I have an investment property with someone ,but the mortgage is in my name and in a moment of insanity I put the deed in both of our names. I am afraid this person will hold up the sale of my property and i want them off the deed ,but I don't know where to start.
2007-02-15 02:11:42 · 7 answers · asked by empress726 1 in Business & Finance ➔ Renting & Real Estate
Person is my sister-in-law
2007-02-15 02:32:26 · update #1
Attempt to get the other person to sign a "Quit Claim" on the deed/property.
2007-02-15 02:19:35 · answer #1 · answered by Doug H 3 · 1⤊ 0⤋
why do you want a reverse mortgage? are you guys elderly? Under normal circumstances (say for instance a divorce) If you do a quit claim deed and take your name off the house it still remains on the mortgage until the house is sold but you are no longer involved at all. Under your current circumstances if you take your name off then she gets the money from the reverse mortgage, the money that you both put into the house. Seems to me you'd get nothing. When I did a quit claim deed I got no part of the house itself. If "everything" you're referring to means do you get to keep your favorite chair, then that's up to you and your wife to decide who gets what if you're splitting. You need to know how long the reverse mortgage will pay her because if I'm not mistaken it only pays back what you put in (excluding the interest, taxes and insurance) over the years, and then when the payments are done, she's moving out (both of you are). See your attorney if you have questions. Actually ask your attorney if a reverse mortgage is a good idea or not.
2016-05-24 03:12:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would call the title company and let them know what you want to do. They can accomidate you. Also if this person was not on the application and approved and you put them on the deed after closing. In some cases if the lender were to audit there files and see this person on the deed that was not approved on the original loan they can call the note due. Meaning you would have to pay the home in full. There is a quick solution to that you just refinance. However it is just good practice to keep people off the deed unless it is your wife (community property state) or they were on the application. Good luck!
2007-02-15 03:40:15 · answer #3 · answered by konitchiwa bitches 2 · 0⤊ 0⤋
MLaw is right but farther than that you should have placed language something like "subject to the mortgage" when you put her on the title and described the recordation of the note and mortgage, otherwise if you conveyed after the mortgage the lender I'm sure has a provision in their note and mortgage that will allow them to call the note due because of the unforseen new owner that is now in competition to their granted and potential property rights. You also need to check the note and mortgage language to ascertain if you even had the right to grant any interest without permission from the lender. You can not undo a contract and or an agreement and or a conveyance without the other party agreeing to it unless it is a court order.
Your best bet is to talk to a local legal begal to help you get a quit claim from her.
American Bar Association: http://www.abanet.org/about/ or http://www.abanet.org/statelocal/home.html
Buena Suerte
2007-02-15 03:15:48 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Who is this person? Quit Claim deed will take the name off the deed, but, only this person can sign it.
2007-02-15 02:20:09 · answer #5 · answered by spot 5 · 1⤊ 0⤋
You have made a gift & now you have to live with it. Only she can execute a deed to release her interest in the property.
2007-02-15 02:44:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The other party and yourself will most likely have to have this taken care of by a competent attorney.Sorry.;-(=
2007-02-15 02:20:25 · answer #7 · answered by Jcontrols 6 · 0⤊ 0⤋