Posted on: 14th Jul, 2012 09:25 pm
a friend and i bought a house 10 years ago to fix up and rent out as an investment. my "friend" has been keeping the records, collecting the rent, etc. i just found out the mortgage is in default, i have not received any income from the house, my friend obtained a judgement to get the renter out for non-payment. the mtg co is offering a re-fi with lower interest/ payments but over a 40 year period. my credit has already been damaged from the default. my 'friend" and i are no longer friends and i do not trust him any longer. i do not have the funds to pay off the mtg. or back taxes. i do not want to go into foreclosure. is it possible to get the mtg. company to divide the mortgage so that i can pay my share and repair my credit. i do not want to be tied to this ex-friend on a financial agreement any longer. what options do i have? can i file a quit claim deed and remove my name from the mortgage?
hello james,
in order to get one borrower off of a mortgage loan, you have to refinance. even if you have a quit claim deed signed, which is where the other party's name is removed from the deed, it does not remove that person from the loan. it would simply mean that the person has no legal rights to the property but they still owe on the loan. there is no other way around it.
:idea:
in order to get one borrower off of a mortgage loan, you have to refinance. even if you have a quit claim deed signed, which is where the other party's name is removed from the deed, it does not remove that person from the loan. it would simply mean that the person has no legal rights to the property but they still owe on the loan. there is no other way around it.
:idea:
Hi James,
You can sign a quitclaim deed and remove your name from the property deed but this won't remove you from the mortgage docs. It will be better if you could contact your attorney and file for a partition lawsuit. This will help you get a court order to sell off the property and the sale price will help you and your friend to pay off the mortgage and get rid of the property.
Thanks
You can sign a quitclaim deed and remove your name from the property deed but this won't remove you from the mortgage docs. It will be better if you could contact your attorney and file for a partition lawsuit. This will help you get a court order to sell off the property and the sale price will help you and your friend to pay off the mortgage and get rid of the property.
Thanks
