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ham3559
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 Posted: Mon Oct 05, 2009 8:14 pm Post subject: quit claim financial responsibilty |
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My daughter signed a quit claim deed to me a few years after purchasing her condo. I had helped financially with her home and did not want it to go to her estranged father in case of an emergency as she was very ill for a period of time. She recovered but lost her job and ability to pay the mortgages and homeowner's fees. I helped financially as long as I could but then had to stop making payments. Now I am being contacted by everyone. I just found out that I am listed as an owner with the property tax dept of Georgia.
She is now going through the foreclosure process by the homeowner's association, and two banks. Am I obligated to pay all of the debts on the home?
Thanks for any information. |
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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Mon Oct 05, 2009 9:10 pm Post subject: |
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When you did the quit claim deed that shoudl have been notarized and recorded in the county, if she did nto record that in the county then the house is still in your name
Depending on whose name the loan is in, they will be responsible to make payments on that loan or any deficient amount from the foreclosue |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon Oct 05, 2009 11:42 pm Post subject: |
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Hi ham,
If your name is on the mortgage deed, then you are obligated to pay the mortgage dues. However, if you are only on the property deed, then you are not responsible to pay off the mortgage. As your name is mentioned as the owner of the property with the property tax department, you can be held liable for the property tax dues.
Thanks |
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Guest
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| Posted: Tue Oct 06, 2009 9:41 am Post subject: |
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as an owner you have obligations, yes. are you a borrower? if so, you have obligations to repay the loan as well.
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leeelliot61
Joined: 13 Sep 2009
Posts: 189
20.14 Dollars($)
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| Posted: Tue Oct 06, 2009 10:40 am Post subject: |
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Owner obligation is timely payment of taxes
Borrower obligation is timely payment of monthly mortgage amount.
you as a owner, will not suffer due to forclosure process. but credit score of your doughter will go down. same way she will be asked for defict amount. |
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