Posted on: 19th Jul, 2007 10:52 am
i have acquired 5 acres of property in florida via quit claim deed from my son. originally, it was a 15 acre parcel. he then quit claimed the other 10 acres to his mother. however, the mortgage is still in his name and was never fully paid and the mortgage is for the entire 15 acres. he now is not making payments. i have lived on the 5 acres in a mobile home (i purchased) for 7 years and have paid taxes on it. if the mortgage is not paid, will i lose my home? do i have any rights to the 5 acres since i have a quit claim deed? [/left]
Hi Asms,
Welcome to Mortgagefit discussion board.
I am afraid but you can lose your home if the mortgage payments are not made on time and the lender decides to foreclose. But does the lender is aware that your son transferred part ownership to you? When such a thing happens he holds the right to demand loan payoff or refinanced. I assume as such a thing has not happened, the lender is not aware that your son did a property transfer.
Your question is whether you will have any right over it as it was quit claimed to you. As the mortgage was on the total 15 acre, lender would foreclose and sell it to recover his dues which mean you will lose the 5 acres in such situation.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
I am afraid but you can lose your home if the mortgage payments are not made on time and the lender decides to foreclose. But does the lender is aware that your son transferred part ownership to you? When such a thing happens he holds the right to demand loan payoff or refinanced. I assume as such a thing has not happened, the lender is not aware that your son did a property transfer.
Your question is whether you will have any right over it as it was quit claimed to you. As the mortgage was on the total 15 acre, lender would foreclose and sell it to recover his dues which mean you will lose the 5 acres in such situation.
Do let me know if you have any other questions.
Thanks
Blue
"I have acquired 5 acres of property in Florida via Quit Claim Deed from my son. Originally, it was a 15 acre parcel. He then Quit Claimed the other 10 acres to his mother."
You got 5 acres from your son.
Your son gave rest 10 acres to his mother.
That means he gave you all 15 acres?
You got 5 acres from your son.
Your son gave rest 10 acres to his mother.
That means he gave you all 15 acres?
Divorced.
He Quit Claimed 5 to me and 10 to the mother.
He Quit Claimed 5 to me and 10 to the mother.
What if I have paid him for the 5 acres? Also, I have put a home on the property.
Hi Asms,
Welcome to the forums.
If the mortgage is not paid, you may lose your share of interest in the property.
The lender may be willing to take over the property in case either you or the other person on the title cannot gather the funds to pay down the debt. By the way, is your spouse paying any part of the loan? And, if you are willing to pay for your share of interest, go ahead and talk to the lender about your plans. I don't think your son will pay any more. Then why not discuss with your wife and make payments together so that the entire parcel of land will be free from any lien.
Take Care
Welcome to the forums.
If the mortgage is not paid, you may lose your share of interest in the property.
The lender may be willing to take over the property in case either you or the other person on the title cannot gather the funds to pay down the debt. By the way, is your spouse paying any part of the loan? And, if you are willing to pay for your share of interest, go ahead and talk to the lender about your plans. I don't think your son will pay any more. Then why not discuss with your wife and make payments together so that the entire parcel of land will be free from any lien.
Take Care
What happens if you are part owner of property, and you signed a quit claim deed under false pretense. The party stated that inorder to refinance he need my signature which I signed. He stated I no longer had rights to the property is this true?
Hi Annie,
I'm afraid that if you have signed a quit claim deed then your ownership rights have been transferred over to that person.
He has used the excuse of refinance to get your signatures on the deed. If you have some written document where he has stated that he needs your signatures to refinance the mortgage then you can sue him and the deed can be canceled.
But if it was only verbal then it would be difficult for you to prove that he had said any such thing and it is likely he will refuse that he said so.
Miller
I'm afraid that if you have signed a quit claim deed then your ownership rights have been transferred over to that person.
He has used the excuse of refinance to get your signatures on the deed. If you have some written document where he has stated that he needs your signatures to refinance the mortgage then you can sue him and the deed can be canceled.
But if it was only verbal then it would be difficult for you to prove that he had said any such thing and it is likely he will refuse that he said so.
Miller