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What happens when the person who acquired the property by quitclaim deed doesn't make their payments?
Wiki User
∙ 13y ago
It sounds as though you sold land and took back a mortgage. If so, you can foreclose on the mortgage and take possession of the property if you reserved that right in the mortgage. You should consult with an attorney in your area since state laws on this issue vary.
Wiki User
∙ 13y ago
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What happens if a person has a quitclaim deed and the original owners did not give up ownership of the property?
A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.
If it is proved that a grantor had dementia at time of signing quitclaim deed what happens to property?
That decision would need to be rendered by a judge. The deed is null and void and the property remains in the estate of the owner.
What happens if cosigner stops making payments?
The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.
Can a married couple quit clam property to one another being both the grantee and grantor?
No, a married couple cannot quitclaim property to one another, as they both have an existing legal interest in the property as spouses. However, they can transfer their interest in the property to a third party through a quitclaim deed. Alternatively, they may consider other types of property transfers, such as a warranty deed or a marital property agreement. Consulting with a lawyer is advisable for guidance in specific cases.
If you are married to an illegal immigrant and own a house then you divorce what happens with the house?
You should get a quitclaim recorded by the ex-spouse if they are on the title. The mortgage in your name will still be payable. As far as I know, foreigners can have ownership in property in the US
In Colorado what happens to your home if you die and your spouse is an owner by a Quitclaim Deed but is not named on the General Warranty Deed?
Assuming that one party acquired the land by virtue of a warranty deed and then conveyed it to himself or herself and spouse by a quitclaim deed, that would be effective as long as the deed was drafted properly. You need to check the tenancy created in the most recent deed. If it is a joint tenancy and one owner dies the survivor owns the property automatically. Deeds should always be drafted by a professional. Errors made by non-professionals can be costly to correct if they can be corrected.
What happens if a farmer could not make his mortg age payments?
The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.
If two people are on a home deed and one passes away what happens to that person's interest in the home?
The answer depends on the deed by which the two acquired their interest in the property. If the property was acquired as tenants by the entirety or as joint tenants with the right of survivorship, the survivor automatically owns the property. If the property was acquired as tenants in common, the interest of the decedent will pass to her heirs at law under the laws of intestacy and her estate must be probated providing she didn't name a beneficiary by will. If there was a will and a named beneficiary the estate must be probated for title to pass to the beneficiary.
In Pa if the property was acquired prior to marriage by the person that passes away what happens to the property?
The property will become part of the decedent's estate and pass to her heirs under her will or according to the state laws of intestacy if there is no will. You can check your state laws at the related question link provided below.
Can joints be broken?
Yes a joint tenancy can be broken. You prepare and execute before a notary public a quitclaim deed to yourself. You record the quitclaim deed with the County Recorder in your county. You do not have to inform the other party or have a discussion before this happens.
What happens to wealth acquired before marriage in the case of divorce?
Marriage and divorce are governed by the laws in each jurisdiction and those laws vary. Property acquired prior to marriage does not normally become community property in a community property state. The laws in separate property states allow married people to hold property separately. However, there are extraordinary circumstances that may affect marital distribution in the case of a divorce in both systems. You should seek the advice of an attorney in your jurisdiction prior to marriage.
What happens to the outstanding mortgage if the owner dies and you are the grantee on a quitclaim deed to the house?
A quitclaim deed is used to transfer interest in real estate from one party to another. I assume the former "owner" transferred their interest in the house to you and you recorded your deed in the land records. You now own the property subject to the mortgage. If it is not paid the lender will take possession of the property by foreclosure. You should have an attorney review your title and advise you of your options. Most mortgages contain a due on transfer clause whereby if the property is transferred the lender can demand payment of the note in full. You may need to refinance in your own name. The attorney can advise you.
