Did you get the "refi with cash out"? Good Luck

Jose
Who gave you this advice?
I think you should talk with someone that you trust about your situation. I don't know your story, but somebody will listen and help you.

Walking away from your obligation is not going to solve your problems.

The consequences are simple...they will go after you, especially if you have other assets!! Why would you quitclaim the property? The property does not get a lien put against it, your name and social get a lien against it. Banks are now making the person on the loan responsible for some of the loss, the new people on title are free and clear because I am sure you did not go through escrow on the quitcalim. If you go out and seek legal representation, that's a waste of money because usually a quitclaim is illegal with most banks,most loans are non-assumable. What you need to try and do is a short sale to get rid of the property and your problem!! Let me know if I can be of any assistance, I have an office in South Gate.

Good Luck!!!!
Dyanna

Jose:

You are responsible for the loan, since it is in your name. However, if you stop making the payment and the new owner does not make the payment, the bank can still foreclose on the property which is the collateral for the loan, even though your name is no longer on the deed. This does not necessarily protect you from a deficiency judgment, if the bank does not get paid in full. I highly recommend that you contact an attorney to see what your liability is.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty

The loan / lien is in your name so you are the one responsible for the payments.