Though the price of the property has fallen, the lien will remain as a obligation and the borrower needs to pay it off. If you are not the borrower, then you should ask the original borrower to pay it off. Otherwise, the title of the property will not be clear.
Thanks,
Jerry
smooth talk Guest
Posted: Thu Apr 30, 2009 2:43 pm Post subject: guestion on a warranty deed?
If the deed is under my name who do I turn to put it in someone elses name? Say if they plan to buy cash for the property?
to the contrary, a warranty deed should be used in a case like that guest. your buyer wants to know that there is clear title, and a quit claim deed will not provide that. _________________ George M. Akerley
Loan Consultant
860-221-5044
Dorothy Guest
Posted: Thu Feb 04, 2010 5:56 pm Post subject: ownership of home
Hi my brother in law purchased a condo, but he was not 55 so my mother in law is the only one listed on the deed, he is the only one on the morgage, she has now passed away, and he is renting the condo, does this mean my mother in law is the sole owner of that condo, therefore responsible for reporting the income from the rental
As your mother-in-law is listed on the property deed, she would be considered as the owner of the property. Your brother-in-law or your husband can file an affidavit of heirship and transfer the property in their names. Then they can report the rental income while filing taxes.
jerry
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