Asked by Kinseylis, Arlington Heights, Fort Worth, TX • Mon Aug 30, 2010
We have a deed of trust with the previous owner and there are two mortgages by banks on this house. We have been here 2 years and put $10,000 down, paid insurance and taxes. We are in default on our payments after bank added 2010 and 2011 taxes to payments in Jan.10. The previous owner wants us to sign over a Deed to him so he won't have to let the house go into foreclosure. Does that benefit us in anyway? We are trying to stay in same school zone but may need more time to find a rental. Tomorrow is the last day before they file foreclosure proceedings. We live in North Texas and don't know Texas law and had never tried to buy a house before. thanks
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