Quit Deed
My Father in law is terminally ill.He and his girlfriend are about to lose their home. They are several months behind on the loan. I have found out that my father in laws name is not on the loan only his girlfriend.But my Father in laws' Mother put more than half of the loan down for this www.home.They want us help them out of the www.loan.My husband is the only child that they want help from, There are several other siblings in the picture. How can this be done, with out us having to qualify for another home loan, as we already have a loan for own home.Your advice is greatly www.needed.Thank you ,F
Franny,
Glad to meet you.
First if you tell us what your Father in Law and his Girlfriend will be doing, staying in the property or moving out?
What do you plan on doing with the property should it be deeded to you?
This is a tough post to answer because family are involved and my personal response would be to take this into consideration before I answered further without these two questions being answered.
John $Cash$ Locke
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Thank you for such a quick reply, My father in law has little time, But his girlfriend just wants out of the loan. We are trying to consider if we should take over payments and allow them to stay until dad passes, or if we should take over the loan payments and the refiance the home and give them www.money.They wanted to buy a Trailer and live at a camp ground. They both have bad credit. My father in law, has no property to speak of. My husbands sisters dont want anything to do with dad or his www.problems.The girlfriend has two children they are of age, 26 & 28 yrs But if she quit deeds the house can the make any claims? She is in good Health, Sound mind and all that but not working. Thanks
Franny,
You are looking at a tough situation. Sorry to hear that you are facing such difficult choices.
If your father-in-law is in CA the situation could be a bit more difficult when it comes to who might have a legal interest.
One one hand you might want to try to minimize the trauma. At the same time if the house goes back to the lender the credit issues stop with the people who are on the title.
If you can save the deal then you need to deal with the possible other interests and if a claim can be made that the people signing were under pressure from the medical condition.
Has anyone spoken to the lender and presented the facts. They might choose to slow down the process to allow time for a more reasonable transition (time to sell and move for instance).
John
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