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blue · Posted: Mon Feb 05, 2007 6:04 pm Post subject:

Hi Connie,

Welcome to Mortgagefit discussion board.

If the quit claim deed was not filed and recorded at the county recorder's office then you do not have property ownership as of yet. Until the deed is recorded property records won't show your name as the owner of that property.

Copy of that deed will not have any value; you should ask the previous owner of make a fresh deed and get it recorded as early as possible.

Do let me know if you have any further doubts.

Thanks
Blue

sara · Posted: Tue Feb 06, 2007 5:15 am Post subject: RE: quit claim deed not filed

Hi Connie,

It's better if the deed is filed with county. Some states require that the deed should be filed to make it valid. I don't think you need to go to court again. You can just settle the issue with your husband.

Thanks,

Sara

Guest

When I purchased a house I placed my mother as secondary on my mortgage as a co borrower. My mother became ill and I need to get her off of the deed. How do I do this?

colin · Posted: Thu Feb 08, 2007 1:35 pm Post subject:

Hi,

You mean off the deed or off the loan?

If it's the deed then your mother will have to make a deed (quit claim deed) to transfer her share of interest in the house to you. You can not remove her from the title of the house. It will be up to her to decide whether she wants to give her property rights over to you.

On the other hand if you meant that how to remove her from being a co-borrower then lender would require the mortgage to be refinanced in your sole name.

Colin

Guest

yes a quit claim deed can be used to change names on the title.

Get a new deed drafted by an attorney so that your mother can sign there as the grantor conveying her property to you.

Regarding the loan, her name can still be ther ebecause you are the primary borrower having the liability to pay off the debt. In case of any default, the lender or the company will first of all demand payments from you.

Hope your mom gets well soon

Guest

I went through a program with the Money Store. Sold my property under their program and now want to get it back. I can according to them. I can either purchase it back at the price it was financed for the investor, or sale before my 13th month in the program is up. I spoke with them about the Q deed and was told $2,000+ or the other option $7,000+ for a Land Installment Deed. What is the difference? I trusted these people, what should I do - leave the property alone or purchase it back through new mortgage or Q deed?

jameshogg

Hi Guest,

A quitclaim deed allows for the transfer of property from one individual to another. You can add your name to the title through this deed or delete your name from the title.

A land installment deed refers to a contract between a buyer and a seller with the latter financing the property for the former.

I am not sure of the program that you are speaking about. Please explain clearly what exactly your program was about. Then I can come up with further suggestions.

Thanks,
James.

Guest

Hello,
I am not sure if this site is still active, but I will ask anyways. Ok here is our situation. My husband was married and divorced 6 years ago. In the divorce he was assigned the 2nd mortgage on the house he Quit Claim Deeded over to her. Thinking some day the house will sell and we would nolonger have the 2nd mortgage. She bought a another house with her current husband about 6 mths ago and moved out of the other property. It has been on the market for 1 year and no takers. As the market in this area is not good. The ex wife can not afford both house pmts anymore and is thinking about Bankruptcy or Foreclosure... What would happen to the 2nd Mortgage if she did File Bankruptcy. Would the Bankruptcy take over the 2nd Mortgage or no since my husband was court ordered to pay until the house sells or she refinaces... I just do not want to be stuck with a 50,000.00 2nd mortgage and no way out of it....Other option would be for her to Quit Claim Deed the house back to my husband and we would put our house for rent and live in the other house and fix up and try to sell later.
Any advice??

Thank You,
OHIO

Guest

Samantha

Hi Crissi,

Welcome to the forum.

The second option seems a better one. That is, you and your husband talk to the ex-wife so that she quit claims the property to your husband.

Now, your husband can pay off the second mortgage through rent payments and then try to sell the property later on. The lender who has offered the second loan may not object to your renting the property.

You have mentioned here that the ex-wife cannot afford payments and can therefore file bankruptcy. But if the court has assigned the loan to your husband, then he should be making the payments and not the ex-wife. So, if anyone has to file bankruptcy here, then it should be your husband and not his ex-wife because she is not liable for the debt any more.

Hope this is going to help you.

God bless you.

Samantha

Guest

First off Thanks for all your advice! However; I think Samantha misunderstood me. The 1st mortgage the ex wife was assigned in divorice and the 2nd mortgage my husband. Our 2nd mortgage is current. Her 1st mortgage is not. Both morgages are in both names. My husband Quit Claimed the deed to her, since this is what was agreed on in the divorce.
Next thing, We went and looked at the property last night and needs work, but I think we are going to take it on. We are having a meeting to discuss with her and her husband. If we just have her Quit Claim the Deed back to him, I am wondering if I should be added to the deed? or if we should refinance it into only our names. I am just confused on the Quit Claim Deeds. Once she quit claims, does this completely take her out of the loop?
Please advice.
Thank You

helping_user · Posted: Thu Mar 15, 2007 5:37 am Post subject: RE: get out of second mortgage

Welcome back Crissi,

I think you did not mention about the first mortgage in the above post and this is why Samantha may have taken it the other way. Anyway, what I understand from your query is that, your husband's ex-wife has to pay off the first mortgage against the property which you wish to get back through quit claim deed.

I think it will be better if you and your husband refinance the first mortgage. As it is not current, it is better to pay it off and prevent the ex-wife from going for bankruptcy or foreclosure.

When you refinance the loan, you can get the title in your names right at the time of closing. But then there will be two loans to be paid off by both of you. You need to think if you can afford to carry on with both the loans - the refinance loan and the second mortgage.

Thanks.

Guest

Hello,
Yes, I did leave out that info. Sorry Smile

OK if we refinace the 1st mortgage we will have to include the 2nd as well.. Since you can not pay off a 1st if you have a lein, which is the 2nd..? I am not sure if we would qualify for both 1st and 2nd combined since we already have a current house.
If we Quit Claim the Deed back to my husband, will that take her off of deed and she can not come back on the house later.?? I am actually going to call my atty and see what he thinks. But I like to get different ideas, so I have some knowledge on it prior. All this mortgage/ divorce stuff is CONFUSING. Goodness Smile

Thanks again
Crissi

Caron

Hey Crissi,

Well, it's not possible for you to refinance the first when there is lien on the home, that is, the second mortgage. You will then have to get a refinance loan for the combined debt that is both the mortgages and I am not sure of whether you will get it. You need to check this out with some lenders.

If the ex-wife quit claims the property to your husband, it will take her off the deed and she will no longer have any share of interest in the house. Still she has the responsibility to pay off the loan and if she defaults, the house then being your husband's, it will be his liability to pay down the first loan. And, it's better not to rely on the ex-wife thinking that she'll pay off the loan one day and you can then have the house free of lien.

Now, I am not sure at this, but then if the lender offering the first mortgage is willing to negotiate with you and transfer you the loan by novation, may be you can then take the responsibility of two loans, pay them off by refinance and get the house lien-free. But again managing two loans isn't easy for someone.

Just check out what your attorney has to say and then you can always discuss further with our community.

Good luck!

Guest

My father passed away 21 years ago and My uncle has passed away since then. They both owned property and left no will. The land is still under their names. It is now joint property with the two families. My mother needs to get rid of her part so my sisters and mom want to file a quit claim deed to me so it does not interfere with her medicare benefits. We have the paper work and need to get a notary and get it to the court house. Will the name on the deed now read my name and my uncle's name?

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Can quit claim remove name from title?