Posted on: 09th Jul, 2010 07:14 am
I bought a hous from a friend as a favor to him in order to help him get out of debt and improve his credit. I agreed to sign a quitclaim deed because he was suppose to buy the house back within a few months, well that has been almost three years and the individual has not brought the house back and I have paid more than $50,000 on this property, I has him to buy it back but he said that he is not ready to buy it back yet. What can I do, I do not want to keep paying on this house.
Also, he has never filed the quitclaim deed because the deal was that I was to sign it just in case something happen to him or me. He is still holding the deed after almost three years. The mortage company does not know about this because My name is the only name on the original deed/title which was made with the lender. I don't want to stop paying the mortgage because my credit will be ruined and he knows this. I feel that I am traped over a barrel. Is there a way that I can get released from the quitclaim deed? If this individual won't buy back, and it has been almost three years, then the contract (quitclaim deed) should be null and void.
Your thoughts.
Also, he has never filed the quitclaim deed because the deal was that I was to sign it just in case something happen to him or me. He is still holding the deed after almost three years. The mortage company does not know about this because My name is the only name on the original deed/title which was made with the lender. I don't want to stop paying the mortgage because my credit will be ruined and he knows this. I feel that I am traped over a barrel. Is there a way that I can get released from the quitclaim deed? If this individual won't buy back, and it has been almost three years, then the contract (quitclaim deed) should be null and void.
Your thoughts.
Hi davis_albert,
You are in a tough situation. The mortgage is in your name and thus, you are liable for the payments. If you stop your loan payments, then it will affect your credit negatively and the lender will sue you for the payments.
You've mentioned that the property deed that you gave to your friend is not recorded. In that case, the deed will not be considered as valid. You should contact a real estate attorney and check out whether or not you can get the property deed in your name. Once you get the property transferred in your name, you'll be able to list it in the market and try to sell it off.
Thanks,
Jerry
You are in a tough situation. The mortgage is in your name and thus, you are liable for the payments. If you stop your loan payments, then it will affect your credit negatively and the lender will sue you for the payments.
You've mentioned that the property deed that you gave to your friend is not recorded. In that case, the deed will not be considered as valid. You should contact a real estate attorney and check out whether or not you can get the property deed in your name. Once you get the property transferred in your name, you'll be able to list it in the market and try to sell it off.
Thanks,
Jerry