 quit claim (by Jean [HI]) Apr 17, 2010 11:19 AM
 quit claim (by Debbie [VA]) Apr 17, 2010 12:13 PM
quit claim (by Reid [KS]) Apr 17, 2010 1:47 PM
quit claim (by Chris [CA]) Apr 17, 2010 6:49 PM
quit claim (by Lynda [TX]) Apr 19, 2010 10:50 AM
quit claim (by Jean [HI]) Posted on: Apr 17, 2010 11:19 AM
Message:
State Specific Question About: HAWAII (HI)
A friend and I bought a condo and took title as Joint Tenants. However, he now said he wants out and gave me a Quit Claim. Both our names on all documents, but he alone is on the loan. I am now paying all mortgage payments, condo dues and property taxes. Can I file the Quit Claim that he had notarized and gave me? He abandoned the property and is now in another State.
Thank you.
--207.200.xxx.xxx |
quit claim (by Debbie [VA]) Posted on: Apr 17, 2010 12:13 PM
Message:
Better consult an attorney on this. He can give you his interest in the property, but the mortgage remains his responsibility. If he transfers his interest to you will this trigger the due on sale clause in the mortgage? Can you get a mortgage in your own name? --173.100.xx.xxx |
quit claim (by Reid [KS]) Posted on: Apr 17, 2010 1:47 PM
Message:
Sweet deal, you're not on the mortgage and you have deed to property . you can't lose. Should your venture go belly up you just walk away and ex partner ends up holding the Bag . What was he thinking ??? --70.248.xxx.xxx |
quit claim (by Chris [CA]) Posted on: Apr 17, 2010 6:49 PM
Message:
When a friend got started as a LL in the early 90s, he got such a quit claim deal @ the cost of a mortgage. Lucky for the seller, he made >11% payments until the mortgage was paid off in full. How low is your interest?
You might continue... Just make sure you are never ever late! If you keep doing that he might actually benefit credit wise. --125.25.xxx.xxx |
quit claim (by Lynda [TX]) Posted on: Apr 19, 2010 10:50 AM
Message:
Jean, He can quit-claim the property to you--but he CANNOT quit-claim the mortgage. He is still on the hook to the bank that holds the loan--even if he THINKS he has turned it all over to you. If you can make the payments and keep the property, all well and good. You have a property loan that YOU did not have to give any of your personal info to receive, and technically no obligation to repay.
If you find you cannot make the loan payments on your own and want to sell the property, first record the quit-claim and get the property titled in your name. Then you can sell it and pay off the loan (and hopefully make a little extra for all your trouble. Or, you could live in the property and NOT pay the loan. Eventually the bank will foreclose and you will have to move out. --137.242.x.xx |
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