Posted on: 09th Mar, 2010 03:22 pm
i was placed on a joint tennancy deed to do a refinance and buy out the other two individuals that were originally on the deed. the whole thing fell apart while i was deployed and i'm still on the title. i was never placed on the mortgage for the home. the home is really cheap at about 38k left but now has 13k of back owed payments and taxes and is going to be auctioned. the house is in very poor conditions and needs major repair work if not completely rebuit. i really hate loosing out on the payments i made keeping it from going under the whole time i was deployed, but this whole thing is a mess and has gotten out of hand. can i do a quit claim deed to take my name out of these matters and if i cannot do it on time and the house is auctioned, will i be affected in any way?
i have already received a "notice of trustees's sale"....
i have already received a "notice of trustees's sale"....
Forgot to mention, the property is in Arizona. Also, I spoke to a real estate attorney from Phoenix about the matters and he advised that I would not need the grantee's signatures on the document, however when I downloaded the Arizona Quit Claim Deed Form from uslegalforms.com, it has an area for the grantees to sign. Having them sign this document would put a huge strain on my situation since they are somewhere in Mexico(they are not U.S. Citizens and were deported). I am on a time line of 30 days.
Hi jesusfelix,
If your name is only on the property deed and not on the mortgage, then your credit score would not be hurt if the property goes through a foreclosure. If you want to transfer the property, then you will have to use the quit claim deed form of Arizona as the lawyer has said and then the deed needs to be recorded at the county recorder's office to make the deed valid. Thus, you won't remain the owner of the property any longer.
Thanks
If your name is only on the property deed and not on the mortgage, then your credit score would not be hurt if the property goes through a foreclosure. If you want to transfer the property, then you will have to use the quit claim deed form of Arizona as the lawyer has said and then the deed needs to be recorded at the county recorder's office to make the deed valid. Thus, you won't remain the owner of the property any longer.
Thanks
Thank you for the advise James.
Would there be any other impact from letting the home foreclose and not removing my name from the deed? I would like to just remove my name, but as I stated above. The form I downloaded requires the grantees to sign off on and sending the form back and fourth to Mexico would be time consuming.
Would there be any other impact from letting the home foreclose and not removing my name from the deed? I would like to just remove my name, but as I stated above. The form I downloaded requires the grantees to sign off on and sending the form back and fourth to Mexico would be time consuming.
Hi jesusfelix!
Welcome to forums!
As far as I know, there won't be any issues if the property is foreclosed upon with your name remaining on the property deed. The person who is the borrower of the loan will have to face negative effects as it would reduce his/her credit score.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, there won't be any issues if the property is foreclosed upon with your name remaining on the property deed. The person who is the borrower of the loan will have to face negative effects as it would reduce his/her credit score.
Feel free to ask if you've further queries.
Sussane