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Reverse quit claim deed - How to do it?

Posted on: 27th Jul, 2006 01:56 pm
good afternoon. i live in toluca lake, ca and my 85 year old grandmother lives in orlando, and she has a condo that was just fully repaired from the hurricanes that hit two years ago. the problem is that she is in a hud housing facility and the sale of the condo would remove her from it. she has, what she considered to be a daughter in orlando, who has been in her life for the past 30 years. my grandmother and her discussed that she would sign a quit claim deed over to wanda and after the sale of the property, she would give her some money and leave the rest to me, her only grandchild. well, you probably can see where this is going, now she is being very nasty to my grandmother and has hung up on her twice. also, when wanda wanted my grandmother to switch over her cd from her bank to wanda's bank, when my grandmother was asked who is the beneficiary my grandmother said, my grandson. wanda got up and ran out of the office. i work in entertainment and have no expertise in this field whatsoever, but from my vantage point there is not much my grandmother can do. but, she has been making all of the mortgage payments to date and wanda hasn't paid anything. my grandmother has an appointment with her lawyer in two weeks, and now wanda won't return her calls. is there anything that she can do to reverse the deed or something to that effect?
Hi Suzie Tomasone!

You will require your brother's signature in order to remove his name from the deed. You will have to ask him to give away his property interests in your favor by signing a quitclaim deed.

Thanks.
Posted on: 09th Nov, 2008 10:53 pm
I quitclaimed my house to a close relative about 6 months ago under the agreement that they would make a percentage of the mortgage payments. The mortgage is in my name alone through a company. I am still having to make the full payments with no regard to our original agreement. Can I null and void the quitclaim agreement if they are in agreement?
Posted on: 02nd Jan, 2009 12:21 am
Hi jatlive,

As the relative did not abide by the original agreement that you had with him/her, you can take steps to declare the quitclaim deed null and void. You can ask the relative to sign a reverse quitclaim deed in your name. If the relative does not agree to reverse quitclaim the deed, then you can take the help of an attorney and try to sue him/her in the court.

Thanks.
Posted on: 02nd Jan, 2009 12:49 am
My mother and father-in-law quick claimed their property to thir three children 13 years ago. Now, my father-in-law passed away and she wants the property back to do a reverse mortgage. Not sure she should do that at this time, but either way, that's what she wants to do. Should the children quick claim the deed back to her, what are the tax implications regarding each adult child. Will they have to pay the gift tax on next year's income tax?
Posted on: 22nd Jan, 2009 03:00 pm
As the children will be transferring the property, I don't think there will be any gift tax implications on this transfer. However, while transferring the property, the children will be incurring the transfer taxes and stamp doc fees.
Posted on: 22nd Jan, 2009 09:29 pm
i'm tryin to help my cousin. her mother has two houses and bills. her mother home was once paid in full maybe 5 year ago, then pull out the equity, i quess has a new mortage now, the mortgage and all the bills are being paid on time,nothing is behind. the second home my cousin stayes in, payment has been paid every month on time. for the past months her, mother has been very sick, can't take care of herself any more and don't stay in her home anymore, haven't for several month. now that the mother is stayin with my cousin, they need more room in there home, need to add on to accomodate her mother. two much money is being spent out on the house no one is stayin in, it's becoming very stressful for her to keep up the up keep, the house is very old and it's away's being vandelize, it will be very hard to sell for the amount that's owe on it. my cousin credit isn't good enough to buy another home. i know she would like to keep the house she is stayin in, take care of her mother,maybe sell the older home or due away with it along with her mother bills. how can she keep the house she's stayin in, have it put in her name without it effecting her in the long run, if her mother past or have to go in a home, maybe add on and due away with her mother bills, maybe refinance then consolidate her owe bills..i know i'm asking alot but my cousin is very stress
Posted on: 26th Jan, 2009 06:26 pm
Hi ww,

If your cousin is not delinquent in her payments, she may try to refinance the mortgage at a lower rate. This will help her in reducing the monthly payments and she will be able to save the property. But she will have to pay the closing costs and other related costs while refinancing.
Posted on: 26th Jan, 2009 09:46 pm
I'm writing again from Jan 26 for my cousin. Good advice was given, but how do you refince? What are the steps? I had mentions that my cousin is responsible for payin her mother bills and the vacant home mortgage. Since her ill mother is stayin with her, but in a home that is in the mother name,there are bills to be paid there also. Her mother is on a fix income. I feel that the income should be spent to better the living of the mother and daughter. What is the best thing to do about the mother bills? What can be done quickly...
Posted on: 27th Jan, 2009 08:02 pm
Hi Guest,

Your cousin needs to contact the lender and speak about refinancing. If your cousin has a good credit score and income and if the property has some equity, then the lender will be ready to refinance the property. Once she refinances the home in her name, she will be responsible for paying the debts and her mother could pay for the medical bills from her fixed income.
Posted on: 27th Jan, 2009 10:06 pm
I do a quick claim deed under the name of my son, but am paying the mortgage, if I stop paying the mortgage, wiil be affect the credit of my son?.
Posted on: 07th Mar, 2009 03:25 pm
Hi andrea,

If you son is only on the title and not on the mortgage, then if you default on the loan his credit will not be affected. But if his name appears on the mortgage papers and you default, your son's credit will surely take a hit.

Thanks,

Jerry
Posted on: 08th Mar, 2009 08:36 am
My grandmother lives here in California,in her paid for home, she is on social security and she has been diagonsed with terminal cancer. how can I get her home into my name, without paying additional taxes. She doesn't have long to live, so I have to move fast.
Posted on: 18th Jun, 2009 01:11 pm
Posted on: 20th Jun, 2009 12:05 am
if i signed over my house on a quick claim deed but it was never file with with the clerks office is there a way i can get out of it? it was like 10 years ago and they are allways late on the mortgage and my credit is in the dump now. id like to put it up for sale. what are my options?
Posted on: 28th Jun, 2009 04:53 pm
Hi chad,

A quitclaim deed needs to be recorded with the county clerk's office in order to be considered valid. If the deed was not recorded for 10 long years, it iw likely that it will no mor be considered valid. I think you should first check with the county recorders office as to who holds the title. If it is still in your name, you can sell off the property.
Posted on: 02nd Jul, 2009 09:52 pm
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