Posted on: 02nd Oct, 2007 05:11 am
I lost my job, and quick deeded my house to this gentleman. Its been two years now and this person giving me bad credit, by being extreamly late with payments. How can i get this property out of my name, and can the finance company come after me?
hi mcclsin,
you can request the person to refinance the name in his name only. in that case, while he refinances, there can a change of title done. and, in this course, property will be transferred to the person by you. so, the property as well as the loan will be in his name.
you can request the person to refinance the name in his name only. in that case, while he refinances, there can a change of title done. and, in this course, property will be transferred to the person by you. so, the property as well as the loan will be in his name.
I've tried that, this person keeps putting it Off 4 more time. Meanwhile my credit is bad cause of being late.
by quitclaiming the home over to a third party you have lost any claim to the property however you are still responcible for the loan. Unfortinately you have no legal way to get rid of your obligation other then to pay it. And the bank will hold you responcible should the loan go bad.
hello mcclsin,
the easiest process was to refinance the loan in his name which he is not willing to do. you can also try for a novation to transfer the loan to his name but that too requires his consent. the only other option left for you is to negotiate with him for a reverse quit claim so that the property comes back to your name and you can make regular payments to improve your credit.
the easiest process was to refinance the loan in his name which he is not willing to do. you can also try for a novation to transfer the loan to his name but that too requires his consent. the only other option left for you is to negotiate with him for a reverse quit claim so that the property comes back to your name and you can make regular payments to improve your credit.
it is actually a "quit claim deed". you quit your ownership rights and now don't have a paddle... the property is actually out of your name, but the loan (mortgage) obligation is not. did you have any other document signed stating that the new owner would make the payments in a timely fashion? if so you may have some recourse, otherwise you may be out of luck.
the best advice for you is to contact an attorney to try and correct the situation. you could possibly receive damages etc, but even if you don't have a strong legal leg to stand on, you may be able to frighten the new owner into signing the property back to you. you could then sell the house in the correct fashion and remove your debt obligation.
the best advice for you is to contact an attorney to try and correct the situation. you could possibly receive damages etc, but even if you don't have a strong legal leg to stand on, you may be able to frighten the new owner into signing the property back to you. you could then sell the house in the correct fashion and remove your debt obligation.
