Foreclosure in 11207>Question Details

ladydiftl, Home Buyer in Davie, FL

Itook ou a home equatity from washington mutuai 2006...he explained most things to me and what he didn't say,andor did Isee it was a interest only

Asked by ladydiftl, Davie, FL Sat Nov 9, 2013

IMy condo was in my parents name andit was a quick claim deed to mein1990...The mortgage #1 is with city bank still with my parentsnameonit...whey did washington mutual notcheck and am I liable because it wasnt' checked into.. can they CHASE FORECLOSE ON MY CONO.

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You really should be consulting with an attorney who specializes in real estate, he/she can better advise....
0 votes Thank Flag Link Sun Nov 10, 2013
When someone quit claims a deed to someone else, basically what they are doing is giving away their rights but retaining their responsibility if there is a loan on the property. One can't quit claim a mortgage without the lender's agreement. From what I know lenders want you to apply for a mortgage all over again. According to what you state, the mortgage is in your parents name, not yours. That means that a possible foreclosure is reflected on your parents credit report, not yours. Yes, Chase can foreclose if the mortgage is in default and all the regulatory notices have gone out. Now, I am not an attorney, so please consult one and have your question supported with documents so you can answer in a speedy fashion. It may save you money.
0 votes Thank Flag Link Sat Nov 9, 2013
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