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keilamena · Joined: 07 Jul 2009 Posts: 2 1.69 Dollars($)

Hello,

I have a dificult situation, my father in law own a property in florida, (he is the only one in the note from the bank) he did a quit claim deed about a year ago, to my husband and myself. he got sick and could not make the payments. (5 months) he died a two weeks ago, and we have received a "summons personal service on an individual important" the summons says to the bank and my father in law name and ET Al , but also in the second page says "Notice of Lis Pendens" but this also mention my father in law, my husband and my name. I would like your advice, This will affect myself and my husband credit, this will be public record since they mention the three of us.? we would no be able to buy another house. Please help..
Thanks

keilamena · Joined: 07 Jul 2009 Posts: 2 1.69 Dollars($)

I forgot to mention that he did a quick claim deed but he still remain on the deed.

jenkin7 · Posted: Tue Jul 07, 2009 10:35 pm Post subject:

Hi keilamena,

Since your father-in-law is on the mortgage note, he is responsible for the loan. Through the quitclaim deed he transferred only the title to the property. It did not transfer the loan liability. Thus, even though you were added to the title through the deed, you will not be held responsible for the loan and your credit will not be affected. But since you were quitclaimed the property, your names will apprear on the foreclosure notice.

elnoralittle · Posted: Wed Jul 08, 2009 5:17 am Post subject:

jenkin is correct.
You should not be held responsible for the debt unless you were added to the note through a refinance.
My advise to you, is to contact the lender and see what information you can find out first.
then contact your father in laws attorney who prepared the quit claim.

Posted: Wed Jul 08, 2009 6:37 am Post subject:

Thank you Jekins and Elnora
for the advice. Will the bank worked out with me to do a loan modification or to do something to save the property? since my father in law passed away. or is better to let this property go, and lose it since the property has lose its value. Thank you in advance

elnoralittle · Posted: Wed Jul 08, 2009 6:41 am Post subject:

you will have to call them and get qualified for a loan.

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my husband purchase a home, my name is on the deed not the loan, he is in the process of a short sale, I purchase a home in my name only, will my husband short sale affect my loan or credit

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will my credit, or my public record will be affected if I am on the deed but not in the note