Legal Question in Real Estate Law in Georgia

Real Estate Law
used to own some investment property in Cobb County, Georgia. I got into a situation with the renters that I had where the home ended up being trashed. I turned the home over to another property investor (the ''We buy homes'' types) and I signed over the rights to the house to them. I checked with the county and the property is listed in the name of the new investor. She is currently renting the home out on a 2yr lease purchase deal. The tenants were paying on-time for the 6 months. Now it looks as if they have slacked off since the Dec 07 hasn't been paid yet. Thee payment will be considered late to the bank after Dec 16th. The house is in the new investors name but I technically still own the mortgage (financing) on the home. What recourse do I have in Georgia to get the new investor to either buy the house outright or turn it back over to me? I want the loan closed and off my name since future late payments will affect my credit score even though i don't have control.

Asked on 12/15/07, 2:17 pm

2 Answers from Attorneys

Scott Riddle Law Office of Scott B. Riddle, LLC

0 users found helpful

0 attorneys agreed

Re: Real Estate Law

Your post is not entirely clear ("signing over rights" is not a term that describes the transfer of real property), but the bottom line is that it appears you transferred title of property to someone else, without paying off the debt. If so, unless you have a contract stating that they are to deed it back to you, you probably just gave the property away. Further, since your loan was not paid, you are still liable for the payments, AND if the lender finds out you gave it away your loan docs likely say they can call a default and ask for the entire balance now. You can, and should, have a lawyer review the actual documents, but it does not sound good.

Answered on 12/15/07, 2:34 pm

Mark as helpful