reverse quit claim deed

jameshogg · Posted: Sun Jul 12, 2009 10:34 pm Post subject:

Hi Bill,

I guess your name is mentioned only on the property deed but not on the loan. As the property is now being foreclosed upon, I would suggest you neither to assume the loan nor to refinance it. If the property is foreclosed upon after the assumption or refinance, then it would badly effect your credit. At present, as your name is not on the mortgage, a foreclosure will not effect your credit in anyway.

Thanks

Guest

Transfering the loan and assuming the debt are the same thing. Either requires the agreement of the bank or company holding the original mortgage. If the house is already in foreclosure and you can not pay the back payments at least, I would not think they would allow it, but in this housing climate, anything is possible - Certainly worth contacting them to see if they'd be interested in doing an assumption and workout of the original note, though be careful since you said the debt is higher than the value of the home - I'm not sure I'd want to get tied down to that.

Just because you were given a QC deed and have a legal interest in the house, the foreclosure will not go against your credit if it happens since you did not sign the note or mortgage. You can basically walk away without owing anything.

One more thing to consider, depending on how the deed was drawn up, you may not have full title to the home just because your parents died. If the deed was to the three of you as "joint tenants with right of survivorship" you are fine, but if you are simply "tenants in common" or the deed did not specify, the estates of your parents still have proportional shares in the property.

Guest

I'm mentally Disabled and was coeced into signing Quit Claim Deed by My ex-wife and her lawyer(who is partners in the lawfirm with the exwifes New Boyfriends Father)... She stated that I was incapable of making rash decisions and lacked good judgement at the signing of the Divorce papers which took place at her lawyers office, not in court! My understnding is that the Quit Claim Deed is final? I have been told that I was forced into signing the Quit Claim Deed and can prove that I was incapable of understanding! PLease Help.... Arthur MacIsaac

[Phone number and email address deleted as per forum rules. Thanks.]

jameshogg · Posted: Mon Oct 05, 2009 10:30 pm Post subject:

Hi Arthurmacisaac,

If you can prove that you were forced into signing a quitclaim deed, then it would be considered as a fraudulent act on the part of your ex-wife. Thus, you can get the deed reversed in your name. I would suggest you to contact an attorney and take his opinion in this regard.

Thanks

Guest

I know a 54 yr old woman who signed a quit claim deed to her then boyfriend under the agreement that he would sign it back upon he request. She has not requested and he does not want to sign it back. sounds like theft (property worth $250,000 of which she received no value in return) if he knew at the time he was not going to honor his agreement, I believe that constutes 1st degree theft by deception, he has also taken a large sume of cash from her and has not returned that ether. She feels it is her fault (typical victim), i think the (younger) boyfriend took clear advantage of her and is criminal.

Guest

Sorry, it should has said "she has NOW requested he return the property and he does not want to.

smithsussane · Posted: Wed Oct 14, 2009 11:35 pm Post subject:

Hi Doug!

Welcome to forums!

As the quitclaim deed is in the name of the boyfriend, he is the sole owner of the property. It is his discretion whether or not he would transfer the property to the old woman. There was only a verbal agreement between the woman and the boyfriend regarding the transfer of the property. So, the boyfriend can now refuse to give back the property. I doubt whether the old woman will have any recourse to this.

However, the old woman can consult an attorney and take his opinion in this regard. May be, he would let her know what steps she can take in this regard.

Feel free to ask if you've further queries.

Sussane

Guest

I have stage4 cancer and quitclaimed my property to my son, he was already living in the house for some time. I'm trying to save him hassels after I'm gone. Was this the best way? Will he have to pay taxes? What about a living will trust?
tha, Sharon

smithsussane · Posted: Wed Oct 28, 2009 12:26 am Post subject:

Hi sharon!

Welcome to forums!

As you've transferred the property to your son with a quitclaim deed, he will now be considered as the owner of the property. I don't think he will have to pay any taxes, however, he would be responsible for the property taxes.

Sussane

Guest

I was divorced in Florida in 2006 and received the marital home via a quit claim deed from my ex. The mortgage on that home however is in his name alone. Our divorce agreement states that I have all interest in the home via the deed, an am required to make the payments on the mortgage and refinance or sell the home by June 2011 or if I remarry, whichever happens first.

I was struggling financially to stay in the home and in June 2007 rented it and purchased another home in a less expensive area. I lost the tenant after two years in June of this year and listed the property for sale in July. I have been making all the payments (mortgage and utilities) on the marital home to keep from battling my ex, and am now at risk of loosing my home to forclosure.

Long story short - I cannot maintain both houses. Can I just sign a quit claim deed giving him the house back? If so, can he refuse it?

Guest

My friend purchased a house, paying down payments from a line of credit obtained against a rental property she owns alone. After buying the house, she quit claimed her now husband in an effort to help him build some credit. Since that time, he's shared none of the burden of maintenance and upkeep and currently all debts for this house is being paid be her. The husband has made no effort since she purchased the house and even until now, to make any efforts to share the burden for the upkeep and maintenance of the house. Is there any way she can remove him from the quit claim or is there some way to make him fork over half of all upkeep and maintenance performed on the house since purchasing it? Or is there some type calculation that can be made to determine how much he would owe her and if so, can that be applied to his half. I'm really looking for options if there are any, short of selling the house. My friend does not want to have to sell the house in order to get her husband half of something he technically doesn't deserve and has made no efforts to maintain. What are the options?

jameshogg · Posted: Wed Nov 18, 2009 12:31 am Post subject:

Hi,

To LAR,

He has the rights to refuse the property. In my opinion, you will have to negotiate with him so that he accepts the property after you sign the quitclaim deed. However, you should note that as you haven't refinanced the loan in your name, you're still not responsible for paying the dues. If you stop the payments and the property is foreclosed upon, then it's your ex-spouse whose credit would be affected.

To Faye,

Your friend is in a tough situation. She should have transferred the property to her husband only if he refinanced the mortgage in his name. As she has quitclaimed the property to him, she won't be able to remove him from the property deed. He needs to sign a quitclaim deed and transfer the property to her. As the mortgage is in her name, she can't make him liable for the mortgage payments. If she stops paying the loan, then it's her credit that would be affected.

Thanks

Guest

i have jtwrs my mom has HW what is the difference?

adonis · Posted: Mon Jan 18, 2010 12:09 am Post subject:

Hi Sheri,

As you have a joint tenancy with right to survivorship(jtwrs) with your mother, you would be considered as the sole owner of the property after her death. No one else will be able to claim her share of the property.

Guest

can I be taxed for recieving, being the Grantee of a quitclaim deed?

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