Posted on: 17th Dec, 2010 03:04 pm
i am thinking about walking away from my property. there's a company that wants to take the property off my hands with no exchange of money to me. the process is quit claim deed, loan assumption agreement, limited power of attorney and purchase agreement. they will be purchasing the property and assuming the debt. they claim that under california law the mortgage company cannot come after me because they have purchased the property and the debt. can you shed any light on the legitimacy of these statements? it sounds like a good way out but i have our reservations. i would really appreciate your input.
thank you for your time.
thank you for your time.
Hi Ronnie!
Welcome to forums!
Though you transfer the property to the said company, there is no surety that they will assume the mortgage. If they don't assume the mortgage, you will remain liable for the loan as your name will be mentioned in the mortgage docs. So, the process seems to be very risky to me.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you transfer the property to the said company, there is no surety that they will assume the mortgage. If they don't assume the mortgage, you will remain liable for the loan as your name will be mentioned in the mortgage docs. So, the process seems to be very risky to me.
Feel free to ask if you've further queries.
Sussane