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DWILLI37 · Jun 13, 2007, 09:22 PM

Hello!

Trying to see if anyone might be able to help me with my problem, okay I sold my property to and investor group, I was in the process of losing the property which is a three flat, my loan was paid off in full, The term of the lease is that the buyer is now my Landlord and I'm the tenant, which in the term it allow me to live in the property for one year, and purchase it back with a finding of a loan of my own.

I don't want to purchase it back at all, it would be at a higher price. The problem
Is that the current deed is still in my name, there is a mortgage on the property in the buyer name. The reason the deed is still in my name is that the point of sell inspection was done after the closing, and the property has to be converted back into a single family home, therefore the deed will not be transferred, unless someone is responsible for the convert.

I need to know How do I get the deed out of my name? Without defaulting on the contract? If I walk away with the deed in my name am I responsible for any volation that the buyer my occur on the property? I don't want any dealing with this property. I live in Illinois

Thanks Confused

Fr_Chuck · Jun 13, 2007, 09:48 PM

I am sorry, no, they should not have a mortgage on a property that they don't have a deed for.

You are renting a home from someone, but that person does not have the deed you do.? So you still own the house, they should have a new closing and take the deed, or you may well be able to walk out of this and keep the house free and clear, since a mortgage on a home, against a owner who never had clear title, may not be binding. It would be like me trying to get a loan on your home, If it did, it would not be binding on you.

I would hire a real estate attorney, sounds like this investment group is not doing something "funny" to me.

DWILLI37 · Jun 13, 2007, 10:17 PM

But I don't understand how the property would be free and clear to me, because she has recorded a mortgage, on the property that I have the deed too this is true. The would still effect title for the future if I needed to sell. Can you explain the different of the title and deed? Is the title a lien on the property? And you are right they had to do something becasuse the bank shouldn't have secure a mortagage without the deed right? I did talk to one lawyer and he said that my name can stay on the deed, I don't believe that