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Old 03-14-2007, 02:16 PM
 
Location: California
11,451 posts, read 17,905,822 times
Reputation: 12626

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I sold a house back in 1994, I let the people assume the loan, in 2002 they deeded the house to their daughter and family the original loan still in place, In 1996 I was releast from the loan.
Now the house is in default and I'm still on the original deed because the house has never been refinanced, I am not on the loan but I got a default notice because I'm on the original deed. I talked to the default company and they say I will not have any bad credit filed on my name because the default is on the loan only.

Is this right? Am I okay on this? This is in california
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Old 03-14-2007, 03:00 PM
 
Location: Montana
2,203 posts, read 8,693,969 times
Reputation: 1127
You could talk to a title company, but your situation sounds rather unique. Since you are still listed on the deed, it appears you still have an interest in the property you sold. I think it might be in your best interest to talk with a good real estate attorney.
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Old 03-14-2007, 03:01 PM
 
474 posts, read 2,075,643 times
Reputation: 249
You need legal advice, and should contact an attorney, not a Realtor. If you cannot afford an attorney to look at your situation, you can take your paperwork to a legal clinic for advice.
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Old 03-14-2007, 07:40 PM
 
11,370 posts, read 47,103,231 times
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What a tangled web you have!

If you are still on the deed, then you are still the owner.

Somehow, this whole transaction must have slipped through "the cracks", since a lender would normally collateralize a loan by having recourse against the title to the property. The folks who've been making payments should have had the title assigned to them with the lender as a secured party.

If you sold this on a owner carry back to you, then you never transferred the ownership to the buyers who have now defaulted on the loan. The lender should not have released you from the (your) loan.

As above, you're going to be needing legal advice about how to straighten this out. If you're done with the property ... got paid in accordance with your sale back in 1994, then I'd bet your best course would be a "quit claim" deed to the lender. Unless you want the house back and are prepared to start making payments on it again, bringing it up out of the default and asserting your ownership .... so much will depend upon the terms of your original sale contract.

Best of luck getting this resolved easily and quickly.
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Old 03-15-2007, 10:54 AM
 
Location: Just south of Denver since 1989
11,481 posts, read 31,058,279 times
Reputation: 8103
Quote:
Originally Posted by Roaddog View Post
I sold a house back in 1994, I let the people assume the loan, in 2002 they deeded the house to their daughter and family the original loan still in place, In 1996 I was releast from the loan.
Now the house is in default and I'm still on the original deed because the house has never been refinanced, I am not on the loan but I got a default notice because I'm on the original deed. I talked to the default company and they say I will not have any bad credit filed on my name because the default is on the loan only.

Is this right? Am I okay on this? This is in california
how were you released from the loan? What paperwork do you have to prove this? What is the market value of the house? You could, with the help of an attorney, make up the missing payments, and retain ownership - sell it for a huge profit! 1031 exchange it (because you have not lived there as your principal residence) into something else, tax deferred.
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