How do we get our names off mortage loan

[LCharm]

What is the name of your state? New Mexico

A year ago we purchased a home in another part of New Mexico. We allowed a family member to take over the home and did a quick claim deed. However assumption paper work was never sent to the mortgage holder, by the new owners. They where making payments on time and I have the proof of that, however 6 months ago we found out the house was in forclosure because they had not made payments. We loaned them the money necessary to get the home back on track. They put the home up for sale, which we are fine with. However, I went to purchase another property and found out that they are now back in forclosure and and that since we where the orginal buyers on the property (quick claim deed ) does not help. The mortgage holder does not care that we did this. Our names are coming up as the sole people on the forclosure. Is there anything we can do to resolve this issue. How do we get our names off the title or how can we get the house back, since we already did a quick claim deed?

[Some Random Guy]

You gave (quitclaimed) them the house. You still owe the bank the loan. You received little if any money from the deal. This was breathtakingly dumb.

You owe the bank the money. So see if the new owners are as dumb as you were and get them to quitclaim the house back to you. Then sell it and pay off the mortage thet you owe.

The only way to get your name off the mortgage is to pay back the money in full.

[HomeGuru]

Originally Posted by LCharm

What is the name of your state? New Mexico

A year ago we purchased a home in another part of New Mexico. We allowed a family member to take over the home and did a quick claim deed. However assumption paper work was never sent to the mortgage holder, by the new owners. They where making payments on time and I have the proof of that, however 6 months ago we found out the house was in forclosure because they had not made payments. We loaned them the money necessary to get the home back on track. They put the home up for sale, which we are fine with. However, I went to purchase another property and found out that they are now back in forclosure and and that since we where the orginal buyers on the property (quick claim deed ) does not help. The mortgage holder does not care that we did this. Our names are coming up as the sole people on the forclosure. Is there anything we can do to resolve this issue. How do we get our names off the title or how can we get the house back, since we already did a quick claim deed?

**A: ever heard of the movie dumb and dumber? You basically gave away the property and still retained the mortgage liability. You need a reality check. So check in with your nearest real estate attorney.