Posted on: 30th Aug, 2009 05:48 pm
I bought a duplex with a friend. He bought me out, but the title company said I had to sign the loan, because the county hadn't removed my name from the title yet. They told me that I would not be responsible for the loan after I signed a document to remove me from it. I got married before I signed that document, so my wife and I had to sign it. The title company said we are free and clear of the mortgage. Since then my ex-friend has let the loan get seriously past due and I got a summons to go to court to expedite the foreclosure process. I have apply for another loan and my credit rating has not been effected by the past due loan. So my question is, am I responsible for the ramifications of the foreclosure, or is it just an error by the prosecuting attorney for my name to still be associated with this past due loan?
I am not sure why the title compnay ask you to sing the loan papers, when you are sellign the house
You will really need an attorney to fight this out
You will really need an attorney to fight this out
it was a quick claim deed, instead of a house sale, so apparently at the time of the loan both of our names were on the title.
in reality your friend shoudl have refiannced the loan in his name and keep you clear of this miss
i am not sure there ia ny way to get out of it.
quit claim deed does not clear your name from the loan
i am not sure there ia ny way to get out of it.
quit claim deed does not clear your name from the loan
but if the lender cleared me of the loan, does that take me off of it, or is the title company feeding me a line of bs when I signed the document?
probably you need to exaplin it clearly
this what understnd
1.you bought a duplex with your frind in partnership and had a loan on it
2. after soem time your frind paid you and take full onwership
3. you did a quit claim deed to yoru frind
4. what happned to loan in your name and your frinds name? did he refinacne it in his name or was it still in both of your name
5. if the answer to the above question is "he did not refinace" then you are still laible for the loan
6. if it is "hhe did refinance alone", then there is some confusion here
this what understnd
1.you bought a duplex with your frind in partnership and had a loan on it
2. after soem time your frind paid you and take full onwership
3. you did a quit claim deed to yoru frind
4. what happned to loan in your name and your frinds name? did he refinacne it in his name or was it still in both of your name
5. if the answer to the above question is "he did not refinace" then you are still laible for the loan
6. if it is "hhe did refinance alone", then there is some confusion here
he refinanced with another loan, but when I showed up the title company said that since the home was still in both of our names, that we both had to sign. I told them I didn't want to sign, but they said it wouldn't happen if I didn't and that once the county removed my name from the property, they would have me sign a document to remove me from the loan. I have had a credit report done just 2 weeks ago and my credit rating is good. So as far as I know I am not associated with this loan anymore, otherwise I would think that it would effect my credit rating. So if it hasn't effected my credit rating so far, is it possible for it to effect me now, or am I worrying about this for nothing?
Oh Thats really make it clear and I felt better reading this
Looks like your name is not on the loan and that would showed up on your
credit report.
I think the issue is, your name is still on the deed. Since you already did a quit claim deed, you need to make sure that it is recorded in the county office
May be yoru frind did nto record it ion the county and your name shows up.
So you need to get this cleared. If the house goes in to foreclosure your credit report will probably ref;lect this, but it may nto affect yoru credit
So in future it will hard explain it to any lender. You need to go to county and get this cleared
Looks like your name is not on the loan and that would showed up on your
credit report.
I think the issue is, your name is still on the deed. Since you already did a quit claim deed, you need to make sure that it is recorded in the county office
May be yoru frind did nto record it ion the county and your name shows up.
So you need to get this cleared. If the house goes in to foreclosure your credit report will probably ref;lect this, but it may nto affect yoru credit
So in future it will hard explain it to any lender. You need to go to county and get this cleared
I went to the county's website and looked up the property tax info. and on that page it only shows my friend's name on it, so I believe that I am clear of the deed. What I hope happened was that the prosecuting attorney only looked at the original loan and didn't look at the document I signed. What do you think of that?
I would also like to thank you very much for all of the information you gave me. I should be able to sleep a little better tonight.
I would also like to thank you very much for all of the information you gave me. I should be able to sleep a little better tonight.
You got the summons based on the name on the title. So even if it is a mistake, I would jump on this and clear every thign
Normally you have 20 days to respond to a foreclsosure. If you did nto, they can take legal action.
But looks like you are much safer than what I was assumign before, but get yoru name out of this mess
Glad to help
Normally you have 20 days to respond to a foreclsosure. If you did nto, they can take legal action.
But looks like you are much safer than what I was assumign before, but get yoru name out of this mess
Glad to help