My Wife Gave Away Our House With a Quitclaim Deed. – Patrick

“Dear Steve,

My wife just filed bankruptcy recently because a family friend, a mortgage broker, put the house she owned previiously in foreclosure. My wife had a subprime loan and tried before the 2 years were up to refinance and everyone who came along (Real Estate agents and others) gave her wrong advise. My wife signed a quick claim deed but did not know what she signed because this scum took advantage of our situation and would not give her a copy. He kept making excuses (he left it in Brooklyn, the next time he sees us, he’ll give it to us, etc). She had to go to the housing office to get it.

I had brain surgery and 2 days after being discharged from the hospital he had her sign this form. She went to the District Attorney’s but they said she did not have a case because she signed the house over to him but not the mortgage. My wife was behind 7 months in the mortgage. She had perfect credit before this (800 score). Because of this scum we are ruined. All of this happened May 2007.

We are currently renting a house with the option to buy. The Seller is asking $350,000. He’s desperate to sell. My wife have a part-time and full-time job. I’m also working. Can you do anything for us to get this house? At this point we do not have a downpayment and I have poor credit. We do believe we can afford the mortgage. Can the downpayment and whatever fees be incorporated in the price of the house? The Seller is agreeable to dropping the price. If the fees are $20,000 he’s willing to put the price at $330,000.

Thank you.


Dear Patrick,

Your ability to get the house is going to be determined by your ability to locate a lender willing to accept the risk of lending to you. Since you’ve got current bad credit, that role would have typically been filled by a sub-prime lender, since your credit is sub-prime.

See also  Annlle Bojorquez, Annel Bojorquez - Consumer Complaint - 6-13-2012

With the recent slaughter of the sub-prime lending industry, most, if not all, active sub-prime lenders went out of business.

The issue here isn’t if the home isn’t appropriately priced or a good value, but if you can find a lender to help you.

I know you feel that you’ve been burned by a mortgage broker in the past but a different mortgage broker might be a good place to start. Mortgage brokers are aware of many of the different loan programs available and who knows, maybe there is one sub-prime lender left.

The lack of a down payment is an issue as well. That would indicate that you are just getting by on your current income and are unable to save money. But many rent with option deals are written so part of your rent is credited towards the purchase price, essentially building in a down payment from monthly payments you have already made.


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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