Home Buying in 21222>Question Details

Marco, Home Buyer in Kissimmee, FL

I am a first time buyer but my name is on the deed of my sons fathers home. He has not paid the mortgage in 10 months. Can I file a quit claim?

Asked by Marco, Kissimmee, FL Fri Aug 26, 2011

Can I still be a first time buyer. I am so scared and dont know what to do I have informed my lender and been honest with everything but I just want to make sure this wont prevent me from getting a home for me and my son.

Help the community by answering this question:


I would recommend talking to a title company or attorney
0 votes Thank Flag Link Wed Sep 23, 2015
Sorry you are going through this, but you are doing the right thing by wanting to own, not rent. Records indicate that women are increasingly becoming sole homeowners. Ladies, it's better to own a tiny condo than a large home in joint ownership with another person. That way, you have more control over your life. And by the way, this sets a good example for the kids.
Find another partner? He wants a bigger place? Fine! Co-own it with him...and rent out your place!
0 votes Thank Flag Link Sun Sep 9, 2012
There is some confusion here. A mortgage consists of two documents, a promissory note and a deed of trust. All owners of the property must sign the DOT thereby pledging their ownership in the property as collateral for the loan. The DOT is not a promise to repay. It is a security instrument. The note is the promise to repay. A non borrowing co-owner signs the DOT but not the note. If a default or foreclosure occurs the non-borrowing co-owner may lose the property but not their credit worthiness. The note is not recorded so the only way to know is to contact the lender. A lender should not make a derogatory report to the credit reporting agency on a non-borrowing co-owner.

Bob McGee
0 votes Thank Flag Link Sat Aug 27, 2011
MArco it doesnt matter if you are on teh deed but will matter if you are on the mortgage, if you are on the mrotgage your credit will be trashed with a 10 month deliquincy. You should check with a local and trusted mortgage broker who can pull your credit and guide you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Aug 26, 2011

As mentioned by Robert, as long as you are not on the note or the mortgage currently then you should not be affected by this. It is not uncommon for someone to be on the DEED of a home and not the mortgage.

Good Luck
0 votes Thank Flag Link Fri Aug 26, 2011
First, when that home was financed did you sign the promisory note? If so you need to see a lawyer because your credit may be in jeapordy. The fact that you are on the deed does not create a repayment obligation by itself. A quitclaim deed can be recorded but it has to be signed by all owners. Deeds in MD have to be signed and being prepared by or under the supervision of a lawyer. Depending on the terms of the mortgage any assignment may trigger an acceleration of the note. Again, you need to see a lawyer.

Bob McGee
Real Estate Agent and Title Insurance Producer.
0 votes Thank Flag Link Fri Aug 26, 2011
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