Posted on: 01st Nov, 2009 03:40 pm
I am a co owner on a condo . Mortgage is only 11 months old.I live in the condo. I am disabled and condo is disabled homesteaded. I was just informed that the other owner wants out. He was paying the mortgage and I was paying HOA. He gave me 2 options:
1) To pay me back in 7 installments what I put out for the down payment and I can stay for another 7 months and quick deed it to him or
2) He will stop paying the mortgage and forclosure. I can NOT afford to pay mortgage & HOA . I am disabled
If I quick deed it to him, will I be at all responsible for the condo and does the homestead get cancelled? Do I have to pay taxes on the monies returned?
Thank You for your help
1) To pay me back in 7 installments what I put out for the down payment and I can stay for another 7 months and quick deed it to him or
2) He will stop paying the mortgage and forclosure. I can NOT afford to pay mortgage & HOA . I am disabled
If I quick deed it to him, will I be at all responsible for the condo and does the homestead get cancelled? Do I have to pay taxes on the monies returned?
Thank You for your help
Hi soloally,
If the mortgage payments are stopped, then the lender would simply foreclose the property. If you quitclaim the property to him, then you not be considered as an owner of the property. The other owner would sell off the property to let the property foreclose.
However, signing a quitclaim deed will not release you from the mortgage if your name is on the mortgage docs. You would still remain responsible for the mortgage dues. Moreover, the foreclosure would have a negative effect on your credit report.
Thanks
If the mortgage payments are stopped, then the lender would simply foreclose the property. If you quitclaim the property to him, then you not be considered as an owner of the property. The other owner would sell off the property to let the property foreclose.
However, signing a quitclaim deed will not release you from the mortgage if your name is on the mortgage docs. You would still remain responsible for the mortgage dues. Moreover, the foreclosure would have a negative effect on your credit report.
Thanks