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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Post subject: RE: can foreclosure be avoided by quit claiming property |
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Hi Jeremy,
Welcome to our forums.
We do come across hard times and the only way to overcome it is to have the confidence that we"ll be able to fight however worse the situation be.
Once there is a foreclosure filed against your home, you cannot quit claim the property to your son. Have the proceedings started already? Then it's not possible to transfer property because the auction may have started and the lender would like to sell the property to the highest bidder.
At the most, you can ask your son to buy the property from the lender and then quit claim it back to you in case you want it in your name and he's willing to do so.
Depending upon the state laws, you have also have the opportunity to buy back the property from the new buyer of the property. So, in case your son is not able to buy property, you can purchase it from the new buyer by making a payment. The payment is equal to the amount he has paid along with the interest accrued from the time of sale to the date when you may buy it again. This is the statutory right of redemption.
Hope you get through this situation as early as possible. If you have any related query, please feel free to let us know about it. We shall be glad to help you out.
Thanks,
Caron.
_________________
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T618
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0.10 Dollars($)
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Post subject: Deed |
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| My parents' house is on several acres of land. They have given my fiance and I permission to build a house on their land. Should my parents deed the land to us that we would use to build our house and if so, are we able to pull the equity out of the land? |
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Gary Price
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Yes if they make out a deed to transfer the property in your name then you would be in a position to take financing help for building the house. Your parents can use a warranty deed to transfer the property in your & fiance's name.
Gary Price |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1844
Location: New Brunswick, New Jersey
350.09 Dollars($)
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Post subject: RE: legal owner of land can pull out equity |
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| Yes, your parents should legally transfer the land in your name. After this, you can look out for financing options for constructing homes – possibly construction loans. Until and unless you are the legal owner of the land, you cannot pull equity out of the land. |
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claire
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Post subject: quit claim deed tansfer of house |
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| My parents want to do a Quit claim deed to transfer their house to me their daughter in the event of their death. I don't see on Quit Claim deeds they say anything reagarding in the event of both grantors death. can you help me on that. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Post subject: RE: transfer house after death of parents |
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Hi Claire,
Welcome to our forums.
There are two options here. Either your parents transfer the property to you at present. Now, if they do not intend to give away the property to anyone else through a Will, then you will be the legal owner.
Secondly, and a better option is that your parents should sign a beneficiary deed (or transfer on death deed) over to you. Such a deed will help you to inherit property after your parents' death without a probate being held.
Refer to discussions on Transfer on Death deed and Beneficiary deed
Thanks,
Caron. |
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Dodie
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Post subject: Quit claim deed vs Quick claim deed |
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| I am confused - what is the difference between "quit" claim and "quick" claim deeds? |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.88 Dollars($)
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Post subject: |
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Hi Dodie,
Welcome to Mortgagefit discussion board.
Don't get confused 
Actually it is quit claim deed and people misspell it as quick claim deeds. Thats all.
If you are going to use quit claim deed for transferring property to someone, then I would suggest you go through this page to know more about how it is used in property transfers: http://www.mortgagefit.com/quitclaim-deed.html
Do let me know if you have any other questions.
Thanks
Blue |
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Laurie
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Post subject: Title |
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My husband and I have been living in my parents home in Alaska and paying the Mortgage for 18 years with the agreement that it would be our when payed off. They (my parents) moved back 10 years ago and told us they would build a cabin on the property because the house was ours. They tried to take out an Equity loan but had not found jobs yet so the banker suggested adding my Husband and I to the Title and having us get the Equity loan. That is what we did. Now with 4 years left on mortgage and equity loan with 2 payments left we (my Husband and I ) have a falling out with the Parents and they are kicking us out. Since we are on the title what are our rights? And can they remove us from the title without our knowing?
_________________
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charise
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Post subject: selling home |
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| hi i want to sell my property to a family member and then be added on to the new loan after it has been recorded. how do i do this and still be owner of the property? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.95 Dollars($)
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Post subject: |
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Hi Charise,
After you sell your property you will not remain owner. The owner will be the person to whom you will be selling it.
Let me also add the lender will not agree to add you to the loan as after selling the property you will not have any rights over it. And the lender would require everyone on the loan to have ownership rights over the property.
Miller |
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Niicss
Joined: 03 Oct 2005
Posts: 3211
Location: New Jersey
506.48 Dollars($)
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Post subject: |
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| Quote: | | they are kicking us out. Since we are on the title what are our rights? And can they remove us from the title without our knowing? |
Hi Laurie,
They cannot remove you from the house. Both of you have ownership rights over the house as you were added to the title.
You have as much rights on this house as they have and they cannot remove you from the title without your signatures on some property transfer deed. Did you sign on anything?
If you haven't signed any kind of property deed for transfer of your interest then both of you are still co-owners along with your parents.
As they are your parents I don't thing they seriously mean to have you out of the house. After a few days when the things settle down they would stop behaving like you are not required in the house.
_________________
Good is the Enemy of Great. |
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donald
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Post subject: mother going in assisted living home |
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| mom quick claimed deed house in 3 children name 11 yrs ago Can assisted home take money on sale of house |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.95 Dollars($)
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Post subject: |
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| Quote: | | mom quick claimed deed house in 3 children name 11 yrs ago Can assisted home take money on sale of house |
Donald, as your mom had quit claimed the house 11 years ago, proceeds from house sale will not be taken for payment of assisted living she is receiving.
Miller |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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Post subject: |
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Hi Donald,
Across the U.S., monthly average charge for assisted living is $1,800. Generally, the family members pay the cost of assisted living.
If no one in the family pays for the cost, then proceeds from the sale of the house can be used to pay for the assisted living. |
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