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A friend of ours is having financial difficulties and is behind in his house payments, he is wanting to do a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] transfer to us and we would take over the house payments to bring it up to date and finish paying for it. Are there legal complications in doing this since he still owes money? Should we go to the bank instead?

bryscarl's picture
bryscarl | Joined: March 15, 2013 07:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

My wife's father passed away a little less then 10 years ago, and he had bought a property (I think in the late 60's early 70's) that he had left in a trust to his 2nd wife (my wife's step mother), with the stipulation that she could own and use it until either she passed away or no longer wanted it and then the property would go to my wife and her two sisters. Now fast forward to about a month ago, my wife recieves a call saying that her step mother (which they are not on the best of terms) no longer wants to deal with the home and that she is transfering it to her and her 2 sisters. So, the process of the Deed Transfer began and it is currently being recorded at the county registers office. Now my wife and her two sisters want to turn around and sell the home and they already have a listing agent involved (although it is not listed yet since the recording has not been confirmed with the county yet). In addition there is the matter of the mortgage. There is not a tremendous amount owed, and I think my wife and her sisters were thinking they could either sell the home quickly and then pay the mortgage debt in full with the proceeds or that they could continue making payments to the mortgage company for a month or two (on her step mothers behalf) until it's sold and then pay it in full. Now to make matters more difficult we do not have the loan number, which I would assume we would need so we can continue to make the payments or to pay it off in full. As a result my wife is really scared that the house will go into forclosure as a result of this small balance owed when the home is worth significantly more. We have tried to contact her step mother with regards to the loan number, but unfortunately have not been successful with getting the information. Also, the loan was originally with GMAC, but now we believe it is with Ocwen as GMAC sold most of their mortgages to them just about a month ago. We have tried calling them to explain the situation and find out how to proceed and they won't even talk to my wife about it, since they don't recognize it as her loan. As a result of everything going on my wife is very stressed right now, as she is the only one of the three sisters in the area where the home is located, so the majority of the responsibility has fallen to her despite her other sisters attempts to be helpful. So, I am writing this in hopes that I might get some advice and answers on how it would be best for my wife and her 2 sisters to proceed with this situation and avoid forclosure.

I would be grateful for any assistance you can provide and thank you for your time.

Sincerely,

Bryan

Like | Dislike | Share | Posted: Fri, 03/15/2013 - 08:39 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url] in my name from 2008, my friend has died name and the loan is still in his name. the bank never transfered their portion over in my name but still have him as the property title owner, but the state has me as the deed to house. What can I do now. I have asked the bank for a title transfer and they will not. His wife's name is on the title and she is willing to have the title transfered but the Bank is made becuase of the quit deed. We have filed taxes on this house for the past 3years and have paid the note on this house for the past 5 years. What should I do or what are my rights.

Like | Dislike | Share | Posted: Mon, 08/27/2012 - 09:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What are my rights, I have the [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] in my name in NC and the morgage is still in my friends name and he is decease. what can I do. Or what rights do I have to the property. The house was never refinanced.

Like | Dislike | Share | Posted: Mon, 08/27/2012 - 09:13 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jdminc!

Welcome to forums!

As the property deed is in your name, you will be considered as the owner of the property. However, as the mortgage is not in your name, you won't be liable for paying it. But if you want to save the property from foreclosure, you will be liable for paying off the loan. In such a situation, it will be better if you could refinance the mortgage in your name.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 08/28/2012 - 00:16 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dtex,

If the property is free and clear, then you will be able to use a warranty deed in order to add your spouse to the property deed. If there is a mortgage on the property, then you will have to use a quitclaim deed to add your spouse to the deed.

Thanks

Like | Dislike | Share | Posted: Wed, 03/07/2012 - 00:59 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What form is needed to add spouse name to homestead on our home ( Texas )

Like | Dislike | Share | Posted: Tue, 03/06/2012 - 14:23 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother quitclaim property to me and my siblings. One has a mortgage the other back taxes owed. My name is not on the mortgage. If either of these properties go into foreclosure will it hurt my credit?

Like | Dislike | Share | Posted: Thu, 03/08/2012 - 09:54 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi madinny!

Welcome to forums!

Even I think they are wrong in saying this. It will be better if you could contact a real estate attorney and take his opinion in this matter.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 03/22/2012 - 00:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was divorced about three years ago. My ex was granted our house. He says he did a deed and had my name taken off the house. I have applied for a couple of loans and have been told that I have a open mortgage. I want to know how this could be? Whats going on here? Can you help me?

Like | Dislike | Share | Posted: Tue, 03/27/2012 - 08:39 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kelly,

Unless your ex refinances the mortgage in your name, you won't be able to get rid of the mortgage payments. So, it will be mentioned as an open mortgage in your credit report. You should contact your ex and ask him to refinance your mortgage.

Thanks

Like | Dislike | Share | Posted: Wed, 03/28/2012 - 22:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My sister has terminal cancer and in her will has me as heir to her townhouse. We recently filed a quitclaim deed for her property to avoid probate in Minnesota. She still has a mortgage on the property. My plan is to sell the property after she dies but not sure if there is anything else I need to do regarding her mortgage. Can I just put the house up for sale and pay off her mortgage from the equity? She also has me as executor in her will.

Like | Dislike | Share | Posted: Mon, 04/09/2012 - 06:44 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Don!

Welcome to forums!

If you sell off the property, you will have to pay off the mortgage dues with the help of that sale proceed. if you don't do so, the lender may not allow you to sell the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 04/10/2012 - 00:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My hsuband and I did a subdivision and the deed for the new lot was in my name. When we went to buy more real estate our BAC broker said that the lot needed to go back to my husband and he could refiance the lot and then I would purchase new property. I think I had a very high credit score and my interest rate would have been lower. The whole deal fell apart on the new house anyway. Now I have the debt and he has the deed (deeded to him 2 years after the original subdivion) Can he sell it without me. What happens? Thank you

Like | Dislike | Share | Posted: Wed, 05/02/2012 - 06:11 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

There is a mortage on the house with my son in law, my daughter, and myself. My son in law and daughter are separating on a 6 month trial basis. In the event of a divorce, my daughter and myself wish to still live here. My son in law has said he will sign a quit claim. Does this absolve him from mortage responsibilies? Would my daughter and nee to refinance the house?

Like | Dislike | Share | Posted: Sat, 05/05/2012 - 10:25 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

If the property is in your husband’s name, then he can sell off the property without your permission.

Welcome judy,

Signing a quitclaim deed won’t absolve him of his mortgage responsibilities unless you or your daughter refinances the mortgage.

Like | Dislike | Share | Posted: Mon, 05/14/2012 - 00:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am on the mortgage for my daughter and son-in-law's house.They are going through a divorce. If i sign a [url=http://www.mortgagefit.com/predeal/quitclaim-stateforms.html]quitclaim deed form[/url], will i also loose the right to initiate the sale of the house if they default on the mortgage payments. I am listed as the main mortgage holder along with the kids.

Like | Dislike | Share | Posted: Mon, 05/14/2012 - 07:39 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just got divorce and I want to buy my ex-wife out of the property. I offer here cash to buy her out and she agreed. I called the bank to assume the load solely on my name and they told me that I have to qualify for my loan that I am paying today. Since the divorce, my ex damaged my credit; therefore, I don’t qualify for a refinance. However, it is my loan today so what is the differences. I am making the payments.
Since I am buying her in cash, I will continue with the same loan, how can I remove her from the loan so she can sign a quick claim deed only on my name?

Like | Dislike | Share | Posted: Tue, 05/15/2012 - 15:05 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To Guest,

If you sign a quitclaim deed and transfer the property to someone else, you will lose the ownership of your property. Thus, you won’t have the rights to sell off the property.

To HCJAX,

Signing a quitclaim deed will only remove her name from the property deed. It won't remove her from the mortgage. You will either have to refinance, assume or go for a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] to get the mortgage transferred in your name.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 05/18/2012 - 00:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My daughter loaned money to her boy friend for a down payment on a house. he now does not want to pay for the loan. She is on a quick claim deed for the house. She is not on the mortgage of the house. Is she responsible for payment on the house if refuses to pay his loan?

Like | Dislike | Share | Posted: Wed, 05/23/2012 - 17:26 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi em j!

Welcome to forums!

If your daughter's name is not mentioned on the mortgage docs, then she is not liable for paying the mortgage payment. However, it is true that non-payment of mortgage will lead to foreclosure and your daughter may lose the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 05/23/2012 - 23:39 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mlc,

A similar query has been replied to in the given page:
http://www.mortgagefit.com/Property-transfers-and-Real-estate-related-is...

Please take a look at it. I hope it will help you.

Thanks

Like | Dislike | Share | Posted: Thu, 05/30/2013 - 22:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My siblings and I own a house we were given prior to my father's passing. For many years one of my siblings was paying the taxes on the property and agreed to be reimbursed upon the sale of the house. About 6 months before the sale, my sibling transferred his share to his son. Who now has claim to the previously paid tax money?

Like | Dislike | Share | Posted: Thu, 05/30/2013 - 17:25 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

husband abandoned our son and I in May2008 I am on disability and need to modify my mortgage. He is no where to be found. How can I get his name off the deed and mortgage We live in NC

Like | Dislike | Share | Posted: Tue, 06/12/2012 - 15:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Jessica,

If I am transfering the deed in a property for $37K in cash plus the refinancing of my mortgage so that my partner assumes my responsibility is it normal to only have the $37K mentioned in the deed and not the remaining $148K.

Thanks.

Boris.

Like | Dislike | Share | Posted: Tue, 06/12/2012 - 23:21 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jeannie,

Your husband will have to sign a quitclaim deed and transfer the property to you so that you can get the property in your name. Then you can apply for loan modification. However, chances of loan modification could have been higher if the loan had been in your name solely.

Welcome Boris,

As far as I know, you can mention the 37k in your deed. However, it will be better if you could contact a real estate attorney and take his opinion in this regard.

Like | Dislike | Share | Posted: Wed, 06/13/2012 - 00:14 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

me and the ex-wife have been divorced for over a year she is trying to convence me to do a quick claim deed and not get any lawyers involved in property settlments how should i handle this i'm sure the house has almost doubled in value and is worth twice the money we payed for it.

Like | Dislike | Share | Posted: Tue, 09/05/2006 - 19:59 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Wellcuz,

I think you should consult a lawyer. After all the lawyer is the person who will be preparing the quit claim deed for you. Also, for property settlements, it is always better to consult persons involved in the legal processes.

I think you should take help from a lawyer dealing in matters of the estate and there is no need to tell your ex-wife that you have consulted a lawyer.

Thanks,

Caron.

Like | Dislike | Share | Posted: Tue, 09/05/2006 - 20:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

So, you guys are simply saying that after the quit deed it is up to the lender, and I should be ready to purchase the property if all fails.

Like | Dislike | Share | Posted: Wed, 10/11/2006 - 19:07 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

In addition to what James said, I would like to add that if the lender agrees then Owen can also ask about assumption of his mother-in-law's mortgage.

Owen kindly have a look at the article on assumption to know more about how you can assume the mortgage liability from your mother-in-law.

Colin

Like | Dislike | Share | Posted: Wed, 10/11/2006 - 16:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my mother-in-law has fallen behind in her mortgage and HOA dues, I believe that the house will go into foreclosure soon. I want to help by paying up the mortgage and HOA dues and also having her committ to a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url] to ensure my investment. I would then take over the payments and hold on to the house for the duration until I decide to refinance and pay her out a gift of 15 to 20 thousand dollars. Will I have to refinance now or can I hold the house in her name until I decide to refinance. Will I have to pay a large sum down if I am on the deed. thank you

Like | Dislike | Share | Posted: Wed, 10/11/2006 - 16:15 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Owen,

If your mother-in-law quit claims the house in your name then the lender can call the mortgage due. If the current rates are lower then you can go for refinance right now. Otherwise after the house is quit claimed in your name you can consult the lender about a possible [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] in which mortgage payment obligation will get transferred in your name.

Also if the house is quit claimed to you as per laws it is treated as a gift and what you pay for it is not fixed.

Thanks
James

Like | Dislike | Share | Posted: Wed, 10/11/2006 - 16:28 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Owen,

I don't think that buying the house is necessary. There are two ways to handle this situation. First of all, if you ask your mother-in-law to quit claim the property to you, she can do so but she should inform the lender about it as the latter has an interest in the property (as he has offered the loan against the house). But the quit claim does not transfer the mortgage. So, your mother-in-law has to transfer the loan in your name through Novation. Then you can start paying for the loan and refinance when its suitable for you.

Secondly, if you don't wish to go into the above process, you can ask your mother-in-law refinance the loan in your name and transfer the property-title to you at the day of the loan closing. You may use a quit claim deed to get the title transferred in your name. And, whether you will have to pay a large sum will depend on the type of refinance loan taken, the interest rate and fees charged.

Know all about How to Refinance if you are interested to choose this option.

Thanks,

Caron.

Like | Dislike | Share | Posted: Wed, 10/11/2006 - 21:13 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi-
My parents are willing to help me purchase a home due to my poor credit history (i signed for a motorcycle for an ex who defaulted on the loan, along with my own pre college credit card debt that I didn't take care of properly). I am just finishing up on paying off all my debt, and have a great steady income. Since my parents credit history is steller we've talked about them purchasing the house and me making the payments and holding the title to the house alone. I just don't know what the best way to go about this...I'm concerned with taxes due on transfer of ownership/gift? and my financial responsibilities (and tax benefits/write offs), and other matter such as "due on sale" if we do a quitclaim deed. Is there a way for me and my mother to purchase together? Or will my poor credit increase interest rate on morgate despite her excellent credit? Should I just wait to get my credit score higher? Your input is greately appreciated. Thank You.

Like | Dislike | Share | Posted: Mon, 10/16/2006 - 21:44 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

[quote:12b0460108]Should I just wait to get my credit score higher?[/quote:12b0460108]
If you intend to buy the house on your own by taking a mortgage in your name only, then you can definitely wait for your score to get higher so that you can qualify for better interest rates in future.

Thanks,

Sara.

Like | Dislike | Share | Posted: Mon, 10/16/2006 - 22:33 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi avpdays,

[quote:f96e5fbdb0]Is there a way for me and my mother to purchase together? Or will my poor credit increase interest rate on morgate despite her excellent credit?[/quote:f96e5fbdb0]
You can make your mother the primary borrower on the loan while you become the co-borrower. Since your mother has excellent credit, so she can get qualified for a home loan and thereby secure a reasonable rate of interest. Otherwise, your poor credit will not allow you to avail a better rate.

After your mother gets the loan, she can transfer it to you by [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url] and quit claim the property to you. So, you will be getting the interest in the property and at the same time you will also be liable for monthly payments on mortgage. But one needs to request the lender for the Novation as he may or may not allow for it.

Alternatively, you can also shop around for a lender who will offer you a loan program at your credit score and income. You say that your credit isn't favorable enough to get a good rate. But you do have good income, so you can start shopping with a number of lenders in order to choose the best out of them.

Feel free to clarify your doubts.

God bless you

Samantha.

Like | Dislike | Share | Posted: Mon, 10/16/2006 - 23:22 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think the best way to go about it is to wait till you can build up good credit score which will in fact help you to qualify for loans at affordable rates of interest.

Like | Dislike | Share | Posted: Tue, 10/17/2006 - 01:10 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If the loan has a due on sale clause, then your mother cannot quit claim the property if she takes a loan against the house. The clause gives the right to the lender by which he can demand the outstanding loan balance from the borrower.

Like | Dislike | Share | Posted: Tue, 10/17/2006 - 01:31 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Avpdays,

[quote:bc749bbafa]I'm concerned with taxes due on transfer of ownership/gift? and my financial responsibilities (and tax benefits/write offs), and other matter such as "due on sale" if we do a quitclaim deed.[/quote:bc749bbafa]
If your mother takes a loan as primary borrower in order to purchase the house and then transfers you the interest through quit claim, then she needs to pay Gift tax under certain circumstances. It's not your liability to pay the gift tax. And, as far as getting tax benefits are concerned, you may be able to receive tax deduction on mortgage interest after the loan is transferred in your name. But there are certain conditions under which you can qualify for this deduction.

For more idea on the Tax deduction on interest , refer our previous discussion. Also, know about the Tax Implications of Quit Claim .

Regards,

Jessica.

Like | Dislike | Share | Posted: Tue, 10/17/2006 - 02:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My dad has the house mortagage and about 3 yers ago he QC the deed to me and my siblings (7 of us and 3 are minors). In August the mortage company began foreclosure proceedings. We all agreed to QC the deed again in my name only so that I could secure the property. The foreclosing mortgage company has agreed to a selling price, and I have a lender to do the loan, but NOW I find out that our father could not sign the QC deed on behalf of the minor children in order to convey the property to me and that the only way to do so is via a legal guardian authorized by the probate court. Is this true? Are there legal forms or affavidits that would take care of this or do we have to go through court proceedings. In the meantime the foreclsoure auction is scheduled for early Dec. What shall I do?

Like | Dislike | Share | Posted: Thu, 11/16/2006 - 09:33 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

[quote:eab70ab77c]in order to convey the property to me and that the only way to do so is via a legal guardian authorized by the probate court. Is this true?[/quote:eab70ab77c]
Yes it is true that a guardian will have to be appointed as the law states that minors can receive property title but they can not convey title until they become 18 years old.

Your father had quit claimed the house in name of 7 seven of you, this way the three minors also received the title of the house which legally they can acquire but afterwards your father cannot sign on their behalf.

Thanks
Blue

Like | Dislike | Share | Posted: Thu, 11/16/2006 - 12:28 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I agree with Blue, for the transfer of ownership of the 3 minors now, the court will have to appoint an independent guardian to represent them, as minors cannot enter into a legal contract as per law and even as their father you will not be in a position to take decision affecting their ownership rights in the house.
[quote:7e74d2f31a]In the meantime the foreclsoure auction is scheduled for early Dec. What shall I do?[/quote:7e74d2f31a]
You should explain this situation to the mortgage company and request them to delay the date fixed for the foreclosure auction. As the situation will get solved as soon as the ownership held by the 3 minors gets transferred.

In my opinion the mortgage company will agree to delay the foreclosure as they normally do not intend to foreclose as long as there is a possibility that the borrower will be able to repay.

Thanks
Colin

Like | Dislike | Share | Posted: Thu, 11/16/2006 - 12:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank You!! I will contact the mortgage company to request a delay until this process can be taken care of. However, they have delayed it once already, hope they will be willing to do so again. Thanks again

Like | Dislike | Share | Posted: Thu, 11/16/2006 - 14:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my ex wife passed away, during our divorce i signed over the house with a quick claim deed and the mortgage is in my name..her mother has power of attorney(Not on paper,it was a verbal agreement) will her mother be able to sign it back over to me by just filling out another deed and signing her daughters name on it or will we need a lawyer?

Like | Dislike | Share | Posted: Tue, 12/19/2006 - 16:07 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to Mortgagefit forum.

Sorry to hear about the passing away of your ex-wife.

Your ex wife's mother has a verbal power of attorney. But to have any legal affect the power of attorney should be properly made and notarized. With the verbal power of attorney she won't be in a position to take decision regarding her daughter’s property matters.

Let me also tell you that if at the time of death she had given the house to her mother by making a will then she would be able to transfer it in your name if she wishes.

You will have to contact a lawyer in this situation.

Thanks
Blue

Like | Dislike | Share | Posted: Tue, 12/19/2006 - 16:23 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ohio,

Since your ex-wife's mother has only a verbal power of attorney, she is not the legal owner of the property and hence she cannot transfer the it through quit claim, that too, in the name of your ex-wife. She can only covey property to someone provided her name is on the Will made by your ex-wife.

In case, there is no such Will, the court will distribute the property interest through Intestate Succession.

Thanks,

Caron.

Like | Dislike | Share | Posted: Wed, 12/20/2006 - 04:28 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My brother purchased a house. I was a cosigner. Our plan was for me and my kids to stay with him and help pay the mortgage. Plans did not go as I thought. The house is only two years old. I have now moved out and he refuses to pay the mortgage.

I want to do a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to say I have nothing to do with the property. What is the best way to go about this? Also if I get a quit claim done will I be entitled to pay any outstanding amounts he ows?

Like | Dislike | Share | Posted: Thu, 12/21/2006 - 16:30 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My brother purchased a house. I was a cosigner. Our plan was for me and my kids to stay with him and help pay the mortgage. Plans did not go as I thought. The house is only two years old. I have now moved out and he refuses to pay the mortgage.

I want to do a quit claim deed to say I have nothing to do with the property. What is the best way to go about this? Also if I get a quit claim done will I be entitled to pay any outstanding amounts he ows?

Like | Dislike | Share | Posted: Thu, 12/21/2006 - 16:31 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

If you quit claim, you would still remain liable for the payments.

Don't quit claim until and unless your brother agrees to refinance the mortgage in his name.

Otherwise you will be in problem.

If he is not agreeing to pay the mortgage, then ask for the house to be sold and the mortgage be paid off from the proceeds of the sale and let him keep the balance from the proceeds of the sale.

tim

Like | Dislike | Share | Posted: Thu, 12/21/2006 - 18:35 | Post subject:

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Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lily,

Since you are the cosigner, you need to make payments only when your brother fails to pay down the unpaid debt. Your brother actually is responsible for making monthly payments on the loan. So, you need to talk to him regarding this and also contact the lender. Request the lender to talk to your brother. Otherwise, if you cannot convince him, you might end up paying the outstanding debt.

For your second question, you can approach an attorney and have a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] prepared after explaining your situation. But do you have your name on the title? If you don't have any ownership interest on the home, you need not sign a quit claim deed. The lender can ask you for payments even after you quit claim your share of interest, if any, in the property. This is because the note says that you are the cosigner.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 12/21/2006 - 19:56 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am recently married and both of us own a home. One in Wa state and one in Oregon. We are currently trying to sell the home in Oregon. After it sells, we will sell my house in WA and buy a home together in WA. Would a quit claim be the best way for each of us to put names on each others property until we sell both properties? We are mainly concerned about how we would be affected is something tragic were to happen to one of us - not wanting to have to deal with probate. I know we can do a community property agreement for WA state, but Oregon doesn't have such an instrument. Your help would greatly be appreciated.

Like | Dislike | Share | Posted: Wed, 01/03/2007 - 11:03 | Post subject:

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