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Hello. My mother in law was sick with cancer and was afraid her neighors were going to get her to sign a quit claim deed while she was incapacitated in some form (severe pain, pain medications) and "kick her out". She asked my wife to sign a quitclaim because of this, which she did. This is in Arkansas.
After my mother in law passed away, we discovered that $38,000 was owed on the home (we thought it only $10,000 was owed on it). There was no will.
Is my wife now responsible for the property? It's in poor condition and she doesn't want anything to do with it.

adonis · Posted: Tue May 17, 2011 9:30 pm Post subject:

Welcome CL,

As your wife is the owner of the property, she is responsible for the maintenance of the property. If the mortgage is not in her name, then she won't be liable for the mortgage payments. However, if the mortgage lender does not receive the payments on time, then he will foreclose the property. If your wife wants to save the property, then she will have to make the payments.

gmakerley · Posted: Wed May 18, 2011 7:13 am Post subject:

The recipient of a deed wouldn't be the individual signing the deed, so I don't quite get how your mother in law would have had your wife sign a quit claim deed.

That aside, I'll assume that you're right in that she now owns this home. The $38K that is owed to the lender must be paid in full at some time, or Adonis' assertion that they'll ultimately foreclose is correct. It doesn't matter how much you think is owed, frankly; it matters what the debt truly is.

As Adonis noted, if the debt remains unpaid, the lender has the right to begin a foreclosure action. If you want to keep the home, you need (she needs) to simply make the required payments until such time as the debt is paid in full.

Guest

Thanks for your answers.
She doesn't want the property or anything to do with it. She hasn't been making any payments on the property and the bank insists it wants to deal with my mother in law, who has died. If she simply lets it go back to the bank, will it affect her (my wife's) credit rating?

This quitclaim deed was drawn up by her aunt (mother in laws sister) in Oklahoma and filed in Arkansas. I'm not sure if my wife "signed" for the deed, but she did take it to the courthouse for my mother in law.

This was all done because my mother in law became afraid her neighbors were going to take advantage of her during her illness due to them coming over and telling her they wanted the house "back".

jameshogg · Posted: Thu May 19, 2011 11:11 pm Post subject:

Hi CL,

If your wife's name is not mentioned on the mortgage docs, then surrendering the property won't affect her credit in anyway.

Thanks

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