Have you talked to your lender regarding a short sale? Explain the situation to them. Tell them that you have an equitable interest in the property and can no longer risk that the mortgage payments will be made as they are not being paid by you. Ask them what you alternatives are. What if you simply turn your back and walk away? Yes, you are ultimately responsible for the loan but your mom holds the possessory interest which is the other side of the value to the bank. Hence, a foreclosure action would affect all of you.
Your case is similar to the fraud cases we read about all the time. Where an unsuspecting homeowner is duped into turning over their title interest without really understanding what it is that they are doing. I don't know how your relationship is with your mother but she has cheated you out of your right to a fee simple ownership interest in a home that your current title and bundle of rights is now severed. You need to speak to a real estate attorney before you do anything further. Maybe this quit claim deed can be voided if you can prove that it was signed under false pretenses or fraudulent circumstances. I'm sorry for you. What a horrible position to be in. I wish I could help you further. You will get through this though. If there is anything I can do, please do not hesitate to let me know.
Diane Wheatley, Broker
diane@moveupproperties.com - Yesterday, 06:15