Posted on: 28th Aug, 2006 11:39 pm
i co-signed for a house with a family member about 8yrs ago. this person told me she was going to refinance the house in her name and that i needed to sign a quit claim deed to make it happen. well this person never followed through with the refinance but the quit claim deed was turned in. what is my obligation to the loan? is there any way to reestablish my interest in the home?
Hi Richard,
I guess you had some share of interest in the property which you have transferred to the family member through quit claim deed. If that is so and if the refinance isn’t done yet, then I believe you still have the liability to pay off the loan if the person does not.
With the quit claim, you may have given up your share of interest in the house but you are still the cosigner of the loan which isn’t paid off yet.
The only thing for you to do is to ask the person to quit claim your share of interest back to you. This isn't done easily but you can at least try and convince the family member.
Go through the discussions; Quit claim does not transfer mortgage debt and Undo Quit claim deed for more information on this issue.
Hope this will help you to proceed.
Thanks,
Caron.
I guess you had some share of interest in the property which you have transferred to the family member through quit claim deed. If that is so and if the refinance isn’t done yet, then I believe you still have the liability to pay off the loan if the person does not.
With the quit claim, you may have given up your share of interest in the house but you are still the cosigner of the loan which isn’t paid off yet.
The only thing for you to do is to ask the person to quit claim your share of interest back to you. This isn't done easily but you can at least try and convince the family member.
Go through the discussions; Quit claim does not transfer mortgage debt and Undo Quit claim deed for more information on this issue.
Hope this will help you to proceed.
Thanks,
Caron.
Hi,
I think everyone should consult an attorney before taking any decision concerning transfer of property rights to someone else especially in case of a quit claim deed as it is really hard to get back their share afterwards if the other person does not agree to return the share of the property.
It is the best way to avoid any future complications in property matters.
I think everyone should consult an attorney before taking any decision concerning transfer of property rights to someone else especially in case of a quit claim deed as it is really hard to get back their share afterwards if the other person does not agree to return the share of the property.
It is the best way to avoid any future complications in property matters.