Posted on: 25th Mar, 2010 06:08 pm
I am trying to buy a home, because the home I currently live in is being foreclosed on. I am on the mortgage, but not on the actual note. I am the only one on the deed. My ex quit claim the deed over to me in the divorce, but he is the only one on note. Mortgage company states that I am not even authorized to talk on the account. They will not work with me financially, and I haven't seen or heard from my ex in 6 years. The program I am trying to buy the house states I cannot be on the deed to this home. Since I can't do a modification, deed in lieu, or anything else could I quit claim the deed over to my father. Since I am not responsible for note could they go after me or my father financially? I am in desperate need of help.
Thanks!!
Thanks!!
Hi Cagebird,
You can quit claim the property to your father in order to get rid of the ownership of the property. However, as your father or you are not on the mortgage note, then the lender will not be able to sue you for the payments. The only thing that the lender can do in regards to the non-payment of the dues is to foreclose it. Even after the foreclosure, nor you nor your father would be responsible for the balance amount.
Thanks
You can quit claim the property to your father in order to get rid of the ownership of the property. However, as your father or you are not on the mortgage note, then the lender will not be able to sue you for the payments. The only thing that the lender can do in regards to the non-payment of the dues is to foreclose it. Even after the foreclosure, nor you nor your father would be responsible for the balance amount.
Thanks