Question Details

Lisa, Home Seller in

If you were the Grantor in a Quitclaim deed for a home, and the Grantee wasn't making the payments on time,

Asked by Lisa, Sun Feb 17, 2008

(Grantor owns the mortgage), what legal action, if any, can you take? What is are some options for the Grantor?

Help the community by answering this question:

Answers

2
BEST ANSWER
I agree, contact an attorney. One view is that when you quit claim, you have no legal tie to the property and all of the liability for the mortgage. Depending on the type of loan you have, the consequences of quit claiming the property could be very problematic. An experienced real estate attorney would need to review your situation and you should do so right away.

For those looking to "foreclosure help" schemes, it is very common to see requests for a quit claim deed and, in return, they promise to make the mortgage current, save you credit and, in some cases eve split the "profits" of their efforts with you(All empty promises). They will then rent the property and pocket the deposit and rents until the home is foreclosed which, in many cases, will take months. What next? You could be held legally liable for the entire mortgage balance, you will have no legal right to the property, have no ability to remove a tenant and will be left holding the bad to a much bigger problem than you started with.

Do not fall for "mortgage rescue" scams and cons. If someone requests a quit claim deed.....consult with your own attorney, your mortgage company and the department of housing and urban development before you even consider signing.....anything.
1 vote Thank Flag Link Sun Feb 17, 2008
THe best option is to contact an attorney. Good luck!
Web Reference: http://www.kathy-carter.com
1 vote Thank Flag Link Sun Feb 17, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer