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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 34777
Experience:  16 years real estate, Realtor. Landlord 26 years
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I purchased a house with a friend in South lake Tahoe in

Customer Question

I purchased a house with a friend in South lake Tahoe in 2004. He bought my half in 2008 and I transferred my half of the deed to him. He was unable to refinance but kept up the payments. In 2014, he ran into difficulty and a foreclosure was enacted in December 2014. He then refinanced in March 2015 and the loan was paid in full. He sold the house in June 1016. But now my credit has a foreclosure on it and I would like it removed if I can
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: South Lake Tahoe CA.
JA: Have you talked to a lawyer yet?
Customer: no and I live in Akron Ohio
JA: Anything else you think the lawyer should know?
Customer: My credit score is in the range 710 to 740
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Real Estate Lawyer about your situation and then connect you two.
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Barrister replied 7 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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If you were both on the mortgage and friend never refinanced until after the foreclosure case was started, then legally you would be a party to that since you are still on the loan. The transfer of the deed just transfers ownership, but doesn't affect the debt on the property. You are only released from that once it is refinanced, paid off, or the property is sold and the mortgage paid.

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So unfortunately, if you were still on the mortgage and a foreclosure action was filed due to friend not paying the mortgage, that drags you into the foreclosure and it would legitimately appear on your credit.

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The credit agencies are only obligated to remove incorrect or inaccurate info, not accurate but damaging info.

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I hate to say it, but you are stuck here and this will stay on your record for up to 7 years..

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience,even when I know the answer doesn’t make the customer happy...

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thanks

Barrister