Posted: Sat Oct 24, 2009 10:07 pm Post subject: Property in my name not the loan.
Three years ago i bought a property from this lady that wanted out because she could not fix it and afford the monthly payments i took title of the property but not the loan. thinking i will refinance withing a year or so but things didn't turn out the way i planned, I couldn't refinanced then or now.
I been making the monthly payments on time for three years.I have fix the property and invested like 30k on it.
The lady i bought the house from, the one that has the name on the loan is filing for bankruptcy I know the bank can call the loan due upon transfer of ownership but that hasn't happened for three years, what options do i have does anybody been in this position before?Will the bank take the property back even though is not in foreclosure status? I will appreciate any input thanks .Jaime
Oh the house has a loan of 200k and it's worth about 140k now.
I would like to keep the house if i can.
If the lady does not include the loan in her bankruptcy filing, then you would be able to retain the property. However, it would have been better if you could have refinanced the loan earlier. It may not be possible for you to refinance the loan now as the property is underwater. _________________ Procrastination is the enemy of your financial success
galvezjaime7
