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Posted by Markebpsi on May 10, 2008 at 11:21:04:
I thoroughly understand that real "law related advice" can't be given but I need some general info.
I've already spoken with the following about my issues and can't get a CLEAR answer at all: BK Lawyer, County Assessor, County trustee, my mortgage company, the law firm handling the foreclosure for the bank
I'll try my best to keep this as short as possible...
I bought a house in August of 2002. My best friend co-signed to help me get the house. We got a notorized document that states that when I can physically get approved for a refi into my name alone that I woudl refi and have my name only on the house...he never had, nor has any vesting interest in the house per the document. In return he rents a room from me in the house at a great price. Then in December of '06 I did a refi, got approved on my own and put the house in my name. A Quit claim deed was done at that time to supposedly aquit my co-signer off the house.(all those documents are filed and accessible through my local county)
I got laid off work 3 times in a 4 month period and decided to file for BK and let the house go.
The problem: According to the Deed of trust, we are both still on the Deed and he is liable and included in the Foreclosure documents. During my whole refi process it was stated DOZENS of times as to why I was doing the reif: TO PUT THE HOUSE IN MY NAME. Just to be perfectly clear, the loan paperwork, payment slips etc are all in my name as they should be. The current mortgage loan does not show up on his credit right now(thank god)...but his name is on the Deed currently and therefore he is included on all the Foreclosure docs/letters that come in the mail.
So long, long story short I have paid my credit cards back up to current and do not want to continue with the BK if my best friend is getting pulled into it and having his credit ruined etc etc. I'm selling everything I own in order to make the mortgage current.
My question(s):
-Was something possibly signed wrong or filed incorrectly at my refi closing in '06?
-In reality could I technically follow through with the BK and not affect my friends credit etc?
-I'm now leaning towards a short sale...could I follow through with a short sale and not touch his credit etc?
-Is the Deed of Trust something that can be altered if both current parties sign some docs or something to put it into just my name as it should be??(the local assesor said it takes an act of god to change them:(
Thanks a TON for any and all info you can share with me. I would be devastated and disgusted if I have hurt my buddies credit. As mentioned, that is the sold reason I have tentatively pulled out of the BK and am selling my personal belongings to come up with the $$ to prevent a forclosure.
Many thanks.
Mark