Posted on: 27th May, 2011 11:04 am
Hi can u pls advise. I co-signed over 20 years ago for my 77 yr old mother to receive a mortgage. Her property is now facing foreclosure and she wants me to sign a Quick Claim in order for her to get a modification. Are the any risks? Not sure what I should do?
if you co-signed then you are on the loan. when a quit claim deed is used, you are transferring the property rights to another party. if you are on the loan, you remain liable for the mortgage. since you are on the loan, contact the lender to see what they are requiring. explain that you were just the co-borrower and go from there. i would contact the bank first, before signing anything. many modification scammers out there have been known to prey on elderly people and without them knowing that they just transferred ownership of their home to the scammer.
Very good thinking, there, Chris. Scams are rampant in the housing market, particularly when you're considering elderly folk.
Since our poster noted that he/she is a co-signer of the original mortgage debt, the lender ought to be able to divulge, without issue, any information about what's taking place concerning its loan.
By all means, "help," contact the lender and get the full scoop.
Since our poster noted that he/she is a co-signer of the original mortgage debt, the lender ought to be able to divulge, without issue, any information about what's taking place concerning its loan.
By all means, "help," contact the lender and get the full scoop.
