Legal Question in Credit and Debt Law in Georgia

Hi,

Back in 2009 I took over a mortgage from one of my friends property and was planning on buying over the property. While I lived there, she told me to do a loan for her for another home and said she would only need me to do it for a few month since she was tied up because I was living on one of the property.She ensured me the deed was going to be in her name for that house and the one i was living in was going to be in my name and i didn't know anything so I agreed. It all happen so fast that before i got a chance to buy over the house that I was suppose to, she went into bankruptcy. We tried to get the bank to switch the loans on the 2 homes but they refuse since she was going into bankruptcy. My friend got me to work out a payment with one of the loan officer that did the loan and worked out a payment. He knew the loan didn't belong to me and got the bank to work out a 50 dollar monthly payment with no interest. I thought I was only going to have to pay that forever but I just found out that I need to pay over 100K by the end of july this year. I have been mislead into signing this loan and it should not belong to me but I have been responsible for it the last 4 years. Is there any possible way for me to get this debt back into her name ?


Asked on 1/21/16, 3:04 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Without even trying to figure out what is going on in your post, which would be impossible without the documents anyway, you need to do now what you should have done before agreeing to any of this - get a lawyer. It probably would have saved you a lot of money. Don't dig a deeper hole.

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Answered on 1/22/16, 8:47 am
Rachel Hunter

You have made a mess of things by not handling things properly to begin with. Now you have made things worse. You do not just assume a mortgage loan for property that you do not own. You only work this out properly with legal agreements. And you get your own mortgage at some point for which you have to qualify.

It doesn't sound like you did this or even took the time to comprehend what was going on. And $50 a month mortgage payments? You thought this was going to last forever? Do you believe in the tooth fairy, Easter Bunny and Santa Claus too?

You signed this and I think its going to be tooo late to do anything about this. Unless there was some kind of fraud involved that you can prove, I think you are going to have to file bankruptcy if you want to avoid this.

But no one on a public forum like this has seen documentation. I suggest you get a consult with either a real estate litigation attorney (if there is real property involved and you are or should be on the deed) or a bankruptcy attorney.

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Answered on 1/22/16, 3:40 pm


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