U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 01-28-2012, 06:09 AM
 
1,072 posts, read 2,194,903 times
Reputation: 922

Advertisements

I was served a subpoena recently that stated that I may have an interest in a property that has gone into foreclosure. I was named on a transfer of deed upon death, and now the home is in foreclosure. I have been out of contact with the borrower for several years, and have been unable to find her since the subpoena. I called the attorney's office and told them I have no interest in the property, and they drafted a disclaimer of interest. I am unsettled because of the wording, which basically says that I have no interest in the property, unless it is determined that I owe any money related to the property (to include attorney fees, interest, etc). I have never signed anything related to this property and was not aware of being listed on the transfer of deed on death.

Is there any chance that B of A can come after me for any portion of this debt?
Quick reply to this message

 
Old 01-28-2012, 06:35 AM
 
Location: Blue Ridge Mntns., NC
9,791 posts, read 13,506,344 times
Reputation: 8102
Quote:
Originally Posted by marmom View Post
I was served a subpoena recently that stated that I may have an interest in a property that has gone into foreclosure. I was named on a transfer of deed upon death, and now the home is in foreclosure. I have been out of contact with the borrower for several years, and have been unable to find her since the subpoena. I called the attorney's office and told them I have no interest in the property, and they drafted a disclaimer of interest. I am unsettled because of the wording, which basically says that I have no interest in the property, unless it is determined that I owe any money related to the property (to include attorney fees, interest, etc). I have never signed anything related to this property and was not aware of being listed on the transfer of deed on death.

Is there any chance that B of A can come after me for any portion of this debt?

Did you ask that question of the attorney who drafted the Disclaimer? You need to get this answer from an attorney that represents you, not the bank! If the borrower is still living, then the borrower might remove your name from the deed, but this entire scenario requires good legal advice.
Quick reply to this message
 
Old 01-28-2012, 06:52 AM
 
1,072 posts, read 2,194,903 times
Reputation: 922
Quote:
Originally Posted by QuilterChick View Post
Did you ask that question of the attorney who drafted the Disclaimer? You need to get this answer from an attorney that represents you, not the bank! If the borrower is still living, then the borrower might remove your name from the deed, but this entire scenario requires good legal advice.
I have not yet asked this question of the attorney handling the foreclosure (I received the draft late yesterday, but will call them on Monday). It's true that I will need to consult an attorney who is not representing the bank. There is a part of me that is miffed to have to pay attorney fees for an issue that shouldn't involve me. I was hoping to hear from someone who has been in this situation. Thanks for your reply...it's good advice.
Quick reply to this message
 
Old 01-28-2012, 09:01 AM
Status: "That cotton is blowing" (set 13 days ago)
 
Location: Just south of Denver since 1989
10,572 posts, read 28,014,487 times
Reputation: 6699
What if the owner is deceased and this property is in probate?
Quick reply to this message
 
Old 01-28-2012, 10:45 AM
 
Location: Blue Ridge Mntns., NC
9,791 posts, read 13,506,344 times
Reputation: 8102
Quote:
Originally Posted by 2bindenver View Post
What if the owner is deceased and this property is in probate?

The OP would have been notified of the death of the owner first; and the OP and any and all heirs, would have received notice from the Probate Clerk, not the bank.

There is always more to the story than can be answered on a public forum; and that is why the OP needs to confide in a private real estate attorney, pronto. If the OP incurs costs, I believe he can claim those against the estate, if there is one.
Quick reply to this message
 
Old 02-05-2012, 11:15 AM
 
4,280 posts, read 10,958,164 times
Reputation: 2411
If the OP did not sign any documents during the sale of the home he is not responsible for the home. From the banks side they need to cross all the T's and dot all the I's before moving forward with foreclosure proceedings. They simply want to know if you want to stake any claim on the property before moving on with foreclosure proceedings.
Quick reply to this message
 
Old 02-05-2012, 12:47 PM
 
6,331 posts, read 6,983,133 times
Reputation: 10722
Hopefully, you have received some more answers which alleviated your fears, but from what you've written it doesn't sound like you have much to worry about. I'm not sure if what you received was actually a "subpoena", but it sounds like you just received a standard notification which the bank is required to send out to make sure that all parties with a potential interest in the property are properly notified. As long as you didn't sign anything with the bank, such as co-signing for a mortgage, you should have little to worry about. I'd be interested in hearing how this turns out. Good luck to you.
Quick reply to this message
 
Old 02-06-2012, 07:30 AM
 
1,072 posts, read 2,194,903 times
Reputation: 922
Thanks for the replies. I was able to get a verbal confirmation from the attorney's office that I am not responsible for any of the debt since I was not on the note - only on the transfer of deed upon death.

Jackmichigan, you are right, it was a summons and not a subpoena (oops!). It only required me to respond rather than to appear in court. The disclaimer of interest should hopefully be the last step for me in this process. Even though my name will be on all of the foreclosure paperwork, it should not appear on my credit or have any other negative impact.
Quick reply to this message
 
Old 02-09-2012, 09:31 AM
 
Location: southwest TN
8,096 posts, read 13,870,232 times
Reputation: 14527
So few people understand TOD. As with any gift, one has the right of refusal. If one exercises that right, there is no gift, therefore no liability, tax or otherwise.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top