Legal Question in Real Estate Law in Hawaii
HI I have a vacant lot that I co signed for that I have never seen or ever paid a peeny for .will as it is the person I cosigned for has gone into bankrubacy and I 'am now been toal by the lenders that I 'm soul ownner and if I donot pay the 365,785.79 by the end of oct it will go into foreclosure
that is alright with me . I call the lawyers for the company and told them forecloser iis fine I have no money I live on ssi . my ousstion is as I was told they want a ouit claim deed and 7000 dallors.
but I was told that a ouit claim deed in lieu of foreclosure should clear my nane and that I would not have to or should have to pay a penny if I sign the ouit claim deed do I stil have to pay I 'm confueds
1 Answer from Attorneys
A deed in lieu of foreclosure will not clear your name and you do not have any obligation to pay the bank anything. You should have an attorney communicate with the bank on your behalf and visit a CPA for information on the tax ramifications of foreclosures and deeds in lieu of foreclosure.