 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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 Posted: Sun Oct 26, 2008 7:44 pm Post subject: |
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Hi Guest!
Welcome to the forums!
As far as I can understand from your question, you have taken the loan, but your neighbor was paying the dues. Now that he/she cannot pay the dues, bankruptcy is what that person is thinking. If the person is filing bankruptcy, then it will definitely affect you and your credit. You can give your neighbor the option of deed in lieu and short sale. This will not affect your credit as badly as bankruptcy or foreclosure.
If your neighbor signs a quitclaim deed now, then there are changes that it will be taken as a fraudulent transfer. However, you have mentioned that the mortgage is in your name, so you may consult the lender and a real estate attorney. They will be able to tell you if the quitclaim transfer will be considered as a fraud or not. The neighbor may file a bankruptcy for his other properties.
Feel free to ask if you have further queries.
Sussane |
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