Summary
Receiving a property through a quitclaim deed does not automatically transfer mortgage responsibility. If your name is not on the mortgage, you are not personally liable, but the property can still face foreclosure if payments are missed. Contact the mortgage lender to discuss your situation, especially if the original owner is deceased. Consider consulting a lawyer to explore your options, including assuming the mortgage or reversing foreclosure. If facing foreclosure, options include reinstating the mortgage, loan modification, refinancing, or seeking legal aid.Full Conversation
She is deceased. But she quick claimed it to me as a gift
You may not personally be responsible for the mortgage if your name is not on it, but the property can still be foreclosed if payments are not made. It's essential to check with the mortgage lender about your options.
Are you currently in contact with the mortgage lender about this situation?
I was and made several payments
Because you have made payments and the original mortgage holder is deceased, you might need to address the mortgage formally. Here are some steps:
*. Contact the mortgage lender to discuss your situation.
*. Verify if the mortgage has a "due on sale" clause.
*. Consult a lawyer to explore options and potential liabilities.
Are you currently residing in the property?
People short sale houses all the time when foreclosures happen,how do the buyers keep the property
When buyers purchase a property through a short sale, they usually manage to keep the property by:
- Negotiating with the mortgage lender to accept a sale price lower than the mortgage balance.
- Ensuring the lender agrees to release the lien on the property.
- Completing the purchase process and taking over ownership.
Are you considering a short sale for your property to avoid foreclosure?
No
Since you have been making payments and the original mortgage holder is deceased, it’s crucial to understand your rights and responsibilities fully. Here are some steps you can take:
*. Contact the Mortgage Lender: Discuss your situation and ask about assuming the mortgage.
*. Legal Consultation: A lawyer can advise you on potential liabilities and steps for formally assuming the mortgage.
*. Verify Mortgage Details: Check for any clauses, such as "due on sale".
Are you looking for more detailed information on how to proceed with assuming the mortgage?
I want to know how to reverse the forclosure
To reverse a foreclosure, you can try the following steps:
*. Contact Lender: Discuss reinstating the mortgage by paying the overdue amount.
*. Loan Modification: Negotiate new terms for lower payments.
*. Refinance: Seek a new loan to pay off the current mortgage.
*. Legal Aid: Consult a lawyer for potential defenses or bankruptcy options.
Have you already received a notice of foreclosure?
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