Posted on: 24th Sep, 2009 10:38 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?
http://www.mortgagefit.com/propertytransfer/about28421.html
i've just responded to your query. please don't post twice.
i've just responded to your query. please don't post twice.