Second Mortgage Loan Foreclosed??
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I am afraid that signing the title over to someone left them with the property and you with the loan. The person you signed the property over to has no relationship with the lender. You were the middleman between the lender and the guarantee for the loan. If you got rid of the loan guarantee then you need to get ahold of the lender asap to try and straighten it out.
Go back to the cat title example. A car loan is very similar. You get a loan with a lender to purchase an item. In the loan agreement you basically say that you will pay and if you don't they can take the car to use to try and pay off what you owe. If they sell the car for less than what you owe, they will come after you for the rest of the loan, as you agreed to borrow and pay back a certain amount. If you were to turn around and sell the car (as in this case, you gave someone else the deed to your property), the bank still has a loan agreement with you and wants their money.
Good luck in this whole situation.
Second Mortgage Loan Foreclosed??ok the bank let you sign over the deed knowing there is a mortgage???
where you the only one on the mortgage?
You can call thebank but you are liable if you signed a note
Second Mortgage Loan Foreclosed??Call the bank and explain the story. Do it now! If you can try to get to the loss mitigation department and try to workout a plan. If you don't want to keep the property ask them if they will let you try to sell it. Never ever do this again until you understand the impact. I wish more people were taught how to use money in school! Then you wouldn't have had to go through this. Your credit is one of the most important things you can "Own" in your life! It can affect the jobs you get and whether you can ever buy your own home! So next time treat it as gold and don't share it with anyone unless their risk is as big as yours!
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