Posted on: 06th May, 2007 03:12 pm
My wife secured a mortgage loan for my mother 4 years ago. My mother put up the down payment and has made the mortgage payment for the house, we have never paid anything. The deed is in my wife's name. My mother wants to sell the house, but before she does, she wants to quitclaim the deed over to her.
My mother tried to sell her house two years ago. She procured an agent, set the price, and declined the only two offers on the house.
This time, she insists we quitclaim the deed to her. She is threatening legal action if we don't do it. Is there anything that will compel us to quitclaim the deed?
I have been advised not to do it.
Thank you.
My mother tried to sell her house two years ago. She procured an agent, set the price, and declined the only two offers on the house.
This time, she insists we quitclaim the deed to her. She is threatening legal action if we don't do it. Is there anything that will compel us to quitclaim the deed?
I have been advised not to do it.
Thank you.
Hi Scplichta,
Welcome to the forums.
No, I don't think so because the deed being in your wife's name, she is the legal owner of the property. And, it is she who has the right to sell. Your mother cannot sell the house legally as she does not have the ownership rights and in order to take over the rights, she has asked your wife to sign over a quitclaim deed. But there's nothing that can compel you to quitclaim.
Take Care
Welcome to the forums.
No, I don't think so because the deed being in your wife's name, she is the legal owner of the property. And, it is she who has the right to sell. Your mother cannot sell the house legally as she does not have the ownership rights and in order to take over the rights, she has asked your wife to sign over a quitclaim deed. But there's nothing that can compel you to quitclaim.
Take Care
"This time, she insists we quitclaim the deed to her. She is threatening legal action if we don't do it. Is there anything that will compel us to quitclaim the deed? "
You told that your mother has been making the payments from the beginning. If you decline and she stops making the payments then would you be able to continue the mortgage on your own?
You need to think about this also as, if you are then not able to continue, house will go into foreclosure, you will lose the house plus your wife's credit will take a dent.
Colin
You told that your mother has been making the payments from the beginning. If you decline and she stops making the payments then would you be able to continue the mortgage on your own?
You need to think about this also as, if you are then not able to continue, house will go into foreclosure, you will lose the house plus your wife's credit will take a dent.
Colin