Posted on: 21st May, 2009 10:02 pm
We put some money into a house that was to be rehabbed. It was in the name of the person who was going to do the rehab so he could get a loan for the rehab. The house was rehabbed and
he then quitclaimed the property to us, but the quitclaim was never filed. The property is now in foreclosure. If the property sells for less than the value of the mortgage can the bank come after us for the money
he then quitclaimed the property to us, but the quitclaim was never filed. The property is now in foreclosure. If the property sells for less than the value of the mortgage can the bank come after us for the money
Hi Guest
If the quitclaim deed is not recorded at the county recorder's office, it won't be considered as a legal. If your name is on the mortgage document, then the lender can sue you if the property is foreclosed upon.
Thanks.
If the quitclaim deed is not recorded at the county recorder's office, it won't be considered as a legal. If your name is on the mortgage document, then the lender can sue you if the property is foreclosed upon.
Thanks.
It is not legalised.
whoa there...a quit claim is legal - it need not be recorded to be legal.
JUST THINK OF LEGEL THINGS
sunil, can you please explain what you are driving at?