Posted on: 06th Jul, 2009 11:38 am
I live in Will County Illinois. A friend of mine purchased (got the loan) for the home that I currently live in. I make all the mortgage payments and live there with my children. When we first purchased the home he signed a quit claim and never recorded it. We did not want want the mortgage company to forfeit the loan since he did not live in it.
I trust my friend but I also want to secure "my" home. My credit stinks and I don't think I can get a loan. How can I secure the home to my name. If something happens to him can his family come after it? If he has any legal issues can anything be attached to the home?
Is there such a thing as property transfer?
Please help.
I trust my friend but I also want to secure "my" home. My credit stinks and I don't think I can get a loan. How can I secure the home to my name. If something happens to him can his family come after it? If he has any legal issues can anything be attached to the home?
Is there such a thing as property transfer?
Please help.
hi ela,
as far as i can understand, the property deed and the mortgage both are in your friend's name. in such a situation, your friend is the legal owner of the property. if he defaults in his bill payments, his creditors can attach a lien on the property.
it would be better if you could ask your friend to sign a quitclaim deed and transfer the property to you. then you will have to refinance the mortgage in your name. as you've mentioned that your credit is not good, it would be better if you could find a co-borrower for yourself who has a good credit. this transfer of property and mortgage will make you the legal owner of the property.
thanks
as far as i can understand, the property deed and the mortgage both are in your friend's name. in such a situation, your friend is the legal owner of the property. if he defaults in his bill payments, his creditors can attach a lien on the property.
it would be better if you could ask your friend to sign a quitclaim deed and transfer the property to you. then you will have to refinance the mortgage in your name. as you've mentioned that your credit is not good, it would be better if you could find a co-borrower for yourself who has a good credit. this transfer of property and mortgage will make you the legal owner of the property.
thanks
Hi ELA,
Welcome to our forum.
As you say, Loan & home both is on your friends name,that means he has the legal ownership of the property.
Quitclaim deed is the option to transfer property on your name but your friend must have agree to sign a quite claim deed. If he agree then sign quitclaim deed drafted by your or his attorney its always better as well as record this deed in country record to make this documents valid,Don't forget it. Once quite claim deed signed then you have to refinance loan on your name. Then you not only to be responsible to pay loan dues to lender but also you will be responsible as property owner.
Thanks & Regards.
gunz.ijjistaff. :D :D :D
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
As you say, Loan & home both is on your friends name,that means he has the legal ownership of the property.
Quitclaim deed is the option to transfer property on your name but your friend must have agree to sign a quite claim deed. If he agree then sign quitclaim deed drafted by your or his attorney its always better as well as record this deed in country record to make this documents valid,Don't forget it. Once quite claim deed signed then you have to refinance loan on your name. Then you not only to be responsible to pay loan dues to lender but also you will be responsible as property owner.
Thanks & Regards.
gunz.ijjistaff. :D :D :D
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
