Quit Claim Deeds and Real Estate

by Ross
(Utah)

Ask Kate: Quit Claim Deeds and Real Estate Question Kate, I made a huge mistake a few years ago and gave up interest on a condo without doing anything about the loan. In essence, I lost the property but the loan is still in my name.



The property management company that now owns it rents it out and doesn't much care when it pays the rent, thus I take regular dings on my credit rating. I've contacted them and they tell me that the only resolution is to pay off the loan. I've talked with FHA and they could care less that the loan requires that the property be owner-occupied.

Kate, what can I do to get out from under this mess?

Kate Answers: Quit Claim Deeds and Real Estate Question

Hi Ross, Yes it is possible to sell your house and remain legally obligated on the mortgage, a not so uncommon predicament homeowners find themselves in.

Follow this link How To Sell Your House Safely - Beware Of Offers That Seem Too Good To Be True for more information right here on my website.

Unfortunately you had not discovered Get-Your-Best-Mortgage-Rate before turning over the ownership to your condo without making sure the mortgage was also paid off. So what now? What are your options? Since you have already tried contacting the lender and FHA to no avail, I think you need legal counsel to understand your rights and obligations.

If you have a trusted real estate agent, you might ask for a referral to an attorney who specializes in quit claim deeds and real estate.

In the meanwhile, I recommend looking over the links at the bottom of this page. They lead to other pages on Get-Your-Best-Mortgage-Rate about guarding and cleaning up credit. I hope you will let me know if you have more questions. So you can find it easily in the future, take a moment right now to bookmark Quit Claim Deeds and Real Estate to your favorites.

Ross, I hope you'll come back and visit often. Help me spread the word. Please share my website with your friends. Remember, all of my information is free!

For more turbo tips, visit Home Mortgage Tips for solutions based on inquiries from other Contributors just like you.

Best Wishes,

P.S. Ross, just in case you missed the answer to your first question, you can see it here: My FHA streamline loan owner-occupancy question Kate

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