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I bought a house with my son to help him qualify for the

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mortgage. I signed a quit...
I bought a house with my son to help him qualify for the mortgage. I signed a quit claim deed 4 yrs ago and my son divorced and he signed the house to his ex. Now the house is in foreclosure because nobody paid the mortgage for the past 2 and 1/2 years. I am still on the mortgage because they were never able to sell the property due to a 2nd mortgage and tax liens that are on the title which I found out recently. Do I have any options here? Thanks
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: it's in NY and yes papers are filed and now I heard they are trying to do a short sale , I don't see it happening because there is a lot of debt on the house. Will I be responsible for any deficiency ? my son is thinking and his ex to file for bankruptsy but UI can not because I have a house of my own .
JA: Has any paperwork been filed?
Customer: yes
JA: Anything else you want the lawyer to know before I connect you?
Customer: yes
Submitted: 2 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/6/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 2 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,025
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. Do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. Additionally, most people believe a phone call is the easiest and most efficient way to handle problems. Accordingly, you will receive an automatic phone call request. If you would like a phone call, please click “Accept” when prompted.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 2 months ago

Okay, thank you very much for your patience. I'm very sorry to hear about this situation. Unfortunately, unless you find a buyer for the home, then there aren't going to be very many options. What is likely to happen is that the home is going to be sold into foreclosure. This means that the county is going to auction off the property to the highest bidder. After that, if there is a first loan on the property then they will take the sale price. If there's anything left over, then it is going to go to the second mortgage holder. After that, it's going to be split between the remaining owners of the property. In this case, if you are no longer the owner of the property, but are still responsible for the mortgage, then you may still be on the hook for the remaining amount of the mortgage.

It’s not great, but sometimes, just settling the debt is the easiest thing to do. It doesn't always appear as if it's the easiest thing to do, but every single day lawyers across the country are explaining to their clients that if they just work on settling their debts in a way that makes sense for them and they are going to be in a better position in the long-term. To facilitate your situation, there’s a site that I’ve used in the past where you can find a good template for debt settlement (click here). It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If you send this letter and they do not respond, then try sending it again to remind them that settling is really what resolving disputes is all about. Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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Category: Real Estate Law
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