Posted on: 26th Jul, 2009 08:51 pm
I'm not sure what my next step should be...here is what happened.
I wanted to 'get out of' a house in 2005, short story, end of a marriage. In the divorce, I refinanced and the home was then solely in my name. About 4 months later, someone approached me to 'buy' my home. I was young and naive. I signed just as much paperwork as when I bought it. Apparently, I was told that 'he' would take over my payments, and I 'thought' would eventually change the mortgage into his name. I didn't pay much attention. I thought I was 'selling' my home.
Fast forward, this year, my new husband and I went to get preapproved for a loan. This existing loan is already on my credit report. Here's my problem. I have been calling this real estate agent repeatedly for a week to try to get copies of this paperwork. I can't find copies. I called the mortgage company and they have no idea about what is going on. I thought the 'buyer' was going to give all this paperwork to the lender.
Should I get a lawyer? What would I ask the lawyer to do? What I really need is copies of this paperwork to give to my new mortgage company to let them know I am not responsible for the loan reflecting on my credit statement, however, the agent isn't returning my calls. Is there a public record of transactions like this in Bexar County, Texas?
Thanks...a person in distress.
I wanted to 'get out of' a house in 2005, short story, end of a marriage. In the divorce, I refinanced and the home was then solely in my name. About 4 months later, someone approached me to 'buy' my home. I was young and naive. I signed just as much paperwork as when I bought it. Apparently, I was told that 'he' would take over my payments, and I 'thought' would eventually change the mortgage into his name. I didn't pay much attention. I thought I was 'selling' my home.
Fast forward, this year, my new husband and I went to get preapproved for a loan. This existing loan is already on my credit report. Here's my problem. I have been calling this real estate agent repeatedly for a week to try to get copies of this paperwork. I can't find copies. I called the mortgage company and they have no idea about what is going on. I thought the 'buyer' was going to give all this paperwork to the lender.
Should I get a lawyer? What would I ask the lawyer to do? What I really need is copies of this paperwork to give to my new mortgage company to let them know I am not responsible for the loan reflecting on my credit statement, however, the agent isn't returning my calls. Is there a public record of transactions like this in Bexar County, Texas?
Thanks...a person in distress.
Hi,
When you sell your home, you merely transfer the ownership to the buyer. It doesn't transfer the loan. If your name is on the loan, you remain responsible for it till the time the buyer refinances in his/her name. So, you should have informed your mortgage company about the sale and made arrangements for the buyer to assume the loan and make the payments.
As long as your name is on the loan, it'll show up on your credit report. Since you only had a verbal agreement with the buyer that he would take over the payments, you cannot force his to refinance or assume the loan at this point in time. I think you can talk with the buyer and see if he would like to officially take over the loan through a refinance or an assumption. You can also discuss this with your lender and show them the proof that you've sold the home and are not responsible for it anymore. However, I'm not sure if they can help you out of this situation. The other option would be to contact a lawyer and find out a way to release the responsibility of the loan.
When you sell your home, you merely transfer the ownership to the buyer. It doesn't transfer the loan. If your name is on the loan, you remain responsible for it till the time the buyer refinances in his/her name. So, you should have informed your mortgage company about the sale and made arrangements for the buyer to assume the loan and make the payments.
As long as your name is on the loan, it'll show up on your credit report. Since you only had a verbal agreement with the buyer that he would take over the payments, you cannot force his to refinance or assume the loan at this point in time. I think you can talk with the buyer and see if he would like to officially take over the loan through a refinance or an assumption. You can also discuss this with your lender and show them the proof that you've sold the home and are not responsible for it anymore. However, I'm not sure if they can help you out of this situation. The other option would be to contact a lawyer and find out a way to release the responsibility of the loan.
i am afraid you have been scammed, and you definitely will need an attorney to get you out of this morass.
chances that you have been cheated are very high. you need to have immediate confirmation that mortgage has been refinanced by him or not.
if you hav kent any copy of papers signed by you, it will help you a lot.
it will be very difficult for you to force him now.
if you hav kent any copy of papers signed by you, it will help you a lot.
it will be very difficult for you to force him now.
kent you are so accustomed to typing "kent" that the word "kept" disappears!