| My wife and I purchased a house in Memphis Tn that I was raised in after my grandmother died,,we did this as my mother was living there and I did not want to see her have to pack up and move after living it it for so long with my grandmother...we purchased this in 1997 and to date she has been late on the payments often..so often that the mortgage co decided to initiate forclosure proceedings...this was unkown to me untill a week ago when my wife ran her credit report. I have not lived in the house for 15 years..have not lived in it since i bought it, told the broker that i was not going to live in it before we bought it.To make matters worse,we are trying to buy a business, no finance co in their right mind will touch either of us with this on our record. A friend of mine mentioned a Quit Claim form to sign the deed over to my mother..i understand that this simply transfers ownership and not the "repayment responsibility"...is their any way that i can get from under this? she has been paying on time for the past 5 months, has been paying dbl payments and next month is her last month for dbl payments, the mortgage co says that they will put a "resolved" next to this on our credit reports..but i dont think that will help us much...of course my credit has gone down the drain due to all the late payments...is there anything i can do? no other family members wish to buy the property. sorry for the life story..hope someone can help..thanks..Ken | 
05-02-2001, 05:27 PM
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