Posted on: 31st Jan, 2009 12:19 pm
i had a business that closed recently and my hgouse was used as colatral. But 4 years ago I quit claimed the house to my father. He has his own morgage on the house and has the deed as well. A title search was done and nothing came up before we did this. My question now is can the bank go after the house even though it is in someone elses name for the colateral on my business? Please help!
Hi Rae !!
Quitclaim is a legal process through which you can transfer your share of interest in the property. This does not guarantee if the person quitclaiming has the ownership rights on the property or if the property is free from any lien. Through quitclaim you can transfer only your property-share and never the mortgage debt. Thus if you default, the lender reserves the right to go after the collateral even though its under someone elses name.
Under these circumstances, I think, you should take the help of an attorney who can provide you with a best possible solution to avoid a foreclosure of the house.
Take care and be happy.
If you have further queries, feel free to ask.
Quitclaim is a legal process through which you can transfer your share of interest in the property. This does not guarantee if the person quitclaiming has the ownership rights on the property or if the property is free from any lien. Through quitclaim you can transfer only your property-share and never the mortgage debt. Thus if you default, the lender reserves the right to go after the collateral even though its under someone elses name.
Under these circumstances, I think, you should take the help of an attorney who can provide you with a best possible solution to avoid a foreclosure of the house.
Take care and be happy.
If you have further queries, feel free to ask.