Posted on: 25th Feb, 2009 08:19 am
My husband and I have poor credit. We have found someone who is willing to get a quit claim done but still keep the mortgage in her name so we can pay the mortgage. What happens if the mortgage company finds out? Will we have to come up with a balloon pymnt to pay off the house? Will we lose the house? I am just concerned because I am giving the current owner almost all of our savings as a downpayment and if we move in the house and then have to move right out again, we will not be able to afford it?
Thank You,
Thank You,
We are suppose to go tomorrow and sign everything. I cannot repair my credit in such a short amount of time. The owner said she is needing to sell quick because her husband lost his job and they can no longer afford 2 mortgages. Please, if I could just get some suggestions on what to look for when I look over the quit claim before I sign, I would greatly appreciate it.
Thank You
Thank You
repairing your credit doesn't seem to be the major issue, honestly. one of the problems you could face is that you don't know if there are other liens on the house, you don't know who the real owners are (except for what they've told you)...unless you have someone who is on your side looking out for you.
what to look for? very difficult question to answer: a quit claim deed does this: it provides ownership to you in whatever is owned by the person giving it. in other words, if these two people own 0% of the house, that's what they'll be giving to you. if they own 50%, that's what they'll be giving you. if they own 100% (subject to mortgages, liens, taxes, etc.), then that's what they'll be giving you.
it is impossible for you to determine what they actually own without having access to the title information. you've got to have a lawyer - your own lawyer, not theirs. it is imperative.
today is too late for you to begin asking all these questions...you may want to tell them you need to wait a week or ten days until you can be assured that you're getting what you've paid for.
what to look for? very difficult question to answer: a quit claim deed does this: it provides ownership to you in whatever is owned by the person giving it. in other words, if these two people own 0% of the house, that's what they'll be giving to you. if they own 50%, that's what they'll be giving you. if they own 100% (subject to mortgages, liens, taxes, etc.), then that's what they'll be giving you.
it is impossible for you to determine what they actually own without having access to the title information. you've got to have a lawyer - your own lawyer, not theirs. it is imperative.
today is too late for you to begin asking all these questions...you may want to tell them you need to wait a week or ten days until you can be assured that you're getting what you've paid for.