I got a property under my name and I transferred (Quick Claim)the title under somebody else but the loan is still under my name, can I legally get it back (Bad business deal)?
2007-09-04 12:25:11 · 6 answers · asked by Chela 1 in Business & Finance ➔ Renting & Real Estate
Legal Quit Claim (signed, notarized and recorded in your County's courthouse) gives ownership interest in the property to the person that you signed over your interest in the property to. That person can legally refinance the house into their name because they are now the owners of the property. The only way that you can get your ownership interest in the property back is (1) the person signs the property back over to you or (2) the person sells the house back to you because they are the "legal" owners of the house even though you are still on the mortgage.
2007-09-04 12:44:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Nope. Not unless that party is willing to sign it over to you.
That is why people need to pay the $50 to get an attorney involved and stop using Quit Claim deeds to transfer property...this is a perfect example of what happens when people use legal instruments and have no idea of their impact.
It sounds like you fell for one of those scams where you were behind in payments and they agreed to pay you a certain amount if you signed the house over, and they were supposed to be paying your mortgage while you are paying the "new owners" the rent....let me guess...they didn't pay, did they?
Congratuations...you just bought someone a house!
2007-09-04 15:05:48 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
If you deeded your interest in the property to another party, you can't take it back because you don't own any part of it now. If your loan is still in your name (alone or combined with other parties), you're still responsible for it. NEVER release your interest in a property when you're still obligated to a loan. As it sits, you own nothing but are responsible for paying for someone else's property.
If it were me, I'd try to buy my part of the property from the current owner(s) so I'd have some rights to dispose of it as I see fit, or pay the owner(s) to try and refinance.
2007-09-04 12:38:32 · answer #3 · answered by liveinaustin 3 · 0⤊ 0⤋
Only if the person you signed it over to is willing to sign it back to you.
If your mortgage company finds out that you signed away the deed, they may call in your loan. And the loan is still your responsibility.
2007-09-04 12:29:58 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
In my state a broker/lender is had to report a "complete reconveyance" (launch) with the county recorder interior 30 days after the valuables has been paid off. So sure he's had to sign over the launch. circulate ask the broker to report the reconveyance. If he does not your mom will could desire to report a "rather call" lawsuit to get the valuables out of the broker's call and into her call.
2016-11-14 05:09:44 · answer #5 · answered by heyder 4 · 0⤊ 0⤋
if it was not recorded you may have a chance! if it has been call an attorney fast!
2007-09-04 13:17:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋