I purchased a home several years ago but the payments were too high and space was limited for our expanding family so a friend took over the mortgage a year ago. We did a title transfer as a "gift" and she was supposed to refinance last year. But she never did. I think the problem is that the value of the home is probably $100K lower than what is owed to the bank. So, if she were to ever default on the mortgage payment for any reason, that would make me financially liable and continue to affect my credit. If she defaulted could they go after my checking accounts too? I'm in a very bad situation. It stresses me out when I get phone calls for late payments. What are my options? Would it be to get her to sign some sort of contract between the two of us saying that she will continue to be financially liable for the mortgage payments in the event of accident, death, etc.?? I don't know what to do. What are some legal steps that I can take from this point forward to protect myself?
Source: http://www.lawguru.com/legal-questions/-/purchased-home-years-ago-payments-709633609/
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