Posted on: 04th Mar, 2009 01:48 pm
Having stopped foreclosure, now in forebearance I think, trying to have owner add another person to deed, so he does not have to take soul responsibility for property, will this help or hurt him in the long run?
Hi luvdogs,
A forbearance is a way of avoiding foreclosure for a short span of time. It's not a permanent solution. It does not mean the debt has been forgiven. Any such change in the title could be considered as fraudulent.
Moreover, through a deed you can add a person to the title, but you cannot transfer your financial obligations. Thus, even if you add someone to the title, he/she will not be held liable for the mortgage as his/her name does not appear on the loan agreement.
Thanks,
Jerry
A forbearance is a way of avoiding foreclosure for a short span of time. It's not a permanent solution. It does not mean the debt has been forgiven. Any such change in the title could be considered as fraudulent.
Moreover, through a deed you can add a person to the title, but you cannot transfer your financial obligations. Thus, even if you add someone to the title, he/she will not be held liable for the mortgage as his/her name does not appear on the loan agreement.
Thanks,
Jerry