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Me and a friend had bought a home for cash but I owe a line…

Me and a friend...

Me and a friend had bought a home for cash but I owe a line of credit and I can't pay it and I want to take my name off the deed can they still sue me for the house because I don't want my friend to go through this

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No

Lawyer's Assistant: Where is the home located?

Gi

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Answered in 5 minutes by:
3/21/2018
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 62,861
Experience: Experienced lawyer
Verified
The creditor can sue whoever is liable regardless of title. The debt needs to paid or settled or discharged in bankruptcy.By being prepared and pressing your claim, the other side should feel the pressure and consider the risk of losing and legal fees. That realization can help bring about a settlement!Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 3 months ago
my partner is not liable I owe another bank 30000. it's not fair to her .so if I take my name off the deed and give her to home
Customer reply replied 3 months ago
no
Only the person on the note and mortgage would be liable. If you owe the debt any transfer could be set aside and challenged by lender.
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If you have a follow up, just reply and ask me!Please let me know if the reply is acceptable by responding “yes” or “acceptable”if you get an automatic phone call request, you can accept it and a phone based law expert will handle. if you prefer to proceed by chat with me, just reply to the chat. some customers choose both, but the choice is yours! Thanks
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Customer reply replied 3 months ago
no mortgage
Customer reply replied 3 months ago
there's no banknote for the house there's no mortgage
To the extent there is a debt it can be enforced as to debt or assets and transfers can be challenged.
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Is that clear? If you have a follow up, just reply and ask me!
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Customer reply replied 3 months ago
thank you
Very welcome.
Please select the 5 star (*****) rating on your page for the answer. That’s how I get paid by the site. Much appreciated!
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 62,861
Experience: Experienced lawyer
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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