quit claim deed

sunnyca2009

Posted on: 01st Oct, 2009 07:53 pm

I loaned money to a person that gave me quit claim deeds to a farm in the event that the loan came in default. Well, the loan is over 1 year past due. I want to file these deeds until I get my money repaid. The deeds are signed and notarized by the husband and wife. I believe that there is a first mortgage loan against the property, but far below the value of what is owe to them and me. What are my concerns if I file these deeds? Thanks.

Total Reply : 6

If you file these deeds you are the sole owner of this property

But the lendign compny still has the lein on the property

For you to sell it clearly you will have to either pay the loan or refince the loan in your name and then sell the property

If the loan on the property plus the money you gave to your friends is less then the vavalue of the property then you are in a good shape

You got more thna what you were suppose to

sunnyca2009

Posted on: 01st Oct, 2009 08:34 pm

Hi finweb!

Welcome to forums!

If you file the property deed, then the lender may want you to either refinance the mortgage or he may call the loan due immediately. Thus, you or the earlier owners would have to repay the debts immediately to the lender.

Sussane

smith.sussane

Posted on: 01st Oct, 2009 11:46 pm

you can file deeds and become owner. how much will you earn depends upon current valuation.

hemsleysue

Posted on: 01st Oct, 2009 11:56 pm

conatct lender and ask him what options he is going to provide you.

annyb27

Posted on: 02nd Oct, 2009 02:36 am

a lender cannot speak with an unauthorized third party about a property owner's debt. anny, please read up on the mortgage business - soon.