Posted on: 07th Apr, 2010 03:16 pm
I got involved in a bad housing decision with a bond for title also known as a contract for deed. I have completed the terms thus far as required. I feel i entered in this deal in haste and would like to get out of this contract without foreclosure. Could i use the Quitclaim deed to surrender my rights back to the owner, and chalk it up to expierience?
Hi poppalada,
You can surrender the property to the owner with the help of a quit claim deed. However, this will only help you in transferring the property but it won't help you in getting the mortgage transferred in his/her name. If you want to remove your name from the mortgage, then you will have to ask the new owner to refinance the loan.
You can surrender the property to the owner with the help of a quit claim deed. However, this will only help you in transferring the property but it won't help you in getting the mortgage transferred in his/her name. If you want to remove your name from the mortgage, then you will have to ask the new owner to refinance the loan.
I am in the same boat. My terms were to apply for a loan and stay in the house a year. It is now over a year later, and I want to leave. I have applied twice for a loan, but been denied due to credit issues. I have stayed the year, but am afraid the owner will foreclose and hurt my credit more. The original loan on the house was in the owners name and never transfered into mine. The loan is actually a builders loan that the owner keeps telling me is due now and I need to refinance.
What do I do?
What do I do?
Hi JiminSC!
Welcome to forums!
Unless you refinance the loan, you won't be able to transfer the loan in your name. As you don't have a good credit score, it won't be possible for you to transfer the loan in your name. In that case, the lender may foreclose the property. You need to contact the seller and let him know that you would require sometime to refinance the loan. Meanwhile you can take steps to improve your score.
Sussane
Welcome to forums!
Unless you refinance the loan, you won't be able to transfer the loan in your name. As you don't have a good credit score, it won't be possible for you to transfer the loan in your name. In that case, the lender may foreclose the property. You need to contact the seller and let him know that you would require sometime to refinance the loan. Meanwhile you can take steps to improve your score.
Sussane
I appreciate the quick response, but my problem is that I don't want to stay in the house. I want to get my name off the deed, because the bond for title was filed, and I don't want anyone to come after me. Is there anyway to get my name off the property if I leave?
Welcome JiminSC,
If the mortgage is not in your name, then the lender won't come after you for the dues. As far as the property deed is concerned, you can sign the quit claim deed and transfer it back to the seller. However, if you signed any documents with your seller, then you should check the documents to find whether or not you would be liable for any penalty.
If the mortgage is not in your name, then the lender won't come after you for the dues. As far as the property deed is concerned, you can sign the quit claim deed and transfer it back to the seller. However, if you signed any documents with your seller, then you should check the documents to find whether or not you would be liable for any penalty.