Legal Question in Real Estate Law in Colorado
Quit Claim Deed
I signed over a condo using a quit claim deed. I was told by the person taking it over that she would make payments for 1 year and then refinance the property into her name. She is now 3 months behind and the bank is threatening foreclosure - on my credit. What can I do?
1 Answer from Attorneys
Re: Quit Claim Deed
Morning,
Sorry to hear about your problem. Honestly, you need to talk a real estate attorney and quickly. Unless this party decides to quit claim the property back to you so you can structure an agreement you should have had in the first place, you will need to go to court to get the deed transferred back based on lack of consideration, mistake or misrepresentation.
Finally, I can only assume the bank was not informed of your quit claim because as a general rule they will not allow you to transfer title of the property as that is the security of the loan. Doing so may allow them to call the loan entirely as being a violation of the deed of trust. Talk to an attorney as soon as possible.