Legal Question in Real Estate Law in California
My Name is on a Grant Deed of a home in which my aunt purchased, I am NOT on the morgage loan. She is now filing for BK CH7 and will probably let the home go (Foreclosure). How can I get my name off the Deed, can I file a Quit Claim Deed back to her name and if so does she also have to sign? I would like to do this before she files BK, please let me know the best way to handle this (i.e. Grand Deed, Quit Claim...) I do not want a foreclosure on my credit.
Thank you -
More Detail:
(1) Is the grant deed bearing your name recorded, so that your name also appears on record title? YES, it has been recorded
(2) Does the grant deed make you the sole owner, or are you a cotenant of some kind? No, my name is second on title (Joint)
(3) Did the making and recording of the grant deed precede or follow the making and recording of the loan that would be foreclosed? When the house was initially purchased/funded escrow had a second deed that added my name to title and recorded.
(4) When the house, or a part interest therein, was deeded to you; Same as #3
(a) did you pay fair market value, or was the house or interest therein mostly or fully a gift? It was a new home 2007, paid market value. It was not a gift.
(b) did the mortgage lender give permission? I am not sure, the broker said that the Lender knew about it and escrow was instructed to record the deed with my name added at the same time the loan funded and recorded.
1 Answer from Attorneys
Based on what you have provided, you should be able to prepare and record a quitclaim deed transferring your ownership interest back to your aunt. My concern, however, is that without reviewing all documents involved, I cannot opine that this will prevent the foreclosure from affecting your credit, nor even preventing any potential deficiency or financial liability - either from the mortgages or any HOA dues unpaid. You need to have an attorney review actual documents, otherwise every answer on this board regarding your question is nothing better-than an educated guess. If it were my credit, and my money, I would not rely upon a free internet forum to hope that you are not tagged with this foreclosure.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. �528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code."
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