The best way to go about it is by your loan documents requirements. You should always have loan documents or recourse clauses on any RE loan. It will normally depict what the late penalty is and by when payments will be considered late.
There is just one thing I am not clear about. You mentioned that you have a Quit Claim Deed, which does nothing but to state that he does not have an interest on hte house but it does not deed the property to you. If that is the case make sure you get a warranty deed or a deed of trust signed over to you.
In the future make sure you do both. It will make things a lot easier for you. Technically, anybody can sign a QC-my dog can sign a QC to me because it does not have an interest on the property but can not deed the house to me. http://www.The.or WT is the sure ticket.
They are usually 3-4 percent of the monthly payment
The best way to go about it is by your loan documents requirements. You should always have loan documents or recourse clauses on any RE loan. It will normally depict what the late penalty is and by when payments will be considered late.
Hope this helps.
RVATX
[addsig]
There is just one thing I am not clear about. You mentioned that you have a Quit Claim Deed, which does nothing but to state that he does not have an interest on hte house but it does not deed the property to you. If that is the case make sure you get a warranty deed or a deed of trust signed over to you.
In the future make sure you do both. It will make things a lot easier for you. Technically, anybody can sign a QC-my dog can sign a QC to me because it does not have an interest on the property but can not deed the house to me. http://www.The.or WT is the sure ticket.
RVATX
[addsig]
RVATX,
Where is the world did you read anything in this post regarding a Quit Claim Deed?
Secondly, a Quit Claim Deed can deed you the house if the person giving you the quit claim deed is the only person that can lay claim to the property.
It essentially states that they quit their claim to the property, and you now have whatever claim in the property that they had.
You are correct though, a Warranty Deed is a better document when appropriate.