Posted on: 27th Jan, 2009 07:25 pm
The grantee of my home has defaulted on the last 2 months mortgage payments. In addition, the previous 2 months to that he made the payment late incurring fees that are also unpaid. What are ny rights in this situation? I know legally I am still liable for the monthly payment as I am the mortgage holder. I was unaware he was behind on the payments until 3 days ago. I have until 2/4/09 to bring the payments current and I don't have the money to pay both months and still be able to pay the mortgage on the new home I live in now. I intend to work with the mortgage company and try to reach a repayment agreement. However, I would also like to revoke the grantees rights to the property. Can this be done? If so, can you PLEASE tell me how? Thank you for your time.
hi michelleyhart,
as the mortgage is still in your name, you will be liable to pay the debts. you should speak to the lender immediately and check out if you can get a loan modification. it would have been better if you would have asked the grantee to refinance the loan after you quitclaimed the property to him/her.
as far as revoking the quitclaim deed is considered, you can ask the grantee to sign a quitclaim deed in your favor and transfer the property to you.
thanks
as the mortgage is still in your name, you will be liable to pay the debts. you should speak to the lender immediately and check out if you can get a loan modification. it would have been better if you would have asked the grantee to refinance the loan after you quitclaimed the property to him/her.
as far as revoking the quitclaim deed is considered, you can ask the grantee to sign a quitclaim deed in your favor and transfer the property to you.
thanks
Thanks for the advice. Believe me, there was an agreement that he was to refinance the home in his name 6 months after taking over on the property. He is now 1 & 1/2 past the sign over date. But he has made the payments on time up until now. It has been a convenient situation for me as I haven't had to worry about the upkeep or payments of the property. The home is located in one the WORST neighborhoods.. I can't raise my children there! Nor can I sell it... no one else wants to live there either. The quit claim aspect was my best alternative at the time. I have already spoken tothe lender and made arrangements on that end. But I can't keep someone there who is not going to pay the monthly mortgage payments. I just mainly need to know how to re-coop my interest in the property.
Hi Guest
You will have to follow the advice given by James Hogg in order to transfer the property in your name. Ask the grantee to sign a quitclaim deed in your name transferring the ownership of the property in your name.
Thanks.
You will have to follow the advice given by James Hogg in order to transfer the property in your name. Ask the grantee to sign a quitclaim deed in your name transferring the ownership of the property in your name.
Thanks.
You cannot force the new owner to transfer the property back to you. He has all of the rights of ownership subject to the mortgage. If you have an agreement that he has breached, you can sue him for breach of contract, but thats about it.