my name is on a deed but the property is owner financed through a third party mortgage company, who is the owner?

UPDATED: May 27, 2009

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my name is on a deed but the property is owner financed through a third party mortgage company, who is the owner?

i am asking this question because i am wanting to get out of this property due to it being a complete MONEY PIT but I am not sure if I will qualify for other loans as a first time buyer or not. I also need to know what I would have to do to get out of this deed.

Asked on May 27, 2009 under Real Estate Law, Texas


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I'm not a Texas lawyer, and I don't have all the facts of your case.  This is a situation where a mistake can be very expensive, so I'm not going to guess what you should do next, and neither should you.  You need to have a lawyer representing you, and if you don't already have one, one place to find qualified attorneys in your area is our website,

You will need to bring in the deed, and whatever other paperwork you have on the property, just as a starting point.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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