Posted on: 27th Mar, 2009 08:57 pm
Hello,
I signed a loan and purchase house paper for my mother-in -law, because she had bad credit. She is making all the payments for the house, i do not pay anything for the house. However now she wants to let the house go. How can i prove that i have not been paying for the house. And clear my name for when i want to finance my house?
Peple have told me to use Quit claim . Would this help me or is there anything better out there to help me?
I signed a loan and purchase house paper for my mother-in -law, because she had bad credit. She is making all the payments for the house, i do not pay anything for the house. However now she wants to let the house go. How can i prove that i have not been paying for the house. And clear my name for when i want to finance my house?
Peple have told me to use Quit claim . Would this help me or is there anything better out there to help me?
hi cgutierrez,
you can use a quitclaim deed to transfer the title of the house to your mother in law. but this will not transfer your financial liabilities. to clear your name from the mortgage, she needs to refinance it in her name. you can also use a novation agreement, subject to your lender's approval. i think you should talk to your lender and find a way to remove yourself from the loan.
you can use a quitclaim deed to transfer the title of the house to your mother in law. but this will not transfer your financial liabilities. to clear your name from the mortgage, she needs to refinance it in her name. you can also use a novation agreement, subject to your lender's approval. i think you should talk to your lender and find a way to remove yourself from the loan.
I will recommend you to have a quick claim on your problem. This is so that you can quickly clear your on the situation.
a quit claim deed is not going to "clear your on the situation" any more than "proving" that you haven't made payments will be helpful. you said your mother in law has been making all the payments. that makes for a highly unusual situation if she is now in the position of letting the house go.
unfortunately, advising her to refinance is probably a very slim possibility, especially if she is (1) not making payments regularly; (2) not willing to keep the home; (3) desirous of letting the house go.
cgutierrez, i'm sorry i don't have any favorable information or a solution for your problem, but it looks like you are stuck at this time. perhaps you would wish to step in and take over the payments, if that's possible. that would certainly stave off the creditors.
unfortunately, advising her to refinance is probably a very slim possibility, especially if she is (1) not making payments regularly; (2) not willing to keep the home; (3) desirous of letting the house go.
cgutierrez, i'm sorry i don't have any favorable information or a solution for your problem, but it looks like you are stuck at this time. perhaps you would wish to step in and take over the payments, if that's possible. that would certainly stave off the creditors.
Maybe rent out the house, there may be some tax advantages for you there.