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Quit claim deed help!

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landa5050 Guest	Posted: Mon Aug 27, 2007 12:10 pm    Post subject: Quit claim deed help! Like 0 Dislike 0 I have been having alot of difficulty getting a mortgage with the whol sub-prime crash, so a mortgage broker that I have been working with, offered to Quitcliam one of his homes to me and I will continue paying the mortgage. The home is worth approx 480, 000, he purchased the home with no money down and wants me to pay him 18, 000 for the quitclaim deed. What are the risks of doing this? Is there anything that I can/should do to cover myself? Is this legal? HELP?? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Mon Aug 27, 2007 1:11 pm    Post subject: Like 0 Dislike 0 You need to know what type of mortgage he has on the house and whether you'd be able to afford the monthly payments or not. It can happen that mortgage has an adjustable rate and after a few months because of interest rate increase it would become difficult for you to continue the payments. Miller
Frank Helmschrott Guest	Posted: Mon Aug 27, 2007 1:39 pm    Post subject: Like 0 Dislike 0 Quote: so a mortgage broker that I have been working with, offered to Quitcliam one of his homes to me What interest broker has in giving the house to you? This is one important point you have to look into.
landa5050 Guest	Posted: Mon Aug 27, 2007 1:53 pm    Post subject: Like 0 Dislike 0 Thank you for your quick response. I was told that it was a 30yr fixed and the payment is mangeable, so I am not concerned about being able to afford it, I am just worried whether I can lose my down payment (18,000) and the house. The broker states that he is moving to Florida and no longer wants the home, plus he knows the difficulty I've been having trying to obtain a mortgage. What do I need to look out for? How can I make sure that everything is on the up and up? How do I find out whether he is in fact up to date on the mortgage payment, and can he sell the house after I've sighed the quick claim deed? Can I sell the house w/o him? Please help?
carnahandavid Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)	Posted: Mon Aug 27, 2007 2:17 pm    Post subject: Like 0 Dislike 0 Quote: How do I find out whether he is in fact up to date on the mortgage payment That is very important for you to know. It can be that the mortgage is in default and the lender is going to foreclose. You will get the house but then it would be sold off by the lender within a few months. Ask the broker if the payments are current or not and check the documents to be sure. When you get the house title from him, the lender can ask you to refinance the mortgage in your name. Did the broker tell you something about it? Will the lender allow you to continue making the payments on the loan? If you will be required to refinance, will you be able to qualify for the same? Quote: can he sell the house after I've sighed the quick claim deed? Can I sell the house w/o him? Please help? Well, he cannot sell the house after it is in your name but even if you try to sell it, the mortgage will have to be paid off from the sale proceeds. Before considering selling the house you will need to know how much houses are selling for in the region where the house is and if the market conditions are difficult to get the house sold. Other thing to check will be the equity in the house. If there is no equity in the house then after paying off the mortgage you will have nothing left. So there are too many things to consider before taking the decision. And you need to make sure that you do not make a mistake and get stuck.
landa5050 Guest	Posted: Mon Aug 27, 2007 2:43 pm    Post subject: Like 0 Dislike 0 Thank you very much for your help. In response to your question, NO the broker did not mention that I would have to refinance, in fact he knows that I will not be able to qualify for a loan right now. What will my rights be, if any, if the home is foreclosed after I sign the quick claim deed? Initially this sounded like such a great opportunity, but now I just dont know. Does anyone know anyone whom has done this type of transaction? I appreciate all of your help in answering my questions. Thank you.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Mon Aug 27, 2007 2:56 pm    Post subject: Like 0 Dislike 0 Quote: What will my rights be, if any, if the home is foreclosed after I sign the quick claim deed? You do not have any rights if the payments are in default and lender decides to foreclose. Legally he has the right to recover his mortgage balance if the loan is in default by foreclosing. Quote: Initially this sounded like such a great opportunity, but now I just dont know. It certainly looks like a good deal but why the broker is giving you such a favor? He should explain all the things clearly to you. _________________ Good is the Enemy of Great.
warmerdam Guest	Posted: Mon Aug 27, 2007 2:59 pm    Post subject: Like 0 Dislike 0 ===> NO the broker did not mention that I would have to refinance, in fact he knows that I will not be able to qualify for a loan right now. You need to get it clear on whether you will be allowed to continue the present mortgage or not and is it current or not.
landa5050 Guest	Posted: Mon Aug 27, 2007 3:11 pm    Post subject: Like 0 Dislike 0 This might sound like a silly question but, What are the questions I need to have answered in order to feel secure about doing this deal?
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Mon Aug 27, 2007 3:27 pm    Post subject: Like 0 Dislike 0 Let me help you with that. Few questions you need answers for: 1.Is the mortgage current or not 2.Will you have to refinance after getting the title from broker 3.How much is the equity value of the house at present 4.How old the mortgage is. If it hasn't been long that the loan was taken then its possible that there is not enough equity in the house 5.After getting the title, if required, will you be able to sell the house to cover the mortgage balance and make some extra. How is the market condition in your locality. Are houses getting sold? _________________ Good is the Enemy of Great.
McClung Guest	Posted: Mon Aug 27, 2007 5:30 pm    Post subject: Like 0 Dislike 0 Quote: I have been having alot of difficulty getting a mortgage with the whol sub-prime crash, so a mortgage broker that I have been working with, offered to Quitcliam one of his homes to me and I will continue paying the mortgage. The home is worth approx 480, 000, he purchased the home with no money down and wants me to pay him 18, 000 for the quitclaim deed. What are the risks of doing this? Is there anything that I can/should do to cover myself? Is this legal? HELP?? Can be a total fraud scheme. You need to keep your eyes open.

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