Quit Claim Deed
My dad’s house is going into foreclosure me and my siblings are on the deed since he passed away with no will. The bank is going to foreclose on the house can I transfer my interest with a quitclaim deed or would it be fraudulent since I know they are going to foreclose? They have sent a letter to the estate, which has been closed for two years. Will this foreclosure hurt my credit? The property is in Portsmouth New Hampshire.
The bank is going after whoever is on the loan, so whether or not you transfer title is irrelevent in this case. The bank is going to take the house or sell it if it's not going to get paid whether you or anyone else is on title. If you father passed away, there should have been a probate, contact probate lawyer right away.
Thanks, we opened up an estate and settled everything but the house, my sister continued to live there and pay the mortage for the past 3 years she has fallen behind and now we are all going to be screwed. I have contacted probate attorneys and there is nothing I can do at this point since the estate has been closed. The only one on the loan was my dad, as far as I have been told they can not hold me responsible for the loan but I have been told it may show on my credit report as a foreclosurer is this true?
Thanks, I appreciate any and all input I can get on this situation. As I have been told you can pick your friends but you can not pick your family. I already own my own home in NH and I have good credit so if it is not going to effect my credit I guess I can sleep at night and not worry about this issue.
The smart thing for us to do would to be catch the mortgage up and sell it ourselves so everyone gets a little something but she is unwilling to move and I don't have the heart to evict her and her children so I guess we all lose and live with it. Thanks again for the information.
Since only your dad is on the loan, only his credit will be affected--not that this matters anymore.
You and your sister and anyone else on the title will not have your credit affected.
Since the loan is a few years or more old, you likely have a low mortgage balance. Do you have equity? It would be wise to convince your sister to move out and sell the house.
GOOD LUCK
If the bank forcloses she will be evicted anyway. Not much to stop that. You should probably talk to her and maybe get her into an apartment somewhere. She could quit claim the deed to you. Then you could sell the house after making up the back payments and split or share the profits with her if you wish. At least it wont be a total loss.
if you are not attached to the loan it will not effect your credit. if your name is on the deed after the f/c your interest in the prop. will just disappear......km
Catching up the mortgage and selling it ourselves would be the best thing to do. But she feels it is her house and she has no intentions of moving until they physically remove her. The mortgage is $90k and the house was assesed at $206K so she would really benefit if she would allow us to sell it without a fight. I am hoping she will come to her senses before it is too late for all of us involved.
In my "lotsa" years of property dealings, I've frequently run across great bargains that WERE bargains just because of some family mess like this...and the seller just didn't want to fight it anymore so wanted to move it on.
A thought here: you might make a pvt, unpublished, deal with some friend you REALLY trust, and QC Deed your interest to him...then he'd foreclose without your being the bad guy...then he'd evict your errant sibling and you & he could then do whatever rehab was necessary and resell and split the profits.
As I said, that friend would have to be somebody you really trusted, albeit they are somewhat hard to find...as Diogenes learned !
I know nothing about NH but in PA in the case you describe your credit will be terribly effected. To foreclose here, they must file a civil complaint against the owners of the property (those whose names are on the deed). That complaint will be reduced to judgment unless the loan is paid off somehow. A judgment will show up on your credit report and that's not a good thing. They can sue the person whose name is on the Note personally but to take the real estate (and that's usually where they start) the owners will be sued.
suelostalas, I hope this is not th case in NH. They will be able to recover the full amount of the loan with the foreclosure the house is worth more then what is owed. I have worked hard to have good credit it will really suck to lose it because of no fault of my own.
I have someone interested in buying the house before it goes into foreclosure but she will not leave. If they evict her the courts won't make her leave until spring she has 3 kids.
Even if it is the case in NH, in the worst case scenerio, you can just quit claim your interest to your sister, they cannot go after you then.
Buy in any case why not just sell your interest to someone, then they will deal with this issue.
Quote:
On 2005-01-13 16:41, EHickman wrote:
suelostalas, I hope this is not th case in NH. They will be able to recover the full amount of the loan with the foreclosure the house is worth more then what is owed. I have worked hard to have good credit it will really suck to lose it because of no fault of my own.
I have someone interested in buying the house before it goes into foreclosure but she will not leave. If they evict her the courts won't make her leave until spring she has 3 kids.
You have 116K in equity, can your sister be happy with half of that money and move on?
Work out different scenairos of how profitable this is for her, and send via mail. Some of us read better than communicate.
Hope you have enough time before the house is taken.
Good Luck.
you said siblings. If there are more than just the two of you, get together and relocate her. If she is stupid enough not to see the financial benefit of selling then the two of you must move her. If you find her another place its a relocation not an eviction. But you have $100,000 u r about to lose. It would be fool hardy for u not to move heaven and hell to hang onto that kind of money. I'll bet there r a few hundred people on this site that would be drooling to have an opportunity to use $100,000 bucks. Buy her, move her, slap her... do what you must but don't walk away from FREE MONEY. She may hate you in the short run but will be thankful in the long haul when she's in a better financial situation.
I have offered to help her find another place she is starting to come around. There are 5 of us all together so hopfully we can all help her to see how much better off she will be if we sell it. I have been working with a real estate attorney and he says to catch the mortgage up and petition the court to partition to sell if she won't leave.