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edlauer01

Quit Claim Deed

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Unfortunately, your title is second in line to their lien. If they are able to sell it for more than they are owed, you would then be entitled to any left over. Otherwise their sale would wipe out your interest in the property

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1 hour ago, edlauer01 said:

Loaned money for quit claim deed on house

 

Who loaned money to whom?  What does it mean to "[l]oan[] money for [a] quit claim deed"?

 

 

1 hour ago, edlauer01 said:

court evicted people

 

What people?

 

 

1 hour ago, edlauer01 said:

did a title search and found a mortgage on property.

 

Any good reason you didn't do this research before (I'm assuming) you bought the house?

 

 

1 hour ago, edlauer01 said:

What are my rights ?

 

Like everyone else, you have dozens of legal rights, and it would serve no useful purpose to try and list them all.

 

 

1 hour ago, edlauer01 said:

Can I rent it ?

 

If you own the home, yes.

 

 

1 hour ago, edlauer01 said:

Can I sell it ?

 

If you own the home, yes.

 

 

55 minutes ago, edlauer01 said:

they are forcloseing on her

 

Who are "they"?  Who is "her"?  What does "foreclosing on her" mean?

 

 

56 minutes ago, edlauer01 said:

if they auctioned it in order to get a clear title wouldn't I have to be made whole or a % of whole?

without my signature the mortgage co doesn't have a clear title.Or do they?

 

Here's what I think happened here:  You bought a home.  For whatever reason, you didn't research the title and were surprised to find that the home was subject to a mortgage.  Since you only received a quitclaim deed, you have no recourse against whomever sold the home to you.  Now, the owner of the mortgage is foreclosing because no one has been paying the mortgage.  Is that all accurate?  If so, your title is subordinate to the existing mortgage.  If a foreclosure sale is conducted, your interest in the home will be completely wiped out (unless you buy it from the mortgage owner).  If you don't buy it, and if the foreclosure sale happens to generate more money than is necessary to pay off the mortgage (along with the foreclosure and auction expenses), then you may receive any excess.  However, the only way that might happen is if multiple buyers are interested and bid the price up in excess of what is necessary to pay the mortgage and expenses.

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I loaned a friend money she said the house had a personal loan, so I took a quit claim deed on the house. I filed the deed immediately so she couldn't loan on it I went to court to evict the people in it and  received possession, then I did a title search and seen a mortgage on it. I contacted the mortgage holder and explain all that to them, still waiting to hear from them, but before I put any money into it and rent it I don't want to send more good money after a bad deal for a X- friend. That's it!!

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DID SHE COMMIT FRAUD AGAINST ME BY QUIT CLAIMING WITH A MORTGAGE ?

No. A quit claim deed basically says I deed you my interest in this property, without guaranteeing that I have any interest in the property at all and will take no responsiblity should someone claim a superior interest.

 

The mortgage is now your resonsibility if you want to keep the house.

 

 

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14 hours ago, edlauer01 said:

I loaned a friend money she said the house had a personal loan, so I took a quit claim deed on the house.

 

The statement that you "loaned a friend money" makes sense (although it seems like there's more to this you haven't explained clearly because it makes no sense for a person to deed her house to a friend solely because the friend loans the homeowner money), but the rest of this doesn't.  What does it mean that "the house had a personal loan"?  When you say that you "took a quit claim deed on the house," does that simply mean that your friend transferred title to her home to you via quitclaim deed?  Why would she do that?

 

 

14 hours ago, edlauer01 said:

DID SHE COMMIT FRAUD AGAINST ME BY QUIT CLAIMING WITH A MORTGAGE ?

 

Nothing you've posted indicates your friend committed fraud.  Again, it's not clear why your friend transferred title to her home to you.  However, you had the ability to research the title before this happened.  And, as someone pointed out above, a quitclaim deed carries no warranties regarding title.  In effect, a quitclaim deed says, "If I have any interest in this property -- and you shouldn't rely on me having any interest -- I hereby convey that interest to you."

 

 

14 hours ago, edlauer01 said:

I'm JUST TRYING TO FIGURE OUT HOW TO SALVAGESOMETHING TO GET MONEY BACK

 

If you loaned your friend money, you presumably can sue her.  Whether that will result in any actual recovery is obviously something we cannot know.

 

 

1 hour ago, edlauer01 said:

would I get a forclosure notice too ?

 

As the owner of record, you should.

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Zillow says the value is $38000.00 I'm out of 11K because she paid 14K back, she borrowed 24K on a 15 yr note and it is 3 yrs old, minus the3 or 4 missed payments I'm not sure what the balance is because of privacy rights . It was with adjustable rate  $24000, she put 6K down so she paid 30 K She owes I have the mortgage co on the phone. she owes $ 20302.08

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Quote

 

the house wasn't her homestead, it was a rental. As to why she gave me a quitclaim deed was for collateral.

She borrowed 25 K from me and pd back 14K. The house according to Zillow is 38K She has an outstanding amount due of 21K

I am in  negotiation with mortgage co to carry  the balance of 21K onto a new mortgage so I can sell it and try to recoop my 11K

I appreciate all of the info you put out there it was very helpful and set me straight on a lot. Most of all always do a title search and NEVER

loan a friend money. THANKS AGAIN TO ALL OF YOU>

 

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14 minutes ago, edlauer01 said:

the house wasn't her homestead, it was a rental. As to why she gave me a quitclaim deed was for collateral.

 

All other things being equal you own it now, subject to the existing mortgage.

 

14 minutes ago, edlauer01 said:

She borrowed 25 K from me and pd back 14K. The house according to Zillow is 38K She has an outstanding amount due of 21K

I am in  negotiation with mortgage co to carry  the balance of 21K onto a new mortgage so I can sell it and try to recoop my 11K

 

At least now you now the money situation. Lenders might go 60% loan to value so (depending on your own income and credit rating) shouldn't be too much trouble to get qualified for the $21,000.

 

I suggest you look for other loan sources. The credit union's competitors might put you in a loan faster than the credit union.

 

 

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1 hour ago, edlauer01 said:

the house wasn't her homestead, it was a rental. As to why she gave me a quitclaim deed was for collateral.

 

None of this makes any sense (at least not logically).  You mentioned "it was a rental."  Does that mean she rented it from someone or that she owned it and rented it to someone else.  Your statement that it "wasn't her homestead" seems to indicate the latter, and I assume all you meant by that was that she owned the home but didn't live there.  Giving you a quitclaim deed "for collateral" is crazy, but it sounds like neither of you knew what you were doing.  What she should have done was to give you a mortgage.

 

 

1 hour ago, edlauer01 said:

I appreciate all of the info you put out there it was very helpful and set me straight on a lot. Most of all always do a title search and NEVER

loan a friend money.

 

The other lesson to be learned is that, if you don't know what you're doing, pay a few hundred bucks to a professional to do things correctly or it might cost you a LOT more than that in the long run.

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