Posted: Thu Nov 02, 2006 4:30 pm Post subject: Do you have any rights after you quit claim your house
Hi,
My sister and brother-in-law quit claimed their house to his "sister" right before it was going into foreclosure (Divorce). She and my husband (another brother) paid off the debt fixed the house and sold it at a small profit. Now the sister-in-law wants her half. My husband did tell her he would give her a portion of the profit. But now his sister doesn't want to because of the threating letters. Does the sister-in-law have any rights. The sister never agreed to anythng.
Do you have any rights after you quit claim your house
After a person quit claims his share in the property to someone else he/she does not have any rights over the property anymore.
I havn't read all of your post but from what the basic question you have asked, quit claim transfers all interest one has in another person's name after which a claim can not be made over that property by him or her.
Posted: Thu Nov 02, 2006 8:34 pm Post subject: RE: Does grantor retain rights after quit claim
Hi Dvid,
Once the sister-in-law or the grantor has conveyed her rights to some other person through quit claim, she has no rights on the existing property. She can at most try to convince the sister to offer a share of the sale proceeds, though she is not supposed to get it. This is because she had no rights on any share of interest in the property prior to it's sale.
Posted: Mon Nov 06, 2006 8:26 am Post subject: Rights after Quit claim
A quite claim deed takes a person off the deed of the home. This person can no longer caim it or sell it. They signed their rights over.
On the mortgage, thats another story. If that person was on the mortgage to begin with, they are still responsible for the loan. Reason, lender approved the loan with that persons income, credit etc.., _________________ I Fix Morgages 4 U
Carteret Mortgage Corporation
Senior Mortgage Consultant
321-749-3896 Direct
www.ifixmortgages4u.mortgagefit.com www.carteretmortgage.com/shsl
Posted: Tue Jan 09, 2007 5:51 pm Post subject: default on mrtgage on quit claim deed house
I am 85 and need to go into a nursing home I can't sell my house, ;if I don't pay the mortgage then I will have enough money to go into a nursing home. Will the bamk go after the person I quit claimed my house too.
Will the bamk go after the person I quit claimed my house too.
If you quit claim your house to another person, mortgage would still remain in your name. As a quit claim deed only transfers property ownership and does not have any affect on the mortgage.
If you stop making the payments then the mortgage company will start the foreclosure proceeding to sell the house and recover their dues and that way the person to whom you will quit claim the house will lose ownership.
Thanks
Blue _________________ Lets help each other. Try my blog
Posted: Tue Jan 09, 2007 8:01 pm Post subject: Ann
In regards to quite claiming the house to go into a nursing home. My question is this; Have you entertained the idea of obtaining a 'Reverse Mortgage' so you can stay in your home and hire a Nurse or Caregiver to help take care of your needs at home? _________________ I Fix Morgages 4 U
Carteret Mortgage Corporation
Senior Mortgage Consultant
321-749-3896 Direct
www.ifixmortgages4u.mortgagefit.com www.carteretmortgage.com/shsl
Posted: Tue Jan 09, 2007 10:26 pm Post subject: RE: save home by taking reverse mortgage
Yes, Sharlee, I feel a reverse mortgage can be a suitable choice here. Anne will not have to deal with monthly payments and at the same time, she will be able to keep her house too. Anne can then use the money on medical treatment.
Anne, are you aware of reverse mortgages? Well that can be a good option for you. It allows you to borrow money against your home without requiring monthly payments.
You need to keep aside some cash for closing and then you can stay on your home as long as you wish. Only when you pass away, you heirs will have to repay the loan; otherwise, the lender will take away your home and sell it to retrieve the loan proceeds.
Anne, you'll find more information on Reverse Mortgage from our section. Feel free to clarify your doubts on this regard. And, hope you recover soon.
I have 2 mortgages for a home in MS, but I now live in IL due to a divorce pending. My mortgages are current, but I can no longer afford to pay them and my current rent. Moving back to my home is not an option. I tried combining both loans into one, but the appraisal fell short. I owe about $128k for the 1st mortg. and about $32K (with a 16% interest rate)for the second. The house appraised at $170k. What other options are there, if any?
Posted: Mon Mar 05, 2007 8:39 pm Post subject: RE: options to get out of debt
Hi Guest,
You may seek counseling from a credit counseling agency. They may take into account your budget and expenses and then prepare a plan so that you can pay off your debts within a short time.
sara
