Saint Joseph, MO asked in Real Estate Law for Missouri

Q: I bought a house from a homeowner the house title still on his name i can’t pay the mortgage anymore can i walk away?

Can i have legal problem if a walk away from the house

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1 Lawyer Answer
Anthony M. Avery
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Answered

A: The house being in his name only has to do with the title and possible foreclosure. But when you bought the home, did you assume the mortgage? Did you ever tell the lender you were responsible for the Note? If you did not, then you took subject to the mortgage and did not become personally liable on the Debt. It is also possible at closing that you acknowledged liability on the Note. Hire an attorney to search the Title and examine whatever closing documents, as well as mortgage statements.

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