Should I deed over house to the trust owner or should I let him go thru the foreclosure process? Which gives us more time/money to find new place? TX

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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Thom Colby, Agent, Irvine, CA
Mon Aug 30, 2010
Kinseylis,

You should seek the advice of an attorney ASAP. Do not do anything "under duress". Are the bank loans in your name or in the former owner's name? If they are in your name do not Deed in Lieu to the former owner without first speaking with an Attorney.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. There is NO benefit to the Seller or Buyer but only benefits the Agent.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
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David Chiles, Other Pro, Los Angeles, CA
Mon Aug 30, 2010
Thank you for your question about whether or not to do a Deed In Liue of Foreclosure or Judicial Foreclosure. Any answer speculation without further information about your income and debt, however, I recommend staying in the home. Please be advised that you should do what is in the best interest of your family not the previous owners. A child's education is important and switching schools is hard.
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