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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Hi Keri Smith,
Welcome to the forum.
What I got from your post is that your mother has died leaving a will and according to that will you and your brothers are the owner of the property. It has also gane through probate. So, three of you are the owner of that property. Why do you wish to use a quitclaim deed here?
Larry |
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Tina
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Post subject: mobile home sale |
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| I sold my mobile home to my niece...the mortgage and deed are in my name but she pays the mortgage. We signed an agreement that she was purchasing the home and has taken full responsibility for it. What is the best way to get the mortgage and deed out of my name now. We've tried with the mortgage company but they do not want to refinance in her name because of credit problems on her side. She wants be to quit deed it to her....is this something that can be done? |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Hi Tina,
Welcome to the forum.
You can always quitclaim your property to anyone whenever you want but as this is a mortgaged property, you will have to inform the lender before quitclaim.
Even if you quitclaim the property to your niece, it will only transfer the property to your niece but will not transfer the mortgage to her. The mortgage will still be on your name.
Now the lender is not approving your niece for refinance the mortgage on her name. The other way to put the mortgage on her name is novation. But I don't think that the lender will even approve her for novation also because of credit her problems.
Best of luck,
Larry |
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Tina
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| What is novation? |
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Lucia
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Post subject: Quit deed question |
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| My father signed as co-owner to help in a purchase of a house for my brother. My question is: If my father quit deeds the house to my brother will my father be liable for anything, like will his trust have to pay anything if something happens to my father? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hello Lucia,
If your father signs a quit claim deed to remove his name from the title of the property, then he will lose his ownership rights to it completely and will not be liable for anything.
But is he also on the mortgage? In that case, signing a quit claim deed will not remove him from the financial liabilities associated with the mortgage. Then he is also required to take the lender's consent before signing the quit claim deed. |
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Lucia
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Post subject: Another Quit Deed Question |
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| Jenkins7: Thank you for that answer but I have another one. Like I said before my dad is 85 yrs. old and not well. If anything happens to him will his trust have to pay off his share of the mtg. since his name is on the mortgage? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Post subject: RE: does trust pay for mortgage? |
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Hi Lucia,
Welcome back.
I don't think the trust will pay. Being a cosigner, it wasn't your dad's responsibility to make monthly payments. But if your brother had defaulted, he would have to pay. So, in this case, if your dad (cosigner) passes away, I think your brother should continue with payments. By the way, were the payments being made by your dad?
Take Care
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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jenecao
Joined: 23 Jan 2008
Posts: 3
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Post subject: Quit Claim Deed?? |
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I would like to add my brother to mom's property to which I have full title ownership. The house has been fully paid off by our mother. We have no plans to sell the house as long as our mother is alive. What is the best approach to add him with equal interest in the property and with the least tax consequences?
Thank you! |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Guest
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| Once a property is quick claim deeded to someone, if the person on the mortgage passes away, what steps does the new garantor need to take and can this property remain under the name of the person whom died |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: RE: can property remain under deceased owner |
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Hi Guest,
Welcome to forums.
The property of a deceased person should not remain in his name. The heirs should take over and enlist their names in the title otherwise they might come across problems in future.
If the deceased person has left a Will, then it needs to be probated before the heirs can get the property rights. And, if there's no Will, then the heirs need to file an affidavit of heirship or go for intestate successsion .
Thanks |
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Katie
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Post subject: Quit Claim Deed |
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| I am an individual holding a Mortgage on property. My morgagee signed a quit claim deed to another party currently living on the property. These new people want to refinance the house with a financial institution. To do this they are asking me to sign a quit claim deed to them so they can get the loan. Then they will pay off the mortgage I hold. If I sign the Quit claim Deed before they pay off the mortgage did I give my interest in the mortgage away too. |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Katie,
Welcome to the forum.
How can you quitclaim the property? You are not the owner of the property right. So you should not or rather you can't quitclaim. Only the owner of the property can quitclaim.
Have the first owner of the property to whom you hold the mortgage informed you when he quitclaimed the property. If not you can/should take legal actions to get back your money. You can even foreclose it. Ask them to pay your money ASAP. Otherwise take actions.
Hope this will help you
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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Don White
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Post subject: Sister has 3 weeks to live |
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| My sister and the immeadiate family would like to quit claim the house and mortgage to her boyfriend. He is willing to except responsibility. Will a notarized Quit claim deed take care of deed and debt. |
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