Posted by John Merchant on March 03, 2006 at 10:33:53:
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Getting Out of a Quick Claim - Posted by Bridget
Posted by Bridget on March 02, 2006 at 15:10:52:
I helped a friend by signing a quick claim, she is not paying the payments or the insurance in a timely manner. Now $3,500 tax is due and she does not have the money. How can I get out of this deal or can I sell or be bought out of this deal before she ruins my credit?
You on the mortgage? - Posted by John Merchant
Posted by John Merchant on March 02, 2006 at 17:49:53:
If you’ signed a note and got a mortgage on the property, then you’re still on the note.
A QUIT claim deed doesn’t relieve you of any debts you’ve agreed to on that RE.
Even if you’d given a Warranty Deed, the pre-existing debt is still yours.
Re: Getting Out of a Quick Claim - Posted by John
Posted by John on March 02, 2006 at 15:59:53:
Please restate your question. It does not make sense.
A quit claim deed transfers ownership, it does nothing to effect payments, or credit for that mater.
What property did you sell?
Re: Getting Out of a Quick Claim - Posted by Bridget
Posted by Bridget on March 03, 2006 at 07:56:18:
Since my friend is paying her payments late, the mortgage company is calling me asking for the payments and recently the insurance company. I am fearful that she does not have the $3,500 tax that is due on the house and that this will become my responsiblity to pay.
My question is how do I get out of a quit claim? Do I need a lawyer? Can someone else replace my name on the title? Can I just walk away? Will there be repercussions if I walk away?