Posted on: 01st Feb, 2011 01:54 pm
My parents signed for a mortgage loan for my husband and I for our first house. The house was 114,000. We are not listed on the mortgage loan, and it does not appear on our credit reports. However, our names are on the title of the house, and when I looked on our county recorder's website, it looks like we signed the original mortgage/note for the house. My parents are going bankrupt, and we want to get rid of the house in their settlement. It is now worth 80,000. I just want to see if my husband and I will get sued if we got rid of the house.
That's kind of a sticky situation because the loan is with your parents but the title is with you. Are your parents on the title as well?
You are in a real complicated situation right now as you have stated that you are listed on the title of the property that has been into mortgage. Since you are not listed in the mortgage loan, there's nothing to worry about. However, you must seek advise or consult it with expert mortgage broker.
