make all mortgage payments (which I have made since April 2006), and agreed that as of March 2007 the loan to be in my name as a new owner. I would like to cancel it because the property has decreased in price and I do not think it is going to recover soon, which means I will be losing money. How can I cancel this grant deed which I signed before a Notary, or this is not possible at all. Thanks for your answer
2007-02-13 03:47:03 · 3 answers · asked by GLASS1 1 in Business & Finance ➔ Renting & Real Estate
I am nor sure you can just "cancel" but you can probably do the following:
1/ Sell the property and pay off the mortgage since you remain on the hook for it....
2/ Pay off the bal. outstanding on the mortgage out of pocket...
2007-02-13 05:18:01 · answer #1 · answered by boston857 5 · 0⤊ 0⤋
No, you cannot unilaterally cancel a contract, unless you can prove fraud, duress, etc.
What you can do is just refuse to make the mortgage payments. Then you will be in breach of contract. The creditor will foreclose on the property, and you (depending on which state you live in) may be personally liable for any difference between the foreclosure price and the amount remaining on the loan. Oh, you will also be left with a ding on your credit rating.
Best choice: Sell the property, take your losses, and move on.
2007-02-13 07:55:29 · answer #2 · answered by Mr Placid 7 · 0⤊ 0⤋
Nothing can be changed in contract unless all parties to the contracts agree to the change. Pretty self explanatory I think.
Buena Suerte
2007-02-13 03:53:54 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋