Posted on: 25th Sep, 2006 05:50 pm
my nephew is living on a property that my mother and sister own. my mother and sister also live on the property. my mother was going to leave the property to my sister when she dies when in turn she has said she will leave the property to my nephew. my mom has owned the property since 1986. my nephew moved in in 1999 and has been paying rent since then. they split the rent three ways. he asked my mom to be a co signer on the loan so he would show some interest in the property. she checked with her mortgage co. and they said she would be fine to make him a co signer and it would only make him responsible for any debt and maybe help him gain credit. when she signed the papers he seemed to have had a quit claim deed in with the rest ot the papers. she is very elderly and is hard of hearing and did not have a lawer present. she did not find out until one year later what she did. does she have any recourse?
Hi,
I am not sure but may be your nephew has asked your mother to quit claim her share of interest in the property in his name. Perhaps he has taken advantage of her hearing problem and told her something else and she being an elderly lady has misunderstood what your nephew said.
I am not sure but may be your nephew has asked your mother to quit claim her share of interest in the property in his name. Perhaps he has taken advantage of her hearing problem and told her something else and she being an elderly lady has misunderstood what your nephew said.
Hi John,
It may happen that the lender was not willing to make your nephew a cosigner until and unless he got a share of interest in the property and perhaps for this reason, the nephew has asked your mother to sign a quit claim deed and transfer her share of interest.
What your mother can do is that she can ask the nephew to quit claim the interest back to her. This may not be that easy, yet she can give a try. But if the quit claim was done in order to allow the nephew to cosign on the loan, then the lender may not agree to the quit claim. So, you need to talk to the lender and the nephew and then find out if your mom can get back her share of interest.
Know more on Undo Quit Claim from our previous discussions.
Thanks,
Caron.
It may happen that the lender was not willing to make your nephew a cosigner until and unless he got a share of interest in the property and perhaps for this reason, the nephew has asked your mother to sign a quit claim deed and transfer her share of interest.
What your mother can do is that she can ask the nephew to quit claim the interest back to her. This may not be that easy, yet she can give a try. But if the quit claim was done in order to allow the nephew to cosign on the loan, then the lender may not agree to the quit claim. So, you need to talk to the lender and the nephew and then find out if your mom can get back her share of interest.
Know more on Undo Quit Claim from our previous discussions.
Thanks,
Caron.