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helping_user
Joined: 31 Mar 2006
Posts: 674
Location: Hawaii
125.85 Dollars($)
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 Posted: Thu Nov 09, 2006 9:40 pm Post subject: RE: what's deed in lieu |
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Hi Elsa,
A deed-in-lieu occurs when a borrower failing to carry on with home loan payments surrenders the property to the lender so that he can release him from the loan. As long as the deed-in-lieu is processed and until and unless it is recorded, you can stay in the home. Generally the process takes 90 days for its completion.
For any information on Deed-in-lieu or related issues, you can go through the resources collected by this community.
Thanks |
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cass5581
Guest
0.10 Dollars($)
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| Posted: Sun Nov 12, 2006 8:04 am Post subject: quit claim deed/divorce |
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| I am getting a divorce from my husband. He has agreed to let me keep the house. I am in school and not working although I am fully able to pay the mortgage (and Home equity line of credit). He will be recieving half the equity and a lump sum (half value of contents) when I graduate and then refinance the house. If we use a quit claim deed signing over the house to me, effective on the date of divorce, will I then be forced to refinance immediately? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1453
Location: MASSACHUSETTS
121.02 Dollars($)
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| Posted: Sun Nov 12, 2006 8:58 pm Post subject: RE: force to refinance just after quit claim |
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Hi Cass,
Welcome to our forums.
No, I don't think you will be forced to refinance just because your husband will sign a quit claim deed and hand over the property to you. This type of deed just helps you to get a share of property-interest initially owned by someone else.
The loan has no relation with the quit claim. By saying this, I mean that the quit claim will help you to have the entire house in your name but it will not allow your husband to take his name off the loan, if it is at all there in the note.
Feel free to clear all your doubts with us.
God bless you
Samantha.
_________________
Know how to compare lenders with mortgage booklet |
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Dionne
Guest
0.10 Dollars($)
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| Posted: Tue Nov 14, 2006 3:46 pm Post subject: Multiple owners, one property |
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| My mother and Uncle co-owned property. When my mother became sick she quick claimed "her half" of property to me(we recorded it properly). But now (years later) I wondering if we did this correctly? Should she have quick claimed to me and my uncle even though he already owned half? The last time we refinanced, the bank told us that my uncle's name wasn't on the title (but everytime we refinance, they come up with incorrect names on the title- so it could be unrelated??) |
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blue
Joined: 21 Oct 2005
Posts: 1135
Location: MARYLAND
134.28 Dollars($)
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| Posted: Tue Nov 14, 2006 4:04 pm Post subject: |
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Hi Dionne,
If the quit claim deed was signed properly and after that correctly notarized and recorded with county recorder's office then I think there is no concern for you to be worried of.
| Quote: | | Should she have quick claimed to me and my uncle even though he already owned half? |
It is certainly not necessary. You mother has the rights to transfer her part of the ownership to any person she wants to and quit claim deeds do not require the other owner to be also named when transferring ones interest.
Blue
_________________
Lets help each other. Try my blog |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Tue Nov 14, 2006 4:21 pm Post subject: |
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Hi Dionne,
| Quote: | | The last time we refinanced, the bank told us that my uncle's name wasn't on the title |
You havn't told anything about whether your uncle had transferred his interest, if he has not done so then his name should be present on the title.
| Quote: | | (but everytime we refinance, they come up with incorrect names on the title- so it could be unrelated??) |
If names of people whom you do not know and should not be named as owner of the property are coming up then may be there is a title defect and you should do a title search of your property to know about it.
Thanks
Colin |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1453
Location: MASSACHUSETTS
121.02 Dollars($)
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| Posted: Tue Nov 14, 2006 9:40 pm Post subject: RE: |
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Hi Dionne,
I don't think there is any problem with the quit claim deed but you can just check out the document once and find out the names that are provided there as the grantees. If it states that you and your uncle are the grantees, then your mother had actually transferred her share to both you as well as your uncle. Otherwise, you own half of the property and your uncle, the other half.
I think you also need to talk to the concerned authority in the bank regarding this issue. May be they do not have the correct information right from the very beginning you have been dealing with them.
Hope you get through this problem asap.
God bless you
Samantha.
_________________
Know how to compare lenders with mortgage booklet |
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Dionne
Guest
0.10 Dollars($)
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| Posted: Wed Nov 15, 2006 9:08 pm Post subject: |
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| Wow, what a great resource this is!! Thanks for all your timely answers!!! |
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linda
Guest
0.10 Dollars($)
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| Posted: Thu Nov 23, 2006 10:28 pm Post subject: quick claim |
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| my quick claim deed does not match my land description |
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sara
Joined: 05 Jul 2006
Posts: 953
Location: New Brunswick, New Jersey
182.08 Dollars($)
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| Posted: Fri Nov 24, 2006 7:59 pm Post subject: RE: incorrect land description on quit claim document |
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Hi Linda,
I think you should contact the attorney who has drafted the deed and tell him about the mismatch with your land description. If the deed has not been recorded, then the attorney can make the necessary changes with the grantor and the grantee being fully aware of it. However, if the deed has been already recorded, you may contact the recorder's office and enquire as to how you can correct the error in the deed.
Thanks,
Sara |
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lesley
Guest
0.10 Dollars($)
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| Posted: Sun Nov 26, 2006 3:01 am Post subject: owner of house deceased |
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| owner of house deceased,spouse of decesaed quit claimed her part to 4 other family members,1 family memeber quit claim her part back to 1 of the family members,now .3 of the members are deceased,1 of the deceased quit claim his part over to a friend.house still in deceased name.what happens now. |
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sara
Joined: 05 Jul 2006
Posts: 953
Location: New Brunswick, New Jersey
182.08 Dollars($)
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| Posted: Sun Nov 26, 2006 8:01 pm Post subject: RE: deceased owner's name still on title after quit claim |
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Hi,
I guess the persons who retain a share of interest in the property and are living now, must get together and contact an attorney so that a probate can be carried out. This will help to take off the deceased owner's name from title and distribute the property accordingly. If he has a Will, his share will pass on to his heirs or to his spouse.
The spouse will not get back any part she has already quit claimed. And, the friend will retain his share of interest in the property which he has obtained through a quit claim.
If the friend wants the property to be in his name, he should contact an attorney and go for a probate if the deceased owner has Will. Otherwise, the law of intestate succession will decide the names on the title to the property.
Thanks,
Sara |
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S-Lady
Guest
0.10 Dollars($)
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| Posted: Mon Nov 27, 2006 8:06 pm Post subject: quit claim deed |
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| My father had a quitclaim deed filed after my mother died 10 years ago and I was on that deed. Now my father has died and I have sold the house. Does this mean I have to pay taxes on my profits from the house? (There was no mortgage, etc.) |
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helping_user
Joined: 31 Mar 2006
Posts: 674
Location: Hawaii
125.85 Dollars($)
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| Posted: Mon Nov 27, 2006 10:28 pm Post subject: |
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Hi S-Lady,
It's not like that whenever we sold the house we need to pay tax. Paying tax is totally depends on few factors and conditions.
If you owned and lived in the home for 2 out of past 5 years, then you can exclude $250,000 in profits from taxes. But for that you have to be single. But if you are married then you can exclude an amount of $500,000 in profits from taxes.
If you have not stayed in the home for past 2 years then you will generally need to pay capital gain taxes. But you can exclude part of profits in certain circumstances like:- If you sold due to transfer of your job and shifting to a new home at least 50 miles farther from old home.
- If you sold because of your health problem or any of your relative’s health problem you care.
- If you sold because of affected by other unforeseen circumstances approved by the IRS.
Thanks |
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T White
Guest
0.10 Dollars($)
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| Posted: Wed Nov 29, 2006 3:47 pm Post subject: Splitting property |
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| If the owner of a home who is married is the only person on the title, does she need to quickclaim deed the house to her son, in order to keep the home from being an issue in divorce? |
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