Posted: Thu Sep 27, 2007 7:10 am Post subject: Should i do a quit claim deed
My friend is having financial problems in a company i invested in. Though i dont want to lose the building it is in so can he quit claim the property over to me and i take out a mortgage on it.
You would have to buy the property mostlikely. Commersial real estate is different from residential. _________________ Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending
I agree with Eugene that as it is a commercial property, you may have to buy out the property from your friend. A mere property transfer with a quitclaim may not serve the purpose.
Posted: Wed Oct 03, 2007 4:26 am Post subject: Quit Claim question
My wife and I are divorcing after 19 years of marriage. For the last ten years we have lived in our current home. Three years ago she threatened divorce unless I quitclaimed the house to her which I agreed to hoping to save my marriage. Needles to say that did not work and she has still decided to divorce me and contends the house is hers. Do I have any recourse or rights to the property? The mortgage is and always has been in both of our names. Thanks in advance for any insight.
Posted: Wed Oct 03, 2007 5:46 am Post subject: RE: property rights
Hi Dewman,
Welcome to the forums.
The mortgage may be in your name but as you have quitclaimed the property to your wife and conveyed your share of interest in it entirely, therefore currently she is the owner. However, if the divorce is to be done through a court case, then you can claim the property in court and see of it is awarded to you or else in future if you may get a part of the sale proceeds when the property is being sold.
Posted: Thu Oct 04, 2007 11:32 pm Post subject: RE:
Hi Sue C,
Welcome to the forums.
If you are on the loan along with your husband, only then you will be responsible if your ex-husband stops paying. Otherwise, you will have no such liability.
Posted: Sun Oct 14, 2007 7:55 pm Post subject: grandma
my gram is a co-signer on my cousins home she owns her home out right but they didnt pay their mortage and now theyare being forclosed on and they have nothing she is worried that they will come after her home or the money she sells it for when she moves because she will n ot be putting it in another homestead but moving in with me, if she quitclaims it to me can they touch it -i live in florida
Posted: Fri Oct 26, 2007 6:17 pm Post subject: Will quit claim protect my home from medical bills?
My husband and I have been going through a very long drawn out divorce, I have been living in the home since the separation but cannot afford the bills he has been paying them through court order. We just found out that he has stage 4 colon cancer and no insurance. My question is can he quit claim the home over to me to avoid a lien for medical bills? I really don't want to push the divorce at this time which Im sure my lawyer would advise to do so. I really don't want to put him through any legal battles at this time and feel that I need to be there for him. Also he has no life insurance but he owns a partnership that he is leaving to his children. Any advise would be greatly appreciated, Thank you
It's sad to know about your husband's illness. But please do not lose hope. May god give you the strength to fight against this situation.
However, if your husband has been in nursing home and you have not been able to pay the bills, after a certain time, the might place a lien on your home and even if you quitclaim, it may be considered as fradulent conveyance. To know more on this, refer to http://www.mortgagefit.com/quitclaim/avoidliens-onhome.html . _________________ Procrastination is the enemy of your financial sucess
Posted: Fri Dec 28, 2007 6:16 pm Post subject: quick claim
My stepfather bought a home for me.Now he and my mom are divorced and he wants me to get the home in my name, he signed a quick claim over to me. what are my rights and responsibilites to the home. He said that if I didn't get the home in my name he would take legal action. what could he do?
First of all you have to noterized and record the deed in the county recorder office to make it valid.
Is it a mortgaged property? Has the mortgaged been transferred to you? IF not then I think there is no big problems. You may have to pay only some taxes like property tax and others.
Feel free to ask if you have any further questions.
Posted: Fri Dec 28, 2007 6:54 pm Post subject: Quick claim
Thanks for getting back to me, it is a mortgaged property, and the mortgage has not been transferred to me. I have been paying for the mortgage myself for the last 24 months. If he passes away what happens to the mortgage on the property? I am presently under bankruptcy and not able to finance a home now. He wants to buy a new home for his new wife. He is in bad health.
evolovik26
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