Posted on: 09th Apr, 2011 08:42 pm
hi samantha
we had a foreclosure december of 2008 my relative help us to buy a property the loan is still under her name but she quit claimed the property under our name we have received a collection letter but not from our lender my question is are we still liable for the second mortgage and what's going to be the effect on our situation for our property, does bancrupcy an option? thanks
we had a foreclosure december of 2008 my relative help us to buy a property the loan is still under her name but she quit claimed the property under our name we have received a collection letter but not from our lender my question is are we still liable for the second mortgage and what's going to be the effect on our situation for our property, does bancrupcy an option? thanks
hi guest,
if your name is not mentioned on the second mortgage docs, then you won't be liable for paying it. however, if you can afford, then you can refinance the mortgage and get it transferred in your name and pay off the mortgage to save the property.
thanks
if your name is not mentioned on the second mortgage docs, then you won't be liable for paying it. however, if you can afford, then you can refinance the mortgage and get it transferred in your name and pay off the mortgage to save the property.
thanks