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melissas · Joined: 20 Nov 2008 Posts: 1 1.32 Dollars($)

I have a deed of trust on my house with a older couple. We have about a year left on it but we want to move. It is a rent to own. How do i get out of this without hurting my credit.

gmakerley · Posted: Thu Nov 20, 2008 8:39 am Post subject:

you need to negotiate with the couple. i wouldn't think this would have any impact on your credit, inasmuch as this is a private deal. generally, that sort of arrangement wouldn't be reported to credit reporting agencies.

should something go awry and the couple chooses to seek legal action, that could have an impact, of course - if and when a judgment were issued against you.

negotiating is your best bet - perhaps they'll be understanding and simply move on as you move out.

jameshogg · Posted: Thu Nov 20, 2008 10:35 pm Post subject:

Hi melissas!

Welcome to forums!

I think you can get out of the deed of trust if you can negotiate with the couple as George has also said. But I think you will also have to speak to the lender. The lender may agree to do a novation in order to transfer the mortgage because only a year is left. If the payments are being made on time, then I don't think it will affect your credit score. However, the other couple may ask for a compensation for breaking an agreement.

Thanks.

gmakerley · Posted: Fri Nov 21, 2008 9:19 am Post subject:

james...the couple is the lender...one and the same...

everyone: we need to read people's posts thoroughly so we can at least take a stab at having sensible responses.

gmakerley · Posted: Fri Nov 21, 2008 9:20 am Post subject:

oh yeah...i include myself here, too.

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i wnt ti get out of my deed of trust