Posted on: 20th Jun, 2009 10:15 pm
I'll try to make this short. Long time partner quit claim deeded condo to me I could not afford on my own. Morgage in his name. He left me. Bank found out he did that and it violates their loan agreement.Its a 7 yr ARM morgage called in this August. I can not qualify for a morgage. I abandon the property in April.
The morgage holder is out of the country. The were just letting me stay here cause I was paying but now that I bailed out, its not being paid. Should I let them know it abandon. Can I deed it back to him as a lawyer is advsing me to? What about taxes condo fee's? I have no money to pay any of it thats why I left. HELP!
The morgage holder is out of the country. The were just letting me stay here cause I was paying but now that I bailed out, its not being paid. Should I let them know it abandon. Can I deed it back to him as a lawyer is advsing me to? What about taxes condo fee's? I have no money to pay any of it thats why I left. HELP!
renee Poster
Welcoem to the forum
I woudl suggest you need to inform your partner about this, since the loan is in his name his credit is really geetign affected. Also as your lawyer suggest you are better off doing a quite claim deed to your frind and help him.
Good luck and feel free to ask
Welcoem to the forum
I woudl suggest you need to inform your partner about this, since the loan is in his name his credit is really geetign affected. Also as your lawyer suggest you are better off doing a quite claim deed to your frind and help him.
Good luck and feel free to ask
Hi Renee,
As the loan is in your partner's name, your credit should not be affected in case of a default. However, as a owner, you are responsible for the payment of property taxes and fees. If you let the lender know that you have abandoned the property, they can start the foreclosure procedure. I think you should first let your partner know about this and as your lawyer suggested, you can quitclaim it back to him. If he takes the ownership of the home back, you will be free from all obligations related to the property.
As the loan is in your partner's name, your credit should not be affected in case of a default. However, as a owner, you are responsible for the payment of property taxes and fees. If you let the lender know that you have abandoned the property, they can start the foreclosure procedure. I think you should first let your partner know about this and as your lawyer suggested, you can quitclaim it back to him. If he takes the ownership of the home back, you will be free from all obligations related to the property.
jenkin7,
In my opinion you should (if you can afford) continue with the payment of mortgage.Because as you have got the property without any extra cost (taxes,I suppose are not more than rent value) so in anyway you will be in profit because you are on deed.
Make a wise decision, somehow stretch out, work extra and try to retain the house.As the lender is co-operating you and is not asking you to vacate the premises. so just consider that if you move out of the house you still have to find a new house and pay the rent.Don't you thing current option is nice one??
keep in touch....
:arrow: :arrow: :arrow:
In my opinion you should (if you can afford) continue with the payment of mortgage.Because as you have got the property without any extra cost (taxes,I suppose are not more than rent value) so in anyway you will be in profit because you are on deed.
Make a wise decision, somehow stretch out, work extra and try to retain the house.As the lender is co-operating you and is not asking you to vacate the premises. so just consider that if you move out of the house you still have to find a new house and pay the rent.Don't you thing current option is nice one??
keep in touch....
:arrow: :arrow: :arrow: