-law is the owner of the property, if he doesn't agree to sign the deed, the sale of the property will not go through. I would suggest you to negotiate with the brother-in-law and the realtor in this regard. If both of them agree, you'll be able to sell off the property.
Take care
As your ex brother-in-law is the owner of the property, if he doesn't agree to sign the deed, the sale of the property will not go through. I would suggest you to negotiate with the brother-in-law and the realtor in this regard. If both of them agree, you'll be able to sell off the property.
Take care