Posted on: 28th May, 2007 12:08 pm
We sold our house a year ago, and used a quitclaim deed because the buyer needed to be in sooner than had planned.He has not refinanced the mortgage, nor paid the $ promised to mortgage co at closing,there has not been any monies paid.Lawyers won't touch this what can I do?the mortgage co wants their $$,and now i HAVE NO HOME NO EQUITY AND NO answers,but he still lives there
Hi Mybluesky,
Welcome to Mortgagefit forum.
Did the buyer give any written statement that he will refinance the mortgage within a specified period of time after getting ownership?
If he has given such written consent then you can take him to court for not working as per the agreement.
On the other hand if it was just verbal agreement then you are in a difficult position. You need to tell this buyer that you are going to stop continuing the mortgage payments and let the house go into foreclosure and he will lose the home.
Let us know what he says.
Colin
Welcome to Mortgagefit forum.
Did the buyer give any written statement that he will refinance the mortgage within a specified period of time after getting ownership?
If he has given such written consent then you can take him to court for not working as per the agreement.
On the other hand if it was just verbal agreement then you are in a difficult position. You need to tell this buyer that you are going to stop continuing the mortgage payments and let the house go into foreclosure and he will lose the home.
Let us know what he says.
Colin
as the quit claim deed was made out he is now the owner of the house and does not care about paying you the money. you mentioned that he had promised to pay the amount at the time of closing.
did he give his verbal consent before the mortgage company? then also you will be able to file a law suit against him and you would have a witness in the form of mortgage company representative if front of whom he consented to make the payment. and if you have any written proof then it will be much easier to recover your claims when you file a lawsuit against him.
what are the lawyers saying on this?
miller
did he give his verbal consent before the mortgage company? then also you will be able to file a law suit against him and you would have a witness in the form of mortgage company representative if front of whom he consented to make the payment. and if you have any written proof then it will be much easier to recover your claims when you file a lawsuit against him.
what are the lawyers saying on this?
miller
the main thing for us to know is whether you had any written contract which stated that he will refinance after ownership is transferred to him
if not then I do not how you will go about proving that you did not give the house to the buyer as a gift but instead sold it.
if not then I do not how you will go about proving that you did not give the house to the buyer as a gift but instead sold it.
Hi BlueSky,
You have transfer the house title from your name to the purchaser name through quit claim deed. It will pose him the complete rights in the title of the house. But you are the only person who is responsible for the mortgage payment. I think, since you have sold a mortgaged property then your lender must be aware of this.
At the time of selling, if you don't have any written agreement from the purchaser that he will going to pay the remaining debt or refinance the mortgage in his name then you cannot take any legal steps against him.
What I suggest in this condition, you can have a talk with the person and disclose your complete scenario. And let him know that if you called yourself as bankrupt then he will too loose the house, because it is the mortgage property.
Let us know what discussion you have. So our community can help you to come out from the problem.
Thanks
You have transfer the house title from your name to the purchaser name through quit claim deed. It will pose him the complete rights in the title of the house. But you are the only person who is responsible for the mortgage payment. I think, since you have sold a mortgaged property then your lender must be aware of this.
At the time of selling, if you don't have any written agreement from the purchaser that he will going to pay the remaining debt or refinance the mortgage in his name then you cannot take any legal steps against him.
What I suggest in this condition, you can have a talk with the person and disclose your complete scenario. And let him know that if you called yourself as bankrupt then he will too loose the house, because it is the mortgage property.
Let us know what discussion you have. So our community can help you to come out from the problem.
Thanks
The purchase and sale agreement that he signed includes an addendum tht says he will pay $12083 to mortgage co at time of closing-he did not,he sent the mortgage company less than that, and 6 weeks after closing. It says also that the buyer will assume the seller's mortgage. I actually have NOT paid the mortgage for over a year, since before closing and the bank still has not foreclosed. My husband and I HAVE spoken to the buyer,we have recently found out that he has filed bankruptcy(prior to purchasing) and also spent time in a federal prison for being the mastermind behind a $100 million mortgage fraud scheme. i spoke to two lawyers in MA who said they would not represent because they feel it would be costly and not a gurantee to win.
Mybluesky, you should have checked whom you are selling your house to. This person was in prison for mortgage fraud.
Hi BlueSky,
Did you deal with that person in the presence of lender? Did he know everything about it?
As per the agreement the purchaser will be the liable person at first. If your lender is fully aware of this then he should charged him first. You can have talk with your lender and try to explain him your current bad scenario. And let me know what he suggests.
Thanks
Did you deal with that person in the presence of lender? Did he know everything about it?
As per the agreement the purchaser will be the liable person at first. If your lender is fully aware of this then he should charged him first. You can have talk with your lender and try to explain him your current bad scenario. And let me know what he suggests.
Thanks