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mortgage and ownership delemma

Posted on: 29th Mar, 2011 09:19 am
Property is owned by person A free and clear of any debt. Person A quit claims the property to person B. They agree not to record the deed at this time. Person A refinances the property for 150,000 with the bank. Person B then goes and records the deed with the county (after the new mortgage was taken by person A). Who owns the property? Who owes on the mortgage? Can person B evict person A from the property?
Welcome bill carl,

If the property deed mentions Person B's name, then he will be considered as the owner of the property. However, as the mortgage is taken by Person A, he will be liable for the mortgage payments. Person B can evict Person A from the property.
Posted on: 29th Mar, 2011 07:55 pm
>>Can person B evict person A from the property?

Yes.
Posted on: 12th Apr, 2011 07:46 am
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