Posted on: 24th Sep, 2009 10:23 am
Hello -
I'm stuck with a house I can't afford, minimal equity, and in an area where people are jumping ship and the values are way low for much nicer houses. It needs work and isn't worth what I paid for it two years ago or even what I owe on it now. I'm considering transferring the property to a company that will basically sell it and deal with my lender... but I don't know what will happen on my mortgage side of things. Can they come after me to pay the mortgage if I have signed a transfer deed with a loan assumption document over to another company waiving all my rights to it? How will this affect my credit? I'm considering foreclosing because it's just not worth keeping it but I have flawless credit and own other properties. I just don't want to get sued. Any one know what could happen?
I'm stuck with a house I can't afford, minimal equity, and in an area where people are jumping ship and the values are way low for much nicer houses. It needs work and isn't worth what I paid for it two years ago or even what I owe on it now. I'm considering transferring the property to a company that will basically sell it and deal with my lender... but I don't know what will happen on my mortgage side of things. Can they come after me to pay the mortgage if I have signed a transfer deed with a loan assumption document over to another company waiving all my rights to it? How will this affect my credit? I'm considering foreclosing because it's just not worth keeping it but I have flawless credit and own other properties. I just don't want to get sued. Any one know what could happen?
if you transfer title to another entity, your mortgage is due and payable in full.
what's going to happen is this: you transfer to this "company that will basically sell it" and (yuk yuk) "deal with my lender." the mortgage company will not be contacted by the "company" and they'll come seeking their funds from you, still. the "loan assumption document" is worthless unless the lender approves of the "company" that is "taking over" your loan. you cannot waive your rights to pay a mortgage.
honestly, foreclosure is a better bet right now than dealing with some snake in the grass who won't benefit you...now i grant you that this is all just my speculation, but i am highly skeptical of such "deals" and "companies" that exist.
what's going to happen is this: you transfer to this "company that will basically sell it" and (yuk yuk) "deal with my lender." the mortgage company will not be contacted by the "company" and they'll come seeking their funds from you, still. the "loan assumption document" is worthless unless the lender approves of the "company" that is "taking over" your loan. you cannot waive your rights to pay a mortgage.
honestly, foreclosure is a better bet right now than dealing with some snake in the grass who won't benefit you...now i grant you that this is all just my speculation, but i am highly skeptical of such "deals" and "companies" that exist.