Expert: Dick Dennis - 11/19/2007

Question
I quitclaimed on a home years ago, in lieu of that person re-financing the home into their name.  This has never happened and the home still appears on my credit...What are my legal options??

Answer
Just because you quit-claimed a property to someone doesn't have anything to do with the loan that was on that property, Debra. That person's name indeed may be on the title of that property. Maybe she/he didn't have good credit to get their own loan. There are investors out there who will take over your property "subject to" the existing loan, meaning they agree to continue to make the payments on YOUR LOAN but no guarantee that they will get their own loan. I recommend you take a look at your agreement with that person to see if they were really supposed to get a new loan or did you just assume that would be the case. If they were supposed to, then I recommend you bring your situation to a REAL ESTATE attorney who will make sure everything is as it should be. Be aware, Debra, that if you do not have this agreement in writing, you're going to have a hard time proving that was the original intent. That is why you're going to need an attorney. For future reference, keep this in mind: "In real estate, if it is not in writing, it was never said." I do wish you well.

Dick Dennis         dixiedee13@aol.com