Posted on: 30th Jan, 2012 03:29 pm
i have been deed owner to a property since 1998, never on the mortgage, or loan. In 2006 i did not qualify for a mortgage to remove my x husband, so i added a friend to the deed to get a mortgage. 3 yrs ago the friendship went sour and we quick claimed the deed to my name only, the mortgage remained in the friends name. if the mortgage goes into default at this time, do i have a legal obligation as the deed owner?
hi dndv!
welcome to forums!
you're not liable for the mortgage payments as the mortgage is not in your name. however, if you want to save the property, then it will be a better option to pay off the loan. you can try to refinance the mortgage in your name now. if you have the required income and credit score, you will be able to qualify for a loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
you're not liable for the mortgage payments as the mortgage is not in your name. however, if you want to save the property, then it will be a better option to pay off the loan. you can try to refinance the mortgage in your name now. if you have the required income and credit score, you will be able to qualify for a loan.
feel free to ask if you've further queries.
sussane
thank you for your answer. the problem with a refi is the bank wants new terms because of the falling economy. they will not refi for the current balance owed, they want 40,000 down. it is not worth it, nor do i have that cash to do it.so my only option left is to walk and start over. but i dont want that on my credit.i cannot locate the mortgage holder as of yet,,,fell of the face of the earth!!
Hi dndv,
It is true that when you refinance your mortgage, you will be liable for paying the closing costs. If the property does not have the required equity, then you will have to pay the down payment as well. You may walkaway from the property if your name is not mentioned on the mortgage. The bad affect of a mortgage foreclosure won't affect your credit report.
Thanks
It is true that when you refinance your mortgage, you will be liable for paying the closing costs. If the property does not have the required equity, then you will have to pay the down payment as well. You may walkaway from the property if your name is not mentioned on the mortgage. The bad affect of a mortgage foreclosure won't affect your credit report.
Thanks