Posted: Mon Sep 22, 2008 5:10 pm Post subject: WHO owes mortagage
I put up $60,000 on a property for me and the man I live with..At the closing, they had left my name off the deed, saying he could quick claim the property to me. But my question is..if the mortgage is in his name and he quick claims to me, if he dies, will I have to pay off his mortage or would they go after his money in his returement account firts, even if he has put someone else's name as who will inherit at his death. I do not want to take anything from anyone but as it is, I feel I am getting screwed and wnat my money back oer my name on the deed.
Hello- Regardless, the mortgage is secured by the property. No matter who the proeprty gets quit claimed to, the lien will remain intact. _________________ Mike Sweeney
LionSaves.com - refinance debt
views expressed on this forum are my opinion as a mortgage professional, not legal advice
When you sign a quitclaim deed, you will only transfer the property to someone else. The lien or the mortgages on the house will remain intact. In order to transfer the lien or the mortgage, you will have to go through the process of novation or refinance. If someone else will inherit the property after your partner’s death, then that person will have to file an Affidavit of Heirship and transfer the property in his/her name. Refinancing can also be done.
Posted: Tue Sep 23, 2008 9:35 am Post subject: who owes mortagae..
So if he does quickclaim the house outright or has it put in both our names with right of survivor and he dies, would I still owe his mortage(my name is not on the mortgage) or would they take his bank accounts and IRAs first and then I would have to pay off any balance? I know I am stupid about this but had breast cancer when we both this house and everything awas suposed to be equal and he was supposed to put in as much as I did..then the stock market when down and he has done nothing but make the payments. All of the $60,000 came from the sell of a condo I owned and the mortgage and house was supoosed to have been in both name. His cousin was the loan officer and I didn't know I was not on the papers until the day of closing and was told if we went back and redid everything, we would lose this house and have to paY A HIGHER PERCENTAGE ON THE MORTGAGE.
I do not think you will owe the mortgage as your name is not on the mortgage papers. However, the lenders may ask you pay the mortgage as your name is one the deed. This lies at the discretion of the lender.
Feel free to ask if you have further queries.
Sussane
house20250 Guest
Posted: Sat Apr 04, 2009 11:09 am Post subject: aunt died with a open mortgage and quick deed it to me
my aunt died and quick deed my house to me. i put the down payment down . should i tell the mortgage company that she pass away if so i have bad credit. would have to finance the house. by michigan law
wstonem99
