Should I sign a quit claims deed on my house to a Realtor/Investor and move ou? (loan officer, buy houses)
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I hope somebody can help me, I am totally confused and frustrated. Here is my situation, I purchased my house 8 years ago and put 100K down payment from the sale of my prior home, my credit score was great then and I got an ARM, because my loan officer told me was the best option for us at the time to keep our payment low and refinance 7 years later and get a great rate because our house will worth more, I wanted a 30 year fixed like I had before but my husband liked the idea of lower monthly payment for a bigger house. A year ago I tried to refinance my house and I was shocked to know that I couldn't do it because all the money I paid the past 7 years went to interest and now my house worth less money, my credit is not great like before, my husband is out of the country and my income was not enough to cover all the bills by myself so I have being was paying everything late. I just finished paying the car, but I have 20K in credit card debt, plus the mortgage, I cashed my 401K and IRA to keep up with the bills, I have zero retirement now, only 10K in savings and my paycheck, not good situation...My husband won't be back any time soon, his name is not in the mortgage but it is in the title, I called my bank to ask for help before I was behind any payments but they couldn't help me, they said I need to give them more money to refinance, because the amount I owe to them close to market value, or something like that, so what happened to the 100,000 I gave them? the money just disappear because the house lost value or something like that, it is crazy!!!! I don't understand at all, I'm not good with numbers and my husband is not here to help...I decided to sell the property asap, It has being in the market for a long time, I'm just asking what I owe, but not luck....I called a local realtor who buy houses cash fast, she told me that I need to stop making my mortgage payments so the bank can take a short sale, I am behind 3 payments now, I'm scared because I received a letter from the bank with an intention to foreclose, I called the realtor and she said not to worry, which I can't help it....she said I need to sign a quit claim deed to her company selling my house and she will continue to negotiate the short sale with the bank and if they don't want to, she still going to sale the property and pay the difference out her pocket because she is an investor, and willing to take all the risk, We have a potential buyer right now, made an offer to buy the house for $50,000, she found the buyer and the bank will pay her commission, not me...she was very nice an offer me $5,000 to help with my moving expenses, but I have to be out by the end of February....I don't know what to do, my husband said to sign the deed and find a rental until he can come back to United States... what should I do? If I don't move by the end of February can the bank send the sheriff to kick my kids and I to the street? I knew I should not have stop paying the mortgage, I can send all 3 payments right plus the late fees because is close to $6,000 but my Realtor said I will give my money away If I do that....any ideas? Sorry for my ignorance, I really need help, my bank is not helpful at all...
Signing a quit claim deed only gives up your ownership of the property. You would still be stuck with the debt obligation. As "W" said, you need to talk to a real estate attorney right away. If you have a listing agent, ask for some recommendations. If not, you should be able to google "real estate attorney" and your town name or zip code to find one. Call and ask what they charge and how their process works. You are probably going to have a short sale but maybe not. Assume nothing and get an attorney with whom you can work out a better ending for yourself.
Ugh it sounds like someone is tryin to take you to the cleaners literally. You need a attorney for this. A real estate attorney. Don't put it off. This realtor knows exactly what she is doing. She is financially helping to ruin you so she can get a house. Despicable behavior
Contact a qualified real estate attorney to go over your situation. Your attorney may advise you to get an appraisal done on the property to determine its present-day value.
Never take advice from someone who is trying to acquire your property. They may sound "nice"...but so do the best scam artists.
Listen to this 2 hour show on taking action against foreclosure and keeping your home. Yes, you will still have to pay for it, but it might be cheaper than a rental.
Basically, you want to modify your mortgage into a 30 year fixed interest rate. It can happen, even with your credit, as long as you have a job.
Sure, its from Hawaii, but the facts are the same for any state.
You need to act now, the longer you wait, the less likely it will be someone can help you. All these people your talking to are trying to take advantage of you. The bank giving you the interst only loan, the person trying to get you to quit claim the property, etc. They are all sharks and they smell blood in the water. There is likely a non-profit or legal help affiliated with your state that can guide you in the right direction. Stop listening to the sharks. They will eat you.
PS. All the money you paid in was likely interest only. So the bank keeps it. The loan you got was a good deal for the bank, bad deal for you. Its too bad you did that, but live and learn.
I called a local realtor who buy houses cash fast, she told me that I need to stop making my mortgage payments so the bank can take a short sale,...
Is the house actually listed for sale? What is the address.
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