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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1343
Location: florida
223.40 Dollars($)
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 Posted: Wed Oct 11, 2006 8:46 pm Post subject: RE: Quit claim property after discharge in bankruptcy |
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Hi Amber,
Welcome to the forums.
I think the homeowners association is asking for monthly payments paid for maintenance. Even if you do not stay there, you need to pay the dues as long as the property is in your name.
The bank has not contacted you because I think they already know that you are no longer liable to pay off the debt.
What you can do is to quit claim the property to the homeowners association instead of the bank. This is because the bank does not come into the picture after you are discharged from your debt. One more thing, after a person files for Chapter 7, he gets an automatic stay from foreclosure. And, in your case, the foreclosure is not applicable as you are no longer responsible to pay down the mortgage.
For a better idea of Chapter 7, refer our article on that topic.
Feel free to clarify your doubts.
Thanks,
Caron |
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susan
Guest
0.10 Dollars($)
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| Posted: Fri Oct 13, 2006 7:58 pm Post subject: quit claim |
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| Before we were married, my fiancee signed a quit claim as joint tenants. He is now deceased. We never had it recorded at the time in 2004. Is it too late for me to record it now. He has two children by a previous marriage. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1343
Location: florida
223.40 Dollars($)
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| Posted: Fri Oct 13, 2006 8:41 pm Post subject: RE: Quit claim as joint tenants |
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Hi,
Sad to hear about your fiancée's death. Let's hope that his soul rests in peace.
Coming to your query, if a person has joint tenancy form of ownership on a property, his share of interest directly passes on his survivors on his death. So, the survivors of your fiancée will receive his share in the property.
Regarding the quit claim, I feel it should have been recorded earlier but since you haven't, it's better if you can enquire on this issue from an attorney or any official at the Office of the Register of Deeds or County Recorder as it is named in your state.
Thanks,
Caron. |
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Lourdes
Guest
0.10 Dollars($)
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| Posted: Wed Oct 18, 2006 12:26 pm Post subject: Property on Quit Claim Deed |
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| My brother in law bought a house with his wife on 1995 , today they going thru a divorce and the house in under a Quick Claim deed with both husband and wife on the deed, Is he allow to receive 50% of his shares on this property if they sell it? |
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Belinda
Guest
0.10 Dollars($)
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| Posted: Wed Oct 18, 2006 12:41 pm Post subject: |
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Hi Lourdes,
The court will fix in which ratio the share of the house will be divided after considering many other factors into their decision. It might be that the divorce decree will divide the share in equal half also.
If they both mutually agree to sell it then they can decide upon keeping 50% value out of the sale. |
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Dick
Guest
0.10 Dollars($)
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| Posted: Thu Oct 19, 2006 1:38 am Post subject: |
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| yeah, I also think that the divorce decree will mention in what ratio the property will be divided among your brother and his wife. |
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don't know
Guest
0.10 Dollars($)
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| Posted: Thu Oct 19, 2006 10:32 pm Post subject: quitclaim deed on a new loan |
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| If a mother co-signs with her daughter on a new loan since the daughter has a low credit score, can the mother do a quitclaim at closing or shortly thereafter and be released from liability? |
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Just Wondering
Guest
0.10 Dollars($)
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| Posted: Thu Oct 19, 2006 10:53 pm Post subject: |
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| Can a person co-sign for a home mortage then turn around and quitclaim themselves out of the deal? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 636
Location: OHIO
106.23 Dollars($)
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| Posted: Thu Oct 19, 2006 11:07 pm Post subject: RE: Cosigner to get release from loan |
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Hi,
| Quote: | If a mother co-signs with her daughter on a new loan since the daughter has a low credit score, can the mother do a quitclaim at closing or shortly thereafter and be released from liability?
Can a person co-sign for a home mortage then turn around and quitclaim themselves out of the deal? |
No, quit claim deed does not remove a person from the loan. The mother can request the lender for a Novation. But I don't think this is possible at the time of closing. The daughter has to start making monthly payments and after this goes on for quite some time, the mother can talk to the lender over this issue.
However, if the mother has her name on the title to the property along with the daughter, she can ask her daughter to refinance the loan in the latter's name only. This should be done after the daughter's credit score improves as otherwise she cannot qualify for better rates.
Regards,
Jessica.
_________________
Home buying made simple with Community booklet |
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Elsa
Guest
0.10 Dollars($)
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| Posted: Mon Oct 23, 2006 9:29 am Post subject: Quick Deed |
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| I'm close to foreclosure, however a friend wants to quick deed my property, who is responsible for the mortgage payments and property taxes after the quick claim? |
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ralph
Guest
0.10 Dollars($)
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| Posted: Mon Oct 23, 2006 11:21 am Post subject: |
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Hi Elsa,
Even after you quit claim your property to your friend the mortgage will still be in your name. Quit claim won't transfer the home loan, for that the loan needs to be refinanced in your friend's name or a novation needs to be done to transfer the loan. |
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Elsa
Guest
0.10 Dollars($)
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| Posted: Mon Oct 23, 2006 11:33 am Post subject: |
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| What is a novation? |
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ralph
Guest
0.10 Dollars($)
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| Posted: Mon Oct 23, 2006 12:42 pm Post subject: |
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| In novation lender agrees to transfer the mortgage in the name of the other person with the same terms that were given to the previous borrower. |
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sara
Joined: 05 Jul 2006
Posts: 955
Location: New Brunswick, New Jersey
182.56 Dollars($)
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| Posted: Mon Oct 23, 2006 9:54 pm Post subject: RE: Foreclosed property is quit claimed |
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Hi Elsa,
If your friend owns the interest in the property, then she will be responsible for the property taxes after the quit claim. But the loan payments should be made by you as your name is still on the loan.
Thanks,
Sara |
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helping_user
Joined: 31 Mar 2006
Posts: 674
Location: Hawaii
125.85 Dollars($)
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| Posted: Mon Oct 23, 2006 10:27 pm Post subject: RE: Novation |
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Hi Elsa,
If you do a novation, you will be able to assign the responsibility of paying off the loan to some other person. It will be no longer your liability to pay down the home loan. But the lender needs to be informed that you wish to do novation. If he agrees, then only you can go for it.
You can get a clear idea about Novation from the previous discussions at http://www.mortgagefit.com/discuss/about2128.html and http://www.mortgagefit.com/discuss/about2085.html .
Thanks |
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