Posted on: 14th Mar, 2008 05:42 pm
a few months ago i gave my uncle a quitclaim deed of a property that i currently own. the property was paid in full when i bought it from the previous owner. however my uncle managed to get either a loan or was able to refinance the property somehow with the quitclaim deed. he has fallen behind in making his payments! i verified to make sure that the loan was entirely in his name and apparently it is. if the property was to go into foreclosure does anybody now how it may affect me negatively? can my credit be affected even though the loan is on his name? i know i still legally own the property. i'm really concerned because i've managed to attain excellent credit throughout the years and i'm worried that someone else might be able to destroy that.
Hi alcihernandez,
Welcome to the forum.
As far as I understand you have quitclaimed a property to your uncle. The property was paid in full but your uncle has taken out a mortgage and now he is late on his monthly payments and it may go into foreclosure. Right?
If so then how do you know you still own the property? If you have quitclaimed the property to your uncle then you are not the owner of the property now. So even if it is foreclosed your credit should not have any negative effect.
Feel free to ask if you have any further questions
Best of luck,
Larry
Welcome to the forum.
As far as I understand you have quitclaimed a property to your uncle. The property was paid in full but your uncle has taken out a mortgage and now he is late on his monthly payments and it may go into foreclosure. Right?
If so then how do you know you still own the property? If you have quitclaimed the property to your uncle then you are not the owner of the property now. So even if it is foreclosed your credit should not have any negative effect.
Feel free to ask if you have any further questions
Best of luck,
Larry
Hi alcihernandez,
What I can understand from your post is, you signed over a quitclaim deed to your uncle. So, when you do so, legally it becomes your uncle's property and no longer yours. But have you filed the quitclaim deed yet? please check whether your uncle has filed it at the office of the County Recorder. Otherwise, even if you have not taken the refinance loan, just to keep the home, you might have to pay if your uncle isn't paying. And then if you don't pay, you lose the home.
Now, for the time being, I'm assuming that the deed is filed and so you are no longer the owner. Moreover, the loan isn't in your name. So, don't be worried as the foreclosure won't affect you in any way.
Just in case, your uncle is going through a foreclosure, you can help him out by suggesting 17 and more ways to avoid foreclosure .
Regards,
Jessica.
What I can understand from your post is, you signed over a quitclaim deed to your uncle. So, when you do so, legally it becomes your uncle's property and no longer yours. But have you filed the quitclaim deed yet? please check whether your uncle has filed it at the office of the County Recorder. Otherwise, even if you have not taken the refinance loan, just to keep the home, you might have to pay if your uncle isn't paying. And then if you don't pay, you lose the home.
Now, for the time being, I'm assuming that the deed is filed and so you are no longer the owner. Moreover, the loan isn't in your name. So, don't be worried as the foreclosure won't affect you in any way.
Just in case, your uncle is going through a foreclosure, you can help him out by suggesting 17 and more ways to avoid foreclosure .
Regards,
Jessica.
Hello alcihernandez,
Also, along with what the others as stated I would also add that if your uncle refinance the property in his name only then it should not affect your credit negatively.
Good Luck,
Jean Smith SLO
Representative
Also, along with what the others as stated I would also add that if your uncle refinance the property in his name only then it should not affect your credit negatively.
Good Luck,
Jean Smith SLO
Representative
You have to file a deed in the county recorder's office in the county where the property is located to give other people notice of the transfer. Otherwise, everyone, including creditors, thinks you still own the property.
Unless you record the deed, you are owner of record. In a foreclosure, the creditor will sue the owners. It could end up on your credit history because of this.
I would record the deed immediately.
Unless you record the deed, you are owner of record. In a foreclosure, the creditor will sue the owners. It could end up on your credit history because of this.
I would record the deed immediately.
it would seem that in quit claiming an interest in the property to your uncle, you may have retained an interest as well. if that is the case, and you are still an owner of the property, then you need to take action to protect yourself against this foreclosure, as you will, indeed, be affected.
