Why is the bank offering me money????

[mytwokids]

What is the name of your state (only U.S. law)? PA

I was wondering if anyone has heard of this and why the bank is offering me money. I co-signed a mortgage over 15 years ago. Only had the loan for a year or two until we refinanced and got me OFF the mortgage. It was a modular home where their is a title. At the time of refinance they never changed the title or anything so my name is still on the title that we have. The property was recently foreclosed upon and the bank that purchased the property is having there realitor contact me offering me money to sign over the title. So my question is why are they offering me money to sign over the title and since I was NOT on the mortgage do I have any legal stand in this?

 

[Ohiogal]

What is the name of your state (only U.S. law)? PA

I was wondering if anyone has heard of this and why the bank is offering me money. I co-signed a mortgage over 15 years ago. Only had the loan for a year or two until we refinanced and got me OFF the mortgage. It was a modular home where their is a title. At the time of refinance they never changed the title or anything so my name is still on the title that we have. The property was recently foreclosed upon and the bank that purchased the property is having there realitor contact me offering me money to sign over the title. So my question is why are they offering me money to sign over the title and since I was NOT on the mortgage do I have any legal stand in this?

They can't collect from you but YOU own a portion of the house. They want to buy your interest from you because you are a creditor.

 

[justalayman]

if your name remained on the title, it is still your property. The mortgage loan does not affect ownership of the property so when you were removed from the loan but not the title, that simply meant you had no liability for the loan but still owned the home (or your share of it if multiple owners).

 

[mytwokids]

So do I sign over the title or what do I need to do?

 

[justalayman]

So do I sign over the title or what do I need to do?

if that is what they require for you to recieve the money, then yes. I suspect they will tell you what they need you to do in order to receive the money.

 

[mytwokids]

I guess I should of clarified they are offering me $300.00 to sign it over. Don't seem like much to me at all.

 

[Ohiogal]

I guess I should of clarified they are offering me $300.00 to sign it over. Don't seem like much to me at all.

HOw much is owed on the house and how much is it worth?

 

[mytwokids]

The property was foreclosed. Their was around $50,000 still owed and a bank bought it for just that. Its now up for sale for $89,000

 

[Ohiogal]

The property was foreclosed. Their was around $50,000 still owed and a bank bought it for just that. Its now up for sale for $89,000

They screwed up the foreclosure if they didn't sue you to foreclose as you should have been named a party. How much do you want to fight?

 

[mytwokids]

I don't think they could of sued me I was NOT on the mortgage loan. When we refinanced years ago to get me off they never changed the title so that is how my name is still on that. I don't know what its worth to fight but don't want to just hand it over for $300 if I am legally entitled to more than that.

 

[justalayman]

I don't think they could of sued me I was NOT on the mortgage loan. When we refinanced years ago to get me off they never changed the title so that is how my name is still on that. I don't know what its worth to fight but don't want to just hand it over for $300 if I am legally entitled to more than that.

but as an owner you have a interest in the title which they would have to deal with in the courts. If they did not include you in the foreclosure, at this point, you still own your share. They are attempting to avoid reopening the foreclosure suit to include you.




actually though, why do you believe you would be entitled to anything? I presume you did not pay anything towards the home and except for this issue, you would not have realized you still held a title interest in the home so really and as such, didn't believe you were owed anything so really, just what do you think it is worth?

 

[justalayman]

I don't think they could of sued me I was NOT on the mortgage loan. .

that is where you are wrong and that is exactly why you are here today. They needed to sue you and they didn't. They needed to sue you because you hold a title interest and that is what a foreclosure is; an action to terminate any title holders interest in a property.

 

[Zigner]

The problem may be that the OP has a false perception of the meaning of the word "sue", as used here. It might be easier for the OP to understand if it's explained this way:

The OP needed to be included in the legal proceedings because she held an interest in the property.

 

[commentator]

Your ship has not come in. This is a little tiny unexpected bonus, IF you choose to accept it. If not, hey, those people have got lawyers on hold, have you? And $300 is a very small part of their retainer. So they'd just as soon spent that litigating against you. So really, I'd take the money and run if I were you. A title is NOT the same thing as a mortgage. The title is who hold ownership of a piece of property. It is filed with the tax records of the place taxes are paid on it. A mortgage is with a bank. Who holds title has nothing to do with who's on the mortgage. But in order to have the property, to posess it, they have to hold title. This means they found out, to their horror that they had done the whole foreclosure wrong, since there was this other guy who was on the title. They have the power to fix this. They're trying for a quick solution. Take it.

 

[mytwokids]

I don't know what its worth or if I am entitled to anything. That's why I am here asking. If signing the title over for $300 is worth it then so be it. If not and I would be eligible for more then of course I would want the "more". I don't know anything about this, was just checking to see if maybe someone here did.