Deed not on my name but loan is

[super_diva]

What is the name of your state? California

My uncle purchased a house under my name (since my credit is good). He had me sign a grant deed to transfer the property to his name. He is the one paying for the loan and taxes. But lately he is paying late that scares me because it might affect my credit rating. What are my options to have my name taken of the loan? Please help. Thank you.

[BelizeBreeze]

Are you sitting down? Do you have a bottle of scotch handy?

Because you have just done the one dumbest thing you could ever do.

The only way to get your name off the loan is to refinance. And since your name is not on the deed, YOU can't do anything. Your uncle will have to either refinance or you're credit is going to take a big hit.

[Samm1970]

Very bad decision!

I would go to your uncle and insist he put you back on title by filing a quit claim deed or the like. Make sure you file as joint tenants. You should not be on the hook for his mortgage without having an ownership interest in the home. What if something happens to him? You won't have any rights to the home. But you'll still be on the hook for the mortgage.

I would also plan on checking with your mortgage company every month to ensure the payments are made timely and if you want to protect your credit have some money set aside in case you need to make the payment.

[super_diva]

Thanks for all youre reply.

He said he will be refinancing this month. I hope it pushes through.

Can he sell the house and he gets paid instead of the payment going to the bank that has the loan?

[HomeGuru]

Originally Posted by super_diva

Thanks for all youre reply.

He said he will be refinancing this month. I hope it pushes through.

Can he sell the house and he gets paid instead of the payment going to the bank that has the loan?

**A: no, the bank gets paid first.