Posted on: 08th Jun, 2009 11:07 pm
i clicked the wrong button so im not sure if my previous question was submitted. my parents divorced, the house will be going on sale, dad will probably move to aother country.im the oldest and my name is on the loan with my dad not my mom...his agreement is that by signing off the interest to us he will not have to give mom money every month...he's getting help from a lawyer to do this...which i believe is a waste of money when a quitclaim deed will suffice..is that right? does he need to be present at time of sale? or by doing a quitclaim, does it mean that i must refinance? my mom and i do not wish to keep the house because we cant afford it...our only fear is that if he moves to another country we wont be able to sell without his signature...please advise. thanks :) at this point my mom and i are the only ones responsible for the payments...even though his name and mine are still on the actual loan.
Hello Every Body, :D
hugoluz2000, This is very critical case.
Whose name on the property deed? If you & your mom wants to sell out this house & currently home is on the your fathers name then you wants to sign quite claim deed by your father & take ownership of the father & are you paying for this loan? If your father pay off for this loan then after taking ownership of home sellout home & pay dues of the loan. This is the one of the option for your solution.
After you sell out house you must have to pay credit taxes, It will be depended on your profit in house selling
Second option is that, If your father is not agree to sign quitclaim deed then you must have to refinance mortgage on his name after he shifting to another country. If he leave the country with out doing quitclaim deed or if you did not refinance this mortgage on his name it will be financially harm to you. That means you will be responsible to pay dues with out ownership of home & without selling home.
After quitclaim deed you & your mother will be responsible for further actions on home OR
After refinance mortgage your father is responsible as home owner.
If he does not wants to do nothing ( Quitclaim deed or Refinance ) Then you can get help of your lawyer.
Thank you so much,
Daniel Corral. :D
hugoluz2000, This is very critical case.
Whose name on the property deed? If you & your mom wants to sell out this house & currently home is on the your fathers name then you wants to sign quite claim deed by your father & take ownership of the father & are you paying for this loan? If your father pay off for this loan then after taking ownership of home sellout home & pay dues of the loan. This is the one of the option for your solution.
After you sell out house you must have to pay credit taxes, It will be depended on your profit in house selling
Second option is that, If your father is not agree to sign quitclaim deed then you must have to refinance mortgage on his name after he shifting to another country. If he leave the country with out doing quitclaim deed or if you did not refinance this mortgage on his name it will be financially harm to you. That means you will be responsible to pay dues with out ownership of home & without selling home.
After quitclaim deed you & your mother will be responsible for further actions on home OR
After refinance mortgage your father is responsible as home owner.
If he does not wants to do nothing ( Quitclaim deed or Refinance ) Then you can get help of your lawyer.
Thank you so much,
Daniel Corral. :D
hi hugoluz,
though your father signs the quit claim deed, he will still be responsible for the mortgage if you don't refinance it. if he transfers the property to you by signing a quitclaim deed, then i don't think he needs to be present during the sale of the property. however, once he signs the deed in your favor, the lender may ask you to refinance the mortgage in your name.
you can contact any real estate broker and put up the property for sale and check out if you can get buyers for the property.
take care.
though your father signs the quit claim deed, he will still be responsible for the mortgage if you don't refinance it. if he transfers the property to you by signing a quitclaim deed, then i don't think he needs to be present during the sale of the property. however, once he signs the deed in your favor, the lender may ask you to refinance the mortgage in your name.
you can contact any real estate broker and put up the property for sale and check out if you can get buyers for the property.
take care.
in absence of refinance, your father will be responsible for payment.
some of the options available to you are: Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale., Deed-in-lieu of foreclosure
some of the options available to you are: Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale., Deed-in-lieu of foreclosure
thank u for your responses! so in other words, if i do a quickclaim i MUST refinance? because all i want to do is sell the house
Hi victor
You can avoid the refinance provided you can sell off the property in your father's presence. In such a situation, your father won't have to sign the quitclaim deed in your favor. He can directly sign over the deed to the seller and the seller can refinance the loan in his name.
Thanks.
You can avoid the refinance provided you can sell off the property in your father's presence. In such a situation, your father won't have to sign the quitclaim deed in your favor. He can directly sign over the deed to the seller and the seller can refinance the loan in his name.
Thanks.