How would I be responsible if a property goes into foreclosu

Hi lrm,

As you are only on the deed and not on the mortgage, the foreclosure won't affect your credit. However, if you want to save the property, then you can try and pay off the mortgage.

Thanks.

Hi Irm,

You wouldn't be responsible for the property if it goes into foreclosure. This is because you're not on the mortgage but only on the title. I'm not sure as to whether the partner will be willing to take your name off the deed. But that doesn't matter because in any case the foreclosure won't affect your credit. However, it will surely have a negative impact on your partner. But isn't the partner paying? You can simply ask him/her to negotiate with the lender for options to avoid foreclosure. This will help you both keep the home.

Good luck

I thank you for your response. The relationship between us and the partners has been very strained. Being the economy as it is. We believe they are nervous that we cannot come up with 1/2 the monthly bills..which we cannot. We do have nothing in writing with them other than being on deed and title and signing contract on home for deposit with them. They are no signed agreements with them other than a handshake. We are not happy about the situation, nevertheless cannot afford to keep up tih any bills that may come due, being the market took such a hit. We have not told them yet, but they do know. If they continue to pay the mortgage and we cannot can they lien our homestead property in fl, where we reside, and make a lawsuit out of this. Being they keep the property and rent it or maybe cannot rent it. Are we liable to them ..Can they SUE US for anything. Can we walk away free and clear? With the understanding that we took a 30k loss and could afford no more. I am sure they will not agree to quick claim deed, what other options do we have? Nervous...They are not friendly people...at all lately. I believe they are just as nervous..If it came to pass, that they could not upkeep the property alone and had to foreclose, can they come after us for anything? Whether they keep the property and pay or foreclose if we are only on title and deed what are the liability factors for us, regarding lawsuits with them..Please help and thanks for responding.

Hi lori!

Your query has been answered in the following link:
http://www.mortgagefit.com/propertytransfer/notmtg-deed.html

Take a look to know more.

Thanks.