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    Lawrence007's Avatar
    Lawrence007 Posts: 1, Reputation: 1
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    #1

    Sep 7, 2011, 08:16 AM
    Name on mortgage not deed?
    I bought a condo in 2007 for $93,000 now it is worth about $25,000. Our property manager told me yesterday that there was a problem with my deed. Somehow in the paperwork, I deeded it over to another tenant in the building (who does not want it either). How can I get out from under this mortgage (Bank of America)? It is being rented to section 8 (Chicago)
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Sep 7, 2011, 08:56 AM
    How could you have "somehow" deeded over your condo to another tenant? Makes no sense here.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Sep 8, 2011, 06:38 AM
    You're going to have to provide more details. Section 8 is a federal rental assistance program - so do you mean that this is a rental property that you own? The rightful ownership of the condo is controlled by the deed as filed with the county, not the property manager. So you need to find out just what he meant when he said that you deeded the property to someone else by mistake.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Sep 8, 2011, 07:50 PM
    You can not legally just deed it over to someone if there is a loan on it, without paying the loan off. So you have other issues, including possible being sued by the person you "sold" this to.

    But you have to pay the loan off, of allow them to foreclose on the property. And the person you sold it to, may sue you for the value of the property if the loan is not paid off.

    Serious time to get a real estate attorney
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