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Question: I made a horrible mistake?

I transferred the deed to my house to a "friend". And was going to carry the loan for her. I didn't know I was supposed to have a separate contract to make sure she made payments. She stopped making payments. Now my credit is ruined, my only option is to wait for foreclosure proceedings, which is months from now, while she collects free money from a tenant she has living in there. I can't even do a short sale, the house is so far upside down. I'm so depressed and hurt, not to mention broke, she ruined my life. What can I do?

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Answer: Honest, there is not much. You gave up your right to sell the property when you gave her the deed.

However, check with the title company and make sure it is in her name. This should have been pretty tough to do, as the mortgage holder frowns very hard on this and rarely allows it.

If you still have title you need to evict her and her tenants ASAP. Do it Monday.

If you are in CA you can send me the address, I will see if I can find who has the deed online. Some counties are online, others are not.

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