Is bankruptcy our only final option?
Is bankruptcy our only final option?
We had a quit claim deed signed/notarized and filed nearly 10 years ago. With the understanding that the grantee (someone we know) was going to get a mortgage to pay off our mortgage.
NOW we understand that (1) this should NOT have been the procedure and (2) we believe the grantee really understood MUCH more than we did and had NO intentions of getting a loan in his name. So now we are stuck.
I see one option is to request a quit claim deed reversal. If that doesn't work, is our only other option be file bankruptcy?
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The statute of limitations on quit claim deed in California is 5 years and in other states, it is 2 years. You must have filed a lawsuit in the court to have the deed withdrawn before the expiry of the SOL. At this point in time, you need to work with an attorney and lookout for other avenues to regain your home.