Posted on: 24th Oct, 2009 12:14 am
if I am not on the morgage but my exboyfriend quick claimed the property to me and walked out on the morgage I have continue to pay but now how do I sell it and what would happen if I walked away
hi ds,
if your ex-boyfriend has quitclaimed the property to you, you are now the legal owner of the property. however, this does not make you liable for the loan until you refinance or assume the mortgage. if you want to sell the house, you can. but the mortgage holder needs to approve of this sale. if the property is worth less than what is owed on it, the lender may not approve the sale. in that case, if you walk away from the property, the lender will foreclose on it. but you will not be responsible for any deficiency as you are not on the mortgage.
if your ex-boyfriend has quitclaimed the property to you, you are now the legal owner of the property. however, this does not make you liable for the loan until you refinance or assume the mortgage. if you want to sell the house, you can. but the mortgage holder needs to approve of this sale. if the property is worth less than what is owed on it, the lender may not approve the sale. in that case, if you walk away from the property, the lender will foreclose on it. but you will not be responsible for any deficiency as you are not on the mortgage.
Even if you want to sell the property you need to inform it to the lender for the reason of mortgage complexities.but you will not be liable for the mortgage payments of the house and thus it will not afect your credit in anyway.
keep in touch...
keep in touch...
This is another example of why Lenders don't allow the Title to be modified after the Note is signed. The other day somebody told me the due-on-sale clause isn't invoked when somebody is Quit Claimed onto Title, but they're incorrect because Lenders don't like situations like this.
If there's equity in the property, you'll want to sell the home. The current lienholder will be paid and you'll keep the retained equity. The Lienholder is hoping this will be the scenario that happens.
If there isn't equity in the property, you can walk and nothing bad will happen to you. The Lender will be bummed because of the mess. Your ex will have a foreclosure on his credit for 10 years, and the Lienholder will also go after hime for every cent they lost.
Lenders hate it when Title is modified after the Note has been signed.
If there's equity in the property, you'll want to sell the home. The current lienholder will be paid and you'll keep the retained equity. The Lienholder is hoping this will be the scenario that happens.
If there isn't equity in the property, you can walk and nothing bad will happen to you. The Lender will be bummed because of the mess. Your ex will have a foreclosure on his credit for 10 years, and the Lienholder will also go after hime for every cent they lost.
Lenders hate it when Title is modified after the Note has been signed.
