I have been living in my home for 2 years now. I make all the mortgage payments faithfully and on time. I consider the home mine.

Asked by Highly Favored, Los Angeles, CA Tue Jan 22, 2013

The deed is in my name but the loan is in someone else's name. I recently discovered that person filed bankruptcy. Is there a chance I can lose my house? What rights do I have?

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Douglas Perez…, Home Buyer, Los Angeles, CA
Tue Jan 22, 2013
Yes there is a chance to lose your house, and your rights are none.

In most mortgage notes, there is what is known an "acceleration clause." When just title is transferred without notifying and approving by the lender, lender may demand immediately whole balance of the note or the loan.

I would suggest to seek legal advise from a real estate attorney.
1 vote
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Tue Jan 22, 2013
I agree to most of the answers below.

Since this person filled for bankrupcy - you must consult an attorney.

It may not be all that bad. Since you making payments on time most it should not be foreclosed. However due to a limited amout of information you've provided it will be unprofessional to advice you for certain. You need to check his bankrupcy filing, what chapter? Is this property included? How much total dept, etc...

By far the best way is to call an attorney.

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1 vote
Guy Gleason, Agent, Los Angeles, CA
Tue Jan 22, 2013
From what i know, since you are making the payments the lender will not do anything to take the property away...........if the other person is on the note, and he does BK , that does not affect the note per se, only if it is in foreclosure and bk WILL only postpone the foreclosure sale.

IF you are making the mortgage payments as you say, and are current, that means the lender is getting their money ..and they won't do anything ---cause they are getting mtg payments on time ....................the BK will not affect anything with losing that property as the mtg it is a secured lien to which a BK only handles unsecured liens and will not affect a secured lien........................
that is the basics. From what you say AS LONG AS YOU ARE MAKING THE PAYMENTS AND THE HOME IS NOT GOING TO FORECLOSURE ...the lender wont take action on the property...........that is what i know about it.

if you have other information i don't know, then let me know and i will do my best to answer....................
( I have a paralegal on my team who knows his stuff )))

email or call me

Guy Gleason
818 912 1102
1 vote
Shannon Brady, Agent, Sierra Madre, CA
Tue Jan 22, 2013
I would contact a real estate attorney for advice. Get all your paperwork together and act quickly.
1 vote
Kathleen Bec…, Agent, Santa Monica, CA
Tue Jan 22, 2013
Wow...you may want to contact a real estate attorney for advice on this on. They are many twists and terns regarding deeds and bankruptcy.

Even though the other person filed BK, it does not mean that they will loose the house...especially if your paying on time...and the deed is in your name. When you file BK, you put everything you own on the table and under the scrutiny of the trustee of the court. They may or may not make him sell the house if there is any equity to pay off debt. There is no way to really know what will happen until the trustee reviews the BK and makes their decision.

Do you have an agreement with the this person? Your paying on the loan and it is current? When was the property deeded over to you?

Consult with an attorney ASAP!!!

Good luck!

1 vote
Janey Bishop, Agent, Calabasas, CA
Tue Jan 22, 2013
You need to act quickly but need all the specific information for an advisor to help you. Get the deed, the loan documents, the purchase contract and your record of payments. If you can qualify for a loan in your own name and do hold the deed then you can become independent. I would start with the attorney and possibly a loan officer.
1 vote
Dorene Slavi…, Agent, Torrance, CA
Tue Jan 22, 2013
Dear Highly Favored,
Under normal circumstance, a house loan is secured by the house itself. In other words, if the person who borrowed the money does not pay...the bank takes the house back.
Please check your deed to make sure the home is in your name and not in the name of the borrower.
Since you have been paying the mortgage all along, and can prove this with bank statements,there might be a way to obtain a new loan, or change the existing one, but you should contact a good attorney so that you are protected and getting the best advice.
1 vote
carlos parra…, Other Pro, Monrovia, CA
Tue Jan 22, 2013
Do you have any agreement with the person whose name is on the the Loan? How is that person's loan secured if your name is on the deed? Are you in any way tied to the Loan other than the fact that you have been making the payments? have you been making payments directly to the Bank or to the individual?
1 vote
Madelaine Ko…, Agent, Los Angeles, CA
Tue Jan 22, 2013
Yes, Call a Real Estate Attorney Holly Walker at Verus Law Group. 310.384.7303 or email holly@veruslawgroup.com.. Hopefully she can help...And go get a laon on your house in your name to payoff the loan in someone else's name!

Good Luck! If decide to sell call Madelaine Kolisnyk 310.869.1712

I will give you a free market evaluation on your home is needed!!!
1 vote
Sona Gallatin, Agent, Santa Clarita, CA
Tue Jan 22, 2013
First and foremost, im sorry to hear that, this is a difficult situation. You need to contact an attorney as it sounds like you'll need legal council on this. Hopefully you ve kept receipts of your payments and bank records to back it up.
Good luck.
1 vote
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