quick deed transfer
my husband and i were coming up on
foreclosure 2 yrs ago and to help
save the house we put it my mothers
name. we stayed in the house and
contiued to pay the mortgage from
our acct though mortgage is in her
name. i want to put my name back
on deed for now and assume the
mortgage later. what are our rights?
how do we make sure she can't sell
from under us?
Re: quick deed transfer
This could be big trouble for you in ways that you have not anticipated. If you deeded the house without the lender's knowledge and permission, you have likely committed an act of default under the mortgage. The lender can now foreclose even if the loan is current and they will do that the instant that they find out that their security has been compromised. If you did that to avoid foreclosure, you may have committed the tort of fraud and subjected yourself to civil suit and penalties including punitive damages. The lender's lawyer will be happy to include these claims with any complaint for a deficiency in the loan or to restore the title. The lender will have little trouble getting title from your mother and will then charge you for all the attorney fees to do that. Under certain circumstances, all three of you may have committed criminal offenses. So you have not accomplished your purpose and you have created a great deal of trouble for yourselves. You should forget about your blank quitclaim deed forms, put do-it-yourself law away, and sit down with a real lawyer to fully discuss what was done and how to undo it with the least pain.
See also: http://info.corbettlaw.net/lawguru.htm
Re: quick deed transfer
This could be big trouble for you in ways that you have not anticipated. If you deeded the house without the lender's knowledge and permission, you have likely committed an act of default under the mortgage. The lender can now foreclose even if the loan is current and they will do that the instant that they find out that their security has been compromised. If you did that to avoid foreclosure, you may have committed the tort of fraud and subjected yourself to civil suit and penalties including punitive damages. The lender's lawyer will be happy to include these claims with any complaint for a deficiency in the loan or to restore the title. The lender will have little trouble getting title from your mother and will then charge you for all the attorney fees to do that. Under certain circumstances, all three of you may have committed criminal offenses. So you have not accomplished your purpose and you have created a great deal of trouble for yourselves. You should forget about your blank quitclaim deed forms, put do-it-yourself law away, and sit down with a real lawyer to fully discuss what was done and how to undo it with the least pain.
See also: http://info.corbettlaw.net/lawguru.htm
