Legal Question in Real Estate Law in Michigan
Quit claim deed
I own a triplex. My tenants have left and as a result my mortgage payments are 3 months past due. The bank just notified me of the acceleration of the remaing principle. My uncle offered to loan me the money, and in return I will execute a quit claim deed, which he would record when the loan is made. When i pay him back, he will reconvey the property to me. He is also charging me 15% interest.
my mortgage also contains a due on transfer clause. I'm not sure if this is the best way to go about this. Please help!!
-confused
1 Answer from Attorneys
Re: Quit claim deed
You may have other options. If you do take your uncle's offer, you need to have an attorney review the documents and situation to make sure that your interests are protected. You will need to pay an attorney for a detailed consultation and sound legal advice.
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