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How can we take back a house from our borrowers for non-payment of promissory note?

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hcrk Joined: 06 Mar 2010 Posts: 2 1.00 Dollars($)	Posted: Sat Mar 06, 2010 1:00 pm    Post subject: How can we take back a house from our borrowers for non-paym Like 0 Dislike 0 We have a promissory note with a couple who is making payments to us on a house we own. They have not made a payment in 3 months, and are having money problems. Instead of going through a foreclosure process and ruining their credit, is there a way to let them walk away? We'd like to avoid a lawyer if possible, and wondered if there's some form we can file at the courthouse where they can just sign the house back over to us? Thank you so much for any help you can provide.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Mar 07, 2010 9:38 pm    Post subject: Like 0 Dislike 0 Hi nrthwdj! Welcome to forums! They can sign a quit claim deed and transfer the property to you. Then, they may walk away from the property. However, if you have taken a mortgage on that property, then you will have to keep on paying off the debts. This will help you in saving the property. Feel free to ask if you've further queries. Sussane
hcrk Joined: 06 Mar 2010 Posts: 2 1.00 Dollars($)	Posted: Mon Mar 08, 2010 7:15 am    Post subject: How can we take back a house from our borrowers for non-paym Like 0 Dislike 0 Sussane, Thank you for your answer. We were wondering about the quitclaim deed. We do own the house outright so that's not an issue. The only other concerns we have involve the possibility of their being any kind of liens or anything that could get in the way of the title remaining clear. I don't think there could be, as he did not have the title in his name, but just wanted to address this before we give him the option to sign a quitclaim. Again, thank you for your time. Michele

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