Posted: Thu Oct 16, 2008 12:13 pm Post subject: Quick Claim Deed
My friend is buying a house from a private owner and couldn't
afford to pay the taxes and insurance. She did a quick claim
deed with her friend. Do her friend own the house and can
she walk away from the contract that she signed with the private owner? Who is responsible for the payments on the house.
Your friend is in a contract to purchase this home? Is it a purchase contract or a land contract?
Your friend cannot afford this house and wants to get out of it?
Whichever person who is on the note for the loan that secures the home is who is responsible to make the payments. If they fail to make the payments the home could be foreclosed on. Whoever is on the deed to the home and is not on the note for the loan that secures the home are not responsible to make the payments unless they want to keep the home. _________________ Greg Phillips Mortgage Professional Web:HomeBlogMessage Board
Guest
Posted: Thu Oct 16, 2008 7:25 pm Post subject: Quit claim deed
I am still confused. The paper work my friend has say warranty Deed. She and her husband was purchasing this house from a private owner. She is on the contract and the Quit claim deed was issued to her friend. If she tell the owners she cannot make the monthly payments and walk away from this house and it is forclosed can she be prosecuted by the Law. What happens to her friend that has the Quit Claim Deed? I was told that she can't walk away from this house because she has a signed a Quit Claim Deed to her friend and she will have to make the monthly payments.
Please help me to understand she only gets
$600 a month and can't afford this. What can we do?
The person whose name is on the quitclaim deed, owns the house. However, it should be remembered that a quitclaim deed only transfer the ownership of the property and not the mortgage. If your friend's name is on the mortgage, then she will have to pay the debts to the lender. If your friend wants to remove her name from mortgage, she will have to ask the other person refinance the mortgage.
Feel free to ask if you have further queries.
Sussane
Guest
Posted: Fri Oct 17, 2008 6:31 am Post subject: Quit Claim deed
My friend was taken advantage of and the other person on the Quit Claim Deed will not refinance the the mortage.
If my friend refuse to pay the mortgage and go into forclosure can the owner of the house prosecute her. Do she have any other options
to get out of this contract with the owner.
If the other person is not refinancing or quitclaiming the property to your friend, you friend can take the help of a partition lawsuit which can force the sale of jointly owned property.
Thanks,
Jerry
Mary Guest
Posted: Thu Oct 30, 2008 9:42 am Post subject: Land
My husband & I own land. If we had a agreement with a member of the family that they pay so much toward purchase price & property tax & when we die the land goes to this person free & clear, my question is what do we do to make it legal & binding?
It will be better if you mention this in your will. This will make the deal legal and binding and no-one can question it.
Thanks.
BARBARA Guest
Posted: Mon Nov 03, 2008 2:22 pm Post subject: QICKCLAIM DEED
IF ALL OF THE SISTERS AND BROTHERS QUICK CLAIM A DEED FOR ONE OF THE THE BROTHER, WHAT HAPPEN TO THE LAND IF THE BROTHER DIES BEFORE THE OTHER SISTERS AND BROTHERS, WHO OWNS THE LAND THE SPOUSE TO THE BROTHER OR IT GOES BACK TO THE SISTERS AND BROTHERS THAT QUICK CLAIM THE DEEDS?
The property distribution will depend upon the type of ownership. If its a joint tenancy with right of survivorship, then the joint tenant will directly get the property. If its joint tenancy in common, then the heirs will receive the property.
If nothing is mentioned about the type of ownership, then I think the court will decide as to who will get the property. For that you will have to consult an attorney.
Thanks.
cajonsteve Guest
Posted: Fri Nov 07, 2008 11:24 am Post subject: quick claim
i bought a house with a friend we have a morgage on a house in california we are not married i myself am having financial troubles im wondering if a quick claim will take me off the deed and will stop any leins or other problems on the property
Quitclaim deed is a document which records the transfer of a property from one person to another. The person giving away the interest in the property is known as grantor while the one who accepts the interest in the property is known as the grantee. Mainly gift transfers are done through this type of deed. To know more about quitclaim deed, check out the information in the given link:
http://www.mortgagefit.com/quitclaim-deed.html
Thanks,
Jerry
srmfla Guest
Posted: Tue Nov 18, 2008 2:21 pm Post subject: deed
I have a friend that wants to be 1% on my deed and that is how the condo assoc
will let her live in my house without me being there. Does she have any say in when I sell my home or can she sell it without me she is not on the finance agreement??
kenmayf
