Posted on: 12th Jan, 2011 11:04 pm
my father bought a home for my wife before we married, the mortgage was in his name. after suffering a heart attack and requiring open heart surgery, he signed a quit claim deed to her, in case he did not survive.
he survived, and moved in with us for the next 3 years.
we made all payments and upkeep for the property.
he requested we move out on the third year, because he wanted his 32 year old girlfriend to move in with him, he is 76.
we moved out and shortly afterward the bank foreclosed on him. the original mortgage owner was wachovia bank.
wachovia bank went under and was taken over by wells fargo.
they stopped the foreclosure and made a deal with my father in law where he could sell the house as a sale by owner. not a short sale.
this was done through a 3 rd party realtor.
the realtor soon learned about the quit claim deed and ask my wife to signed another quit claim to her father for the property which she did.
this quit claim was rejected, because we were married when the first one was done, even though it did not have my name on it, arizona is a community property state.
the realtor requested i sign one with my wife, i refused unless wells fargo could provided me with a release form all future title, property liability's.
according to the realtor wells fargo cannot do this, since they do not have a recorded deed.
this has something to do with the current mortgage crisis, this was the best way he could explain it.
my father in law is pressuring us since the bank offered him an incentive, to have us sign and sell the house.
i still refuse without a release.
i understand any agreement they have with my father in law is void and null, because he signed the quit claim deed to my wife 3 years ago. legally notarized and recorded.
can my wife and i be held liable for anything in the future if we sign the quit claim over? title problems, legal issues? taxes?
ray
phoenix , az.
he survived, and moved in with us for the next 3 years.
we made all payments and upkeep for the property.
he requested we move out on the third year, because he wanted his 32 year old girlfriend to move in with him, he is 76.
we moved out and shortly afterward the bank foreclosed on him. the original mortgage owner was wachovia bank.
wachovia bank went under and was taken over by wells fargo.
they stopped the foreclosure and made a deal with my father in law where he could sell the house as a sale by owner. not a short sale.
this was done through a 3 rd party realtor.
the realtor soon learned about the quit claim deed and ask my wife to signed another quit claim to her father for the property which she did.
this quit claim was rejected, because we were married when the first one was done, even though it did not have my name on it, arizona is a community property state.
the realtor requested i sign one with my wife, i refused unless wells fargo could provided me with a release form all future title, property liability's.
according to the realtor wells fargo cannot do this, since they do not have a recorded deed.
this has something to do with the current mortgage crisis, this was the best way he could explain it.
my father in law is pressuring us since the bank offered him an incentive, to have us sign and sell the house.
i still refuse without a release.
i understand any agreement they have with my father in law is void and null, because he signed the quit claim deed to my wife 3 years ago. legally notarized and recorded.
can my wife and i be held liable for anything in the future if we sign the quit claim over? title problems, legal issues? taxes?
ray
phoenix , az.
As the property is in your wife's name, she is the owner of the property. If your name is not mentioned on the property deed, then you won't have to sign the quitclaim deed or any other document. If your wife signs the quitclaim deed and if her name is not mentioned on the mortgage docs, then she won't have to worry about the property in future.
They claim because it is a common law state,(joint property) I have to sign a quit claim deed also. Is this correct?
Welcome eyeless_seven,
In case of a common law state, you may have to sign a quitclaim deed or an inter-spousal transfer deed in order to release all your rights over that property.
In case of a common law state, you may have to sign a quitclaim deed or an inter-spousal transfer deed in order to release all your rights over that property.
Thanks for your reply,
Since they will not sign a release,I have no incentive to do so.
Since they can not sell the house or foreclose on it , because of the title issues, they might reconsider this.
Since they will not sign a release,I have no incentive to do so.
Since they can not sell the house or foreclose on it , because of the title issues, they might reconsider this.
LOL and behold they have no title for the property and were trying to get us to sign it back over to them.