Posted on: 04th Sep, 2010 10:17 pm
I am looking for a solution and wondering about my loan. My neighbor made a quit claim on 1/10 acre of a corner piece of my land that crosses a creek to his front yard. He now wants to sell his land but needs to clear the Title for the buyers which involves me and my loan company. My land is worth much more than what is left on the loan and 1/10 acre is but a small piece of over 11 acres zoned commercial. His lawyers have proposed that he pay off my loan to clear the Title and then he has the loan for me to pay to him. I turned that down and requested that he solves this through my mortgage company ( in my opinion the right way ). In no way do I want to allow him to have the existing loan amount for me to pay to him. I am steadfast at keeping my existing loan where it is at. The loan company wants a quit claim payout and it takes a minimum of 45 days. What are the hazards here for me ?
Welcome Castleftworth,
You can pay a stipulated amount of money worth the land to your neighbor and get rid of this issue. This will help him get the money and you will be able to keep the land as well as the loan in your name.
You can pay a stipulated amount of money worth the land to your neighbor and get rid of this issue. This will help him get the money and you will be able to keep the land as well as the loan in your name.
This is my neighbors problem. I just want to make sure it isn`t mine too. I won`t pay him anything, more like he`ll probably have to pay the loan company to release the 1/10 acre to clear his Title for his sale. The buyers have a contingency in the contract so the quit claim goes with it which is fine with me.