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leayudo · Joined: 27 Jan 2009 Posts: 2 1.59 Dollars($)

I signed a contract and warranty deed over to some people who have not made payments for over 6 months. My credit is being greatly affected and the house is about to go into foreclosure. What can I do?

jameshogg · Posted: Tue Jan 27, 2009 8:01 pm Post subject:

Hi leayudo,

As far as I can understand, you have sold the property to some people and have also signed a warranty deed for that. If there was a mortgage on the property, didn't those people refinance the mortgage in their name? If they have refinanced the mortgage, then your credit will not be affected neither will you be responsible for the payments.

Thanks

Guest

They were suppose to refinance but they weren't approved so now the lender is coming after me.

jerry · Posted: Wed Jan 28, 2009 2:46 am Post subject:

Hi leayudo,

If your name is still on the mortgage docs, then the lender will definitely come after you and ask you pay off the debts. In case, if you are unable to pay the debts, then the lender will foreclose the property. If the lender forecloses the property, then your credit score will also be affected.

You should immediately speak to lender and see if the lender is ready to short sale the property. You will have to write a hardship letter to the lender and apply for it. But it will be discretion of the lender whether to accept a short sale or not.

Thanks,

Jerry

Guest

If you sold a house and allowed the purchaser to take over the payments until they refinanced, and now they cannnot or will not refinance, there is not anything much you can do. You may be able to sue the people you sold the house to for breach of contract or something, assuming that the requirement for them to refinance was in writing, but thats about all i can think of.

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