I stupidly agreed to have 3 mortgages in my name for a friend, Let properties for investment purposes. There has ben shortfalls on payments in my account so all accounts have fallen into arrears and there has been LOTS of letters on my doorstep. I managed to get all arrears upto date recently.
Suddenley they are back in arrears. He has agreed to sell 2 properties but it's taking a while.
The other property i have to make 1 payment to clear arrears then I want to change to interest only. I have to call the company and change to a buy to let product. However I don't want it in my name anymore. What can I do? Can I sign property over to him via a solicitor? I don't want anymore letters comign to my house it's driving me insane.
hope you can help. Thanks
U.K properties.
2007-06-13 03:29:45 · 4 answers · asked by youronmyfoot 2 in Business & Finance ➔ Renting & Real Estate
Your only hope is to get your name off of the mortgage notes. He'll have to refinance to do that. Until the mortgages are retired (paid off) you will be facing this continuously. Tough lesson -- I'll wager you'll never do this again.
2007-06-13 03:34:08 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You might be better off having it quick claimed it ALL over to you. then you will be sole owner
2007-06-13 03:40:49 · answer #2 · answered by Flat_out_Bob 7 · 0⤊ 1⤋
Just so you know - it is a "Quit" Claim deed, not Quick Claim........
2007-06-13 04:20:03 · answer #3 · answered by mrsfoster 2 · 0⤊ 2⤋
i think you have to refinance to do that
2007-06-13 03:38:41 · answer #4 · answered by Isabel 2 · 0⤊ 0⤋