Posted on: 29th Apr, 2010 09:02 am
if i sign a quit claim deed with wilshire holding group inc will i be liable for making future house mortgage payments.
i'm a realtor in northern california and have a client who deeded her property to wilshire. she signed a loan assumption agreement so that wilshire could assume her loan. today i talked to her mortgage company and they told me she is still responsibile for the loan and only her name is on the loan. unless your loan is assumable, no one can assume your loan. you will still be responsible for paying the loan. why don't you work with a realtor to do a short sale of your property? that would be much better. if you're in northern california i can help you.
Welcome agladd,
Signing a quit claim deed will not remove you from the mortgage deed. After you transfer the property, you would be liable for the mortgage dues.
Signing a quit claim deed will not remove you from the mortgage deed. After you transfer the property, you would be liable for the mortgage dues.
According to Stuart Vener, owner of Wilshire...he states "The loan is secured by the real estate. The lender must look to the property, and under CCP 726 there is only 1 action allowed. If the lender forecloses on the trust deed he is precluded from a second action. Under CCP 580, purchase money loans are no recourse.
The lender CANNOT foreclose and seek additional remedy from the maker of the note."
The lender CANNOT foreclose and seek additional remedy from the maker of the note."