Reverse quit claim deed - How to do it?

Guest

My Mother put all her six children on her apartment building through a quick claim deed 20 years ago after my Father died. Now one brother has become a crack cocaine addict and is draining all my Mother's assets.
Can we get him removed without him signing the deed. He has to date bleed her of at least 150000.00 and now she is going to have a lot of trouble trying to pay the taxes. This property is her source of income, she does'nt live at the property.

jameshogg · Posted: Sun Nov 09, 2008 11:53 pm Post subject:

Hi Suzie Tomasone!

You will require your brother's signature in order to remove his name from the deed. You will have to ask him to give away his property interests in your favor by signing a quitclaim deed.

Thanks.

Guest

I quitclaimed my house to a close relative about 6 months ago under the agreement that they would make a percentage of the mortgage payments. The mortgage is in my name alone through a company. I am still having to make the full payments with no regard to our original agreement. Can I null and void the quitclaim agreement if they are in agreement?

Niicss · Posted: Fri Jan 02, 2009 1:49 am Post subject:

Hi jatlive,

As the relative did not abide by the original agreement that you had with him/her, you can take steps to declare the quitclaim deed null and void. You can ask the relative to sign a reverse quitclaim deed in your name. If the relative does not agree to reverse quitclaim the deed, then you can take the help of an attorney and try to sue him/her in the court.

Thanks.

Guest

My mother and father-in-law quick claimed their property to thir three children 13 years ago. Now, my father-in-law passed away and she wants the property back to do a reverse mortgage. Not sure she should do that at this time, but either way, that's what she wants to do. Should the children quick claim the deed back to her, what are the tax implications regarding each adult child. Will they have to pay the gift tax on next year's income tax?

Posted: Thu Jan 22, 2009 10:29 pm Post subject:

As the children will be transferring the property, I don't think there will be any gift tax implications on this transfer. However, while transferring the property, the children will be incurring the transfer taxes and stamp doc fees.

Guest

I'm tryin to help my cousin. Her mother has two houses and bills. Her mother home was once paid in full maybe 5 year ago, then pull out the equity, I quess has a new mortage now, the mortgage and all the bills are being paid on time,nothing is behind. The second home my cousin stayes in, payment has been paid every month on time. For the past months her, mother has been very sick, can't take care of herself any more and don't stay in her home anymore, haven't for several month. Now that the mother is stayin with my cousin, they need more room in there home, need to add on to accomodate her mother. Two much money is being spent out on the house no one is stayin in, it's becoming very stressful for her to keep up the up keep, the house is very old and it's away's being vandelize, it will be very hard to sell for the amount that's owe on it. My cousin credit isn't good enough to buy another home. I know she would like to keep the house she is stayin in, take care of her mother,maybe sell the older home or due away with it along with her mother bills. How can she keep the house she's stayin in, have it put in her name without it effecting her in the long run, if her mother past or have to go in a home, maybe add on and due away with her mother bills, maybe refinance then consolidate her owe bills..I know I'm asking alot but my cousin is very stress

adonis · Posted: Mon Jan 26, 2009 10:46 pm Post subject:

Hi ww,

If your cousin is not delinquent in her payments, she may try to refinance the mortgage at a lower rate. This will help her in reducing the monthly payments and she will be able to save the property. But she will have to pay the closing costs and other related costs while refinancing.

Posted: Tue Jan 27, 2009 9:02 pm Post subject:

I'm writing again from Jan 26 for my cousin. Good advice was given, but how do you refince? What are the steps? I had mentions that my cousin is responsible for payin her mother bills and the vacant home mortgage. Since her ill mother is stayin with her, but in a home that is in the mother name,there are bills to be paid there also. Her mother is on a fix income. I feel that the income should be spent to better the living of the mother and daughter. What is the best thing to do about the mother bills? What can be done quickly...

adonis · Posted: Tue Jan 27, 2009 11:06 pm Post subject:

Hi Guest,

Your cousin needs to contact the lender and speak about refinancing. If your cousin has a good credit score and income and if the property has some equity, then the lender will be ready to refinance the property. Once she refinances the home in her name, she will be responsible for paying the debts and her mother could pay for the medical bills from her fixed income.

Guest

I do a quick claim deed under the name of my son, but am paying the mortgage, if I stop paying the mortgage, wiil be affect the credit of my son?.

jerry · Posted: Sun Mar 08, 2009 8:36 am Post subject:

Hi andrea,

If you son is only on the title and not on the mortgage, then if you default on the loan his credit will not be affected. But if his name appears on the mortgage papers and you default, your son's credit will surely take a hit.

Thanks,

Jerry

Guest

My grandmother lives here in California,in her paid for home, she is on social security and she has been diagonsed with terminal cancer. how can I get her home into my name, without paying additional taxes. She doesn't have long to live, so I have to move fast.

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.33 Dollars($)

go for quit claim deed

Guest

if i signed over my house on a quick claim deed but it was never file with with the clerks office is there a way i can get out of it? it was like 10 years ago and they are allways late on the mortgage and my credit is in the dump now. id like to put it up for sale. what are my options?

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