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lilly
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Post subject: my brothers house |
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My brother purchased a house. I was a cosigner. Our plan was for me and my kids to stay with him and help pay the mortgage. Plans did not go as I thought. The house is only two years old. I have now moved out and he refuses to pay the mortgage.
I want to do a quit claim deed to say I have nothing to do with the property. What is the best way to go about this? Also if I get a quit claim done will I be entitled to pay any outstanding amounts he ows?
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tim78
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Hi,
If you quit claim, you would still remain liable for the payments.
Don't quit claim until and unless your brother agrees to refinance the mortgage in his name.
Otherwise you will be in problem.
If he is not agreeing to pay the mortgage, then ask for the house to be sold and the mortgage be paid off from the proceeds of the sale and let him keep the balance from the proceeds of the sale.
tim |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE: does quit claim remove outstanding debt? |
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Hi Lily,
Since you are the cosigner, you need to make payments only when your brother fails to pay down the unpaid debt. Your brother actually is responsible for making monthly payments on the loan. So, you need to talk to him regarding this and also contact the lender. Request the lender to talk to your brother. Otherwise, if you cannot convince him, you might end up paying the outstanding debt.
For your second question, you can approach an attorney and have a quit claim deed prepared after explaining your situation. But do you have your name on the title? If you don't have any ownership interest on the home, you need not sign a quit claim deed. The lender can ask you for payments even after you quit claim your share of interest, if any, in the property. This is because the note says that you are the cosigner.
Thanks,
Caron. |
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unnamed
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Post subject: Quit Claim Property |
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| I am recently married and both of us own a home. One in Wa state and one in Oregon. We are currently trying to sell the home in Oregon. After it sells, we will sell my house in WA and buy a home together in WA. Would a quit claim be the best way for each of us to put names on each others property until we sell both properties? We are mainly concerned about how we would be affected is something tragic were to happen to one of us - not wanting to have to deal with probate. I know we can do a community property agreement for WA state, but Oregon doesn't have such an instrument. Your help would greatly be appreciated. |
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juno
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Post subject: |
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Hi,
You can make a ladybird deed for each of the properties. The advantage you will get is that you will be able to avoid probate in case something unforeseen happens to anyone of you. |
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Kristina Rolin
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I would like to add that you can also make a living trust or have property owned in joint tenancy; these two methods can also be used to avoid probate procedure.
Kristina |
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alicemoore
Joined: 03 Jan 2007
Posts: 2
1.58 Dollars($)
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Post subject: deed |
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| What is a ladybird deed? |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.81 Dollars($)
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Post subject: |
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Hi Alice,
It is also called Enhanced life estate deed.
By making such a deed you will retain a life estate on the house with the right to sell the property any time you wish to.
And if something happens then there is no need for going through probate procedure. While with a quit claim deed probate would be necessary.
For complete information on this type of deed, have a look at a previous community discussion on this topic: http://www.mortgagefit.com/know-how/ladybirddeed.html
Thanks
Blue
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herli
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Post subject: quit claim- can we refinance now? |
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| my husband and I bought the house in 2005 under my sister n laws name since we are not US residents yet...we've been paying the mortgage since day 1...last august 2006, my sister in law signed a quit claim deed...can we refinance now even if its not a year yet since we assume the ownership?..we really wanted to have the name of the house under our name only...thank you. |
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duvall
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Post subject: |
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| As you are using it as your primary residence the lender will allow you to get the mortgage refinanced in your name. But you should get in touch with the lender and get confirmed about it. Most probably he will have no problems in accepting your request for a refinance. |
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Alex
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It is better to refinance when market rates are around 1.5-2% below the interest rate on your existing home loan. Also, it is a general rule to refinance after a certain period of time so that you are able to benefit from low rates and can recover the closings costs paid for the refinance.
You need to calculate as to after how many years you can recover the costs if at all you are interested to recover it. Otherwise you can choose to refinance. But does your loan have any prepayment penalty clause? Also, check out your loan documents to find out if the lender has imposed any condition regarding the time period after which you can refinance. |
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Mac_7
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Post subject: |
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| You can add your name to the property-title by a quit claim deed. |
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idona
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Post subject: can a parent transfer a mortage to a child |
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| am buying my parent's house. i need to know if there is a way to get my dad to transfer the mortage and deed to me. or can he refiance and have the mortage put in my name. Last thing would his name still be on the mortage. help me |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: |
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Hi Idona,
Refinance is better option for your situation. It will transfer both the mortgage and deed into your name. After removing your dad name from the title, he is not any more liable for the mortgage payment.
Thanks |
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kay
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Post subject: no worries |
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| when do you need to used both qick deed and warranty deed//my understanding is the qick deed you sign over your right but the mortage which will be still in you name and warranty deed sign over the title or deed? I want my home out of my name with no strings attach and my sister is willing to take over the payments |
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