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jen
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Post subject: Quit claim deed |
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| I am loking to helpp my friend out who is going into foreclosure by using a quit claim deed. My question is this: once we do this what rights do I have that he does not take out a second mortgage or has a lien put on the house after the fact. Also can he sell it since he is still on the title. |
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Amelia, NH
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Post subject: quick claim deed |
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| My husbands mom quick claimed her home to him 7 yrs ago. She recently died, but, his stepfather still lives in the home. About the same time as the home was deeded, my husband went out of work w/a disability (he was out 5 1/2 yrs, and has since returned.). We may be divorcing. I'm wondering if I am entitled to any of the value of that home (it is paid off). Thanks. |
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helping_user
Joined: 31 Mar 2006
Posts: 806
Location: Hawaii
158.49 Dollars($)
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Welcome Jen,
If you become the owner of the property through quit claim, chances are that the lender may charge payments from you in case your friend stops paying. This is so because you will then be the owner. The lender would like to secure his interest in property by taking the money from you.
Thanks |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Welcome Amelia.
Whether you will get any value from the home depends upon the decision taken by the court and the divorce decree it issues.
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Procrastination is the enemy of your financial success |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Hi Jen,
I guess you are taking over the property of your friend through quit claim in order to avoid foreclosure. That's a good gesture on your part.
Through the quit claim, you get the rights of ownership on the property though it does not guarantee that your friend is the legal owner currently. The quit claim deed just mentions that property has been transferred.
Since your name should be on the title, your friend cannot take a second loan against the home. But if he has not yet made payments on taxes or anything related to the home, then the creditors/persons concerned may out a lien on the home or else they may charge it from you after you get the ownership rights.
Your friend cannot sell the property as he will no longer be the owner. Also, you should record the quit claim deed at the Office of the Register of Deeds, so that your name appears on the title and your friend's name is removed.
Thanks,
Caron.
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Candy
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Post subject: Quitclaim |
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| My ex fiance and I bought a home together, we have joint tenancy. He is now asking me to sign a quit claim to him. He tells me I will be paid $5,000.00. If I do sign the quit claim, will I still be on the morgage? |
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Jimmy
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Post subject: Grandmother's House |
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My grandmother is becoming very ill and is now in need of financial support to cover medical and care expenses. It has been suggested that she Quit-Claim her home (which is completely debt free) to me, and then I immediately obtain a equity loan against the home to help pay her expenses. Upon her eventual passing, I will then sell the home and recover my out of pocket expense (i.e., the monthly payments on the equity loan). This is the last resort since my grandmother does not want to take out a reverse mortgage and she only trusts me with the Quit-Claim transaction.
What do you think? Is this feasible? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
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Hi Candy,
Welcome here.
You will still be on the mortgage even if you sign the quit claim. But you will lose your equity in the house. And for the payments, as your ex-fiance to sign a written statement that on quit claim, he will provide you with the money.
Thanks,
James. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Jimmy,
Welcome to the forums.
The option to go for a quit claim seems quite feasible. Now, you need to find a suitable lender who offers home equity loan at a rate of interest that is favorable for you. Also let the lender know that you may sell the property and pay off the loan in future. This is because, in case the lender does not allow you to sell, you may have to repay it with your own funds.
Thanks,
Sara |
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Jimmy
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Post subject: Grandmother |
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| Thanks Sara for the quick response and advice. This forum is terrific! |
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Sharon
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Post subject: quit claim deed |
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We are living in a home that my the loan and title is in my mother-in-law 's name. We live upstairs and she lives down stairs. We are thinking about a quick claim dead to protect us incase she tries to sell out from us. We pay the mortgage and it is suppose to be ours now since she can not afford it. We can not get it finance into our name until July do to pre-payment pently. We want some type of protect of what we are paying into it and it will be ours. Would a quit claim dead work or some type of contract.
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Michelle
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Post subject: Quit Claim Deed |
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| My father did a quit claim deed on his home 3 weeks before he died and had one of my sister name put on it. The other children do not again with this action and just found out about it. Is there anything we can do to have the house divided between ALL his children. |
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blue
Joined: 21 Oct 2005
Posts: 1131
Location: MARYLAND
138.04 Dollars($)
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Hi Michelle,
Welcome to Mortgagefit discussion board.
Sorry to hear about your father's death.
If the property was in your father's name as him being the sole owner and the quit claim deed was made out properly then it is valid. What I mean by "made out properly" is that the deed was properly notarized and recorded at the county recorder's office before his death.
You should consult an attorney to know if there can be a way to prove the deed illegal. But that would be difficult to prove.
Thanks
Blue
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carnahandavid
Joined: 21 Dec 2006
Posts: 238
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Hi Sharon,
Yes a quit claim deed can be made out by your mother-in-law to include your name in the title of the house.
By making out the quit claim deed she will make you the part owner of the house and won't be able to sell off the part she would quit claim in your name.
David |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 582
Location: Waltham, Massachusetts
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| Quote: | | My ex fiance and I bought a home together, we have joint tenancy. He is now asking me to sign a quit claim to him. He tells me I will be paid $5,000.00. If I do sign the quit claim, will I still be on the morgage? |
Candy, by quit claim deed only your ownership of the house will get transferred in your ex fiance's name. You will remain liable to the mortgage and if he stops making the monthly payments then you will have to continue them, without having any ownership rights over the home.
You will be paid $5,000? For your share of interest in the home? I am sure the value of the house is lot more than that and your share of the actual value will be far greater than $5,000.
Also ask your ex fiance to refinance the mortgage in his name before you quit claim the house, so that you no longer remain liable for mortgage payments after you do not have any rights over the home.
Colin |
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