Posted on: 08th May, 2010 08:35 am
Have an 80/20 loan on a property that I am getting ready to sell and close on. I am upside down on the property. On the Deed of Trust for the 20% loan, a name was forged as my wife. it is not even the correct name. She was not even with me this day, as I was purchasing the house for our daughter.
I have been trying to negotiate a settlement with this lender and apparently there is no progress. Does this affect the release of the lien with them? Am I still liable for this portion ? Can this affect the closing? Should I let my wife sign at the closing because there is "confusion" as suggested by this closing attorney? The house was purchased about four years ago and I shoud have known better, but I was trying to help pur daughter. The 20% loan is an interest only loan and the whole deal was shady because on the primary loan, I am listed as unmarried.
I have been trying to negotiate a settlement with this lender and apparently there is no progress. Does this affect the release of the lien with them? Am I still liable for this portion ? Can this affect the closing? Should I let my wife sign at the closing because there is "confusion" as suggested by this closing attorney? The house was purchased about four years ago and I shoud have known better, but I was trying to help pur daughter. The 20% loan is an interest only loan and the whole deal was shady because on the primary loan, I am listed as unmarried.
Hi starr,
You are not liable for the loan which has been issued in your wife's name. However, the lien will remain on the property unless it has been satisfied. When you sell off the property, you or your wife will have to satisfy the loan in order to remove it from the property.
You are not liable for the loan which has been issued in your wife's name. However, the lien will remain on the property unless it has been satisfied. When you sell off the property, you or your wife will have to satisfy the loan in order to remove it from the property.