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    kalaysi213's Avatar
    kalaysi213 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jun 13, 2010, 11:16 PM
    Transfer loan to another party
    Were advised to purchase a property in name only in order to be able to purchase another house, the property went to mortgagee sale due to people not being able to meet their mortgage payments, the house was sold and there is now a $100K shortfall - and is stuck because have a commitment paying mortgage on the property gained through the first property - is there a way to transfer the loan in name to the other party who originally put us through this mess
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Jun 14, 2010, 02:58 AM

    No you can't transfer a loan name to another party.

    Tick
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jun 14, 2010, 03:57 AM

    Actually you can assign a loan to another party if both the lender and the other party agree, but that doesn't seem likely in this case.

    What you CAN do is sue the people who caused you this problem. If you have proof that they were supposed to pay and didn't, you can sue them for the amount you were stuck with.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Jun 14, 2010, 07:52 AM

    Bought property ( well someone else did but put it in your name /)

    Was this some "plan" to build your credit up by owning a note in your name that someone else was actually paying ?
    kalaysi213's Avatar
    kalaysi213 Posts: 2, Reputation: 1
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    #5

    Jun 14, 2010, 02:07 PM
    No the broker said it was the only way to buy my first home - was to say on paper that I bought my brothers house - I don't know how he managed it.
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