I am on the Title but I am not on the loan, what are my rights?

[Joel Fraser]

Hi, I need to know my rights when I am the only one on the Title but I am not on the loan. I will try to explain the situation and be brief if possible. I got into this contract with the agent and the previous owner of the house last year. I gave them $75,000 in return to changing the name on title under my name. This was a suggestion of the RE agent since at that time I could not afford the house and could not qualify because of the FICO. The loan term was not explained to me clearly that it was an OPTION ARM and it already reset back in July 2008, meaning no more minimum payment for me and could no longer afford to pay. The person on the loan wants me to refinance, but I still can't qualify for that loan amount. We both then went to another agent, not the previous agent who fooled me. The new agent suggested to Short Sale the house, but then after meeting with the agent, the person on the loan is no longer cooperating. Now, I don’t know what is going on to the loan because the statement is addressed to him and I am not getting it. I have no access to the lender (IndyMac) to discuss the matter and according to the new agent; she can’t converse with the Lender because she does not have the authorization to talk to them. I am in the process of moving out, but I really don’t want to leave the house if possible. Besides, I am having difficulty on the loan approval right now with the new house that I am trying to get. My question is what are my options? Do I have the right to sell this house without involving the person on the loan? How will I notify the Lender? I have not paid the house for 4 months now, what is going to happen to me and my family? The person on the loan offered to give me $5,000 just to sign the Title back to him, is that appropriate, should I agree to that? Will I get evicted here eventually? When? How? Please advice? Do I need an attorney? I am so very depressed and don’t really know what to do? Your suggestion is greatly appreciated, thanks.