Posted on: 04th Dec, 2009 01:33 pm
my aunt put me & my sister as a interst holders on the quit deeds without our permission. i don't know how this could be possible, since she default her payment of mortgage, i would like to file a quit claim deeds back to her. since this is bonafide gift and the me & my sister (grantor) recived nothing in return, can we returing exact gift to her which was done when she filed the quit deed before? is this can be gift quit claim deeds and will be exampt on any transferring fees?
and i heard that there are $12,000 each year for the gift quit claim credit or something?
what is that?
please help me.
she put us in the miserable situation and not able to get contact. please~
and i heard that there are $12,000 each year for the gift quit claim credit or something?
what is that?
please help me.
she put us in the miserable situation and not able to get contact. please~
Hi sungatabc,
You can use a quitclaim deed of the state where the property is located and transfer it back to your aunt. However, if your name is not on the mortgage, you do not have to worry about the default. The lender will not be able to sue you for the default as you are not the co-borrower of the loan. Your credit will also not be affected due to the default. As far as gift tax is concerned, there are certain exemptions. You can check it out from the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks
You can use a quitclaim deed of the state where the property is located and transfer it back to your aunt. However, if your name is not on the mortgage, you do not have to worry about the default. The lender will not be able to sue you for the default as you are not the co-borrower of the loan. Your credit will also not be affected due to the default. As far as gift tax is concerned, there are certain exemptions. You can check it out from the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks
But, my name is also on the deed of trust.
Mean, me& my sister both signed the paper without knowing what it is.
Since my aunt default the payment, the mortgage company is sueing against all of us. (Even tho' our names are not on the mortgage). I guess they are against me & my sister for the title judgement and a money judgement for my aunt.
I tried to remove our names off the deeds,
But I would like to know any solution to get exempt on any transferring fees. Cause, As I mention, Since I received nothing in return, and I am returning exact same gift to her, does the relationship matter or qualify for the gift quitdeed perhaps to wave the tranffering fee wave?
Any soultion?
Mean, me& my sister both signed the paper without knowing what it is.
Since my aunt default the payment, the mortgage company is sueing against all of us. (Even tho' our names are not on the mortgage). I guess they are against me & my sister for the title judgement and a money judgement for my aunt.
I tried to remove our names off the deeds,
But I would like to know any solution to get exempt on any transferring fees. Cause, As I mention, Since I received nothing in return, and I am returning exact same gift to her, does the relationship matter or qualify for the gift quitdeed perhaps to wave the tranffering fee wave?
Any soultion?
jameshoqq, Thank you so much for your time and concern by the way.
Really appreciated~!
Really appreciated~!
you need not to worry as your name is not on mortgage