I made a agreement with a investment company for my house i own. They paid me 15k and would make payments for 1 year, at the end of 1 year they would pay off the loan. However its almost 8 months past the commitment date of transfering the house loan out of my name and into theres. I quick deeded the property so the house is in there name from the county but loan is still in mine. We agreed on written documents that we all signed at closing that the house would would be out of my name and loan paid for my 12/31/2006 . its now almost august. they have made multiple late payments dropping my credit score over 70 points since 12/20/2005. since they are in breech of contract can i take back my house legally?? anyone know what paperwork i would need to file? the property is in florida. Thanks for any assistance
2007-07-27 03:45:48 · 8 answers · asked by lelandfallonjr 1 in Business & Finance ➔ Renting & Real Estate
Well, i didnt sell it for 15k, the agreement shows 155,000 is the purchase price of the property. the 140 i owe and 15k to me. the agreement was to allow them to make payments for 1 year while they fixed it up and by 12/31/2006 the house loan would be paid and transfered out of my name. Thats the paper work we signed at closing for it. Your right i do need a lawyer i just to have the money for 1
2007-07-27 04:20:03 · update #1
Sounds like you got yourself in a very bad place... talk to an attorney.
2007-07-27 03:53:38 · answer #1 · answered by AriesJWR 4 · 1⤊ 0⤋
You must have done this in the first place because you wanted out of a particular loan that you had and couldn't refinance it -- right? I cannot understand what your motivation was to do this. You did a very horrifying thing by Quit (not quick) claiming your property to them. You gave them your property, but I would have to see the quit claim deed to see if in fact it's the investment company's property now. Understand, loans are never "transferred" out of someone's name. They are refinanced, which is the only way to get someone off of a loan. And they have not done anything with the loan. You'd know, because there would be an escrow officer somewhere trying to pull payoff statements for your loan and you may have heard about this, escrow calls you, whatever. I am guessing that this company may know your weakness, which I bet is not being able to pay your loan. They'll wait for you to default on the loan and swoop in, refinance it and lock you out of your house. There are hundreds of possible scenarios here and to be fair, I can't answer your question without seeing what you've signed. You need an attorney as of yesterday! Run, don't walk, to the nearest real estate attorney and be prepared to pay $300 per hour. No one will help you for free. Bring all your paperwork to the appointment.
2007-07-27 04:39:22 · answer #2 · answered by pinkbikini92122 1 · 2⤊ 0⤋
Quit claiming does not transfer property.
I see this constantly on YA and people that use a quit-claim form for this purpose are going to be in for a shock when they try to sell it, because title companies are refusing to insure the properities unless General or Special Warranty deeds are filed in proper order.
From what you are saying, it appears that you pretty much gave away the rights to your property and are still stuck with the loan. That was a very, very tragic move.
You need to see a Real Estate attorney...you are in a far more serious legal mess with your home than you realize.
PS: Acermill is 100% correct...RUN don't walk to the nearest legal council.
2007-07-27 03:57:52 · answer #3 · answered by Expert8675309 7 · 0⤊ 2⤋
You basically gave them your house for 15k. By quit claiming the property you made them the title holder. It makes no difference that you hold the loan. You better get a good attorney!
2007-07-27 03:55:52 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Get off the computer and get on the phone with a good RE attorney. Take everything you have regarding this transaction. It sounds like you made a major mistake.
2007-07-27 04:18:09 · answer #5 · answered by godged 7 · 1⤊ 0⤋
A quit claim deed relinquishes any property rights a person may have. It is a valid way to transfer ownership rights, whether that title is insurable is another matter.
A warranty deed says that I have rights to the property and give them to you.
2007-07-27 04:42:44 · answer #6 · answered by William H 5 · 2⤊ 1⤋
Oh my GAWD. I cannot believe you actually did what you are saying you did. You need to contact an attorney immediately for further counsel. If what you are saying here is correct, you are in one MAJOR pile of trouble.
2007-07-27 03:53:01 · answer #7 · answered by acermill 7 · 2⤊ 0⤋
ouch. What company did this to you? have you researched this company with the bbb or state?
2007-07-27 03:54:10 · answer #8 · answered by sup 5 · 1⤊ 0⤋