Posted on: 28th Jan, 2009 07:01 pm
Can you have a warranty deed and a quitclaim deed with different name on each deed?...Hi, my name is Monise from broward, fl. My mother purchased a 2nd property and had myself and my brother sign papers @ the closing. Now she is having problems with the mortgage and the bank served all 3 of us papers about foreclosing on the house. They gave her 45 days to respond, so she's working on getting a loan modification. Now my question is, if the house is forclosed will my credit be affected? My name and my brothers name are not on the mortgage at all, all of that is in my mothers name, but when i do a search on the computer it is showing that all 3 of us are the owners of the property. Another thing that i found was that she has a warranty deed and a quitclaim deed; the warranty deed has only my mothers name on it, the quitclaim deed has all 3 of our names on it. I've been askin around and people have told me that you shouldn't have 2 different deeds at the same time. Can you please tell me how that is possible at all? In the future i would like to buy my own home and i would like to qualify for government benefits as a 1st time homebuyer, but with my name on this house that won't be possible. Would i have to take my name off of the house for this to be possible? My biggest worry is my credit being affected and my chances of purchasing a home in the future. Thank you for your time.
Hi mdulcio!
Welcome to forums!
As your name is not on the mortgage, you will not be responsible for the mortgage dues. If the property is foreclosed, it's your mother's credit which will be affected and not yours. Yes, you, your brother and your mother are the owners of the property because all 3 of you have your names on the property deed.
Your mother cannot have two deeds for the same property at a point of time. If you want to remove your name from the property deed, then you will have to sign a quitclaim deed in your mother's name or brother's name. Once you sign the deed, it has to be notarized and recorded at the county recorder's office.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As your name is not on the mortgage, you will not be responsible for the mortgage dues. If the property is foreclosed, it's your mother's credit which will be affected and not yours. Yes, you, your brother and your mother are the owners of the property because all 3 of you have your names on the property deed.
Your mother cannot have two deeds for the same property at a point of time. If you want to remove your name from the property deed, then you will have to sign a quitclaim deed in your mother's name or brother's name. Once you sign the deed, it has to be notarized and recorded at the county recorder's office.
Feel free to ask if you have further queries.
Sussane
it sounds to me like the warranty deed was from when your mother purchased the property, and she later did a quit claim deed to add you and your brother to title - if it's broward county you can pulll a copy of these documents online by searching the broward co. official records. you mentioned that you signed papers but say you're not on the mortgage, make sure the papers you signed didn't involve this loan, otherwise it will obviously affect your credit