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I was served a subpoena recently that stated that I may have an interest in a property that has gone into foreclosure. I was named on a transfer of deed upon death, and now the home is in foreclosure. I have been out of contact with the borrower for several years, and have been unable to find her since the subpoena. I called the attorney's office and told them I have no interest in the property, and they drafted a disclaimer of interest. I am unsettled because of the wording, which basically says that I have no interest in the property, unless it is determined that I owe any money related to the property (to include attorney fees, interest, etc). I have never signed anything related to this property and was not aware of being listed on the transfer of deed on death.
Is there any chance that B of A can come after me for any portion of this debt?
I was served a subpoena recently that stated that I may have an interest in a property that has gone into foreclosure. I was named on a transfer of deed upon death, and now the home is in foreclosure. I have been out of contact with the borrower for several years, and have been unable to find her since the subpoena. I called the attorney's office and told them I have no interest in the property, and they drafted a disclaimer of interest. I am unsettled because of the wording, which basically says that I have no interest in the property, unless it is determined that I owe any money related to the property (to include attorney fees, interest, etc). I have never signed anything related to this property and was not aware of being listed on the transfer of deed on death.
Is there any chance that B of A can come after me for any portion of this debt?
Did you ask that question of the attorney who drafted the Disclaimer? You need to get this answer from an attorney that represents you, not the bank! If the borrower is still living, then the borrower might remove your name from the deed, but this entire scenario requires good legal advice.
Did you ask that question of the attorney who drafted the Disclaimer? You need to get this answer from an attorney that represents you, not the bank! If the borrower is still living, then the borrower might remove your name from the deed, but this entire scenario requires good legal advice.
I have not yet asked this question of the attorney handling the foreclosure (I received the draft late yesterday, but will call them on Monday). It's true that I will need to consult an attorney who is not representing the bank. There is a part of me that is miffed to have to pay attorney fees for an issue that shouldn't involve me. I was hoping to hear from someone who has been in this situation. Thanks for your reply...it's good advice.
What if the owner is deceased and this property is in probate?
The OP would have been notified of the death of the owner first; and the OP and any and all heirs, would have received notice from the Probate Clerk, not the bank.
There is always more to the story than can be answered on a public forum; and that is why the OP needs to confide in a private real estate attorney, pronto. If the OP incurs costs, I believe he can claim those against the estate, if there is one.
If the OP did not sign any documents during the sale of the home he is not responsible for the home. From the banks side they need to cross all the T's and dot all the I's before moving forward with foreclosure proceedings. They simply want to know if you want to stake any claim on the property before moving on with foreclosure proceedings.
Hopefully, you have received some more answers which alleviated your fears, but from what you've written it doesn't sound like you have much to worry about. I'm not sure if what you received was actually a "subpoena", but it sounds like you just received a standard notification which the bank is required to send out to make sure that all parties with a potential interest in the property are properly notified. As long as you didn't sign anything with the bank, such as co-signing for a mortgage, you should have little to worry about. I'd be interested in hearing how this turns out. Good luck to you.
Thanks for the replies. I was able to get a verbal confirmation from the attorney's office that I am not responsible for any of the debt since I was not on the note - only on the transfer of deed upon death.
Jackmichigan, you are right, it was a summons and not a subpoena (oops!). It only required me to respond rather than to appear in court. The disclaimer of interest should hopefully be the last step for me in this process. Even though my name will be on all of the foreclosure paperwork, it should not appear on my credit or have any other negative impact.
So few people understand TOD. As with any gift, one has the right of refusal. If one exercises that right, there is no gift, therefore no liability, tax or otherwise.
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If the OP incurs costs, I believe he can claim those against the estate, if there is one.
