Quitclaim deed limbo?

ntprofile · Joined: 12 Feb 2008 Posts: 1 1.33 Dollars($)

We purchased a home sep. 2003 for 67k. Put 20k down. Now paying for remainder of 47k mortgage. Five year balloon set to expire this sep. 2008. We were advised by a mortgage lender to quickclaim deed to my father, since he has good credit and was pre-approved, and the monthly payments would be lower and the 5 year balloon will disolve, so we did a quickclaim deed too him. The lender now want`s 15k down on a 36k mortgage loan on a 5/1 ARM. Has anybody been in this deed limbo loop? and what can we do? Thanks in advance for any response.

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi ntprofile.

Welcome to the forum.

I was never in such a situation but I think you should have inquired your lender in details what you need to do and what are the criteria of the program to obtain.

Now as you are facing problem with your lender, you can try to refinance the mortgage with some other lender.

Thanks.
Larry

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