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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 22691
Experience:  14 years real estate, Realtor. Landlord 24+ years
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I broke up with my boyfriend over 2 years ago. He has failed

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I broke up with my boyfriend over 2 years ago. He has failed to make any payments since and the home is in foreclosure status. He has made a mediation appointment with the bank an they are requesting that I sign a quit claim deed before the mediation. They will not even look into refinancing for him unless I do so. What would this mean for me? What if I sign it and they still don't refinance him? Am I better off to just let it foreclose? When I left, we had a verbal agreement that he would make payments. The bank had my new contact information and never tried to contact me, even when he tried to refinance under hardship circumstances. I just want to know the smartest way to play this. My once excellent credit is already ruined. I live in Washington State.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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What would this mean for me? What if I sign it and they still don't refinance him? Am I better off to just let it foreclose?
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If you sign the quitclaim deed you are transferring your ownership interest to him and you would have no further legal rights to the property. If you do so, then you couldn't force him to do anything legally with the property because you no longer own it.
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But if it is moving towards foreclosure and you have no intention of paying the mortgage, then you really don't have anything to lose in signing it over to him. If he can refi it, great, it will get you off the mortgage. If he can't and it forecloses, then you are not in a much worse position than you are now. If they do a non-judicial foreclosure, which is the most common in WA, then they can't come after you for any deficiency. So you would have the big hit of a foreclosure on your record instead of the multiple small hits for late payments...
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer: replied 1 year ago.

The company he got involved to represent him at the mediation says the bank can come after me for taxes on it, is this true?

Expert:  Barrister replied 1 year ago.
Potentially, if the bank pays the taxes on it, doesn't foreclose, and files a judicial foreclosure where they actually file suit. But this is extremely unlikely if they are going to foreclose on the property because it takes so long to do a judicial foreclosure. The taxes would be paid out of the proceeds of the foreclosure sale as they are attached to the property, not you personally.
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Thanks
Barrister
Customer: replied 1 year ago.

So basically if I sign it over and he refinances, i am out the money im out now and if he cant refinance it forcloses and im in the same boat with the money situation but my credit is more screwed? He agreed to give me the money i paid for down payment, can i hold him to that? If he verbally agreed to make payments, i cant do anything about that either?

Expert:  Barrister replied 1 year ago.

So basically if I sign it over and he refinances, i am out the money im out now

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Yes, unless you have some agreement with him for him to repay you.

and if he cant refinance it forcloses and im in the same boat with the money situation but my credit is more screwed?

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Yes, assuming it won't sell for what is owed on it. But if no payments have been made in 2 years, your credit is hammered about as much as it can be.

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He agreed to give me the money i paid for down payment, can i hold him to that? If he verbally agreed to make payments, i cant do anything about that either?

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If you get it or got it in writing, you are good. Otherwise, it is just an unenforceable gratuitous promise.

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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer: replied 1 year ago.

Damn, i recently deleted a text he sent saying he would give me the down payment. So I Should sign it since it could get me off the thing ether way it goes? Since its in foreclisure status now he cannot sell it correct? but even if he did, no money would be made on it since its so far behind?

Expert:  Barrister replied 1 year ago.
So I Should sign it since it could get me off the thing ether way it goes?
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If he stands a chance of refinancing, then it would at least stop the bleeding... If not, then the house gets sold at auction and the bleeding stops that way too...
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Since its in foreclisure status now he cannot sell it correct?
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He couldn't sell it with you on the deed. If you were off the deed, he could sell it, but it would have to pay off the entire mortgage plus any late fees and charges.
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but even if he did, no money would be made on it since its so far behind?
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This is pretty likely. If it was close to being underwater before, then it definitely is now...
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Thanks
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 22691
Experience: 14 years real estate, Realtor. Landlord 24+ years
Barrister and 6 other Real Estate Law Specialists are ready to help you

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