Legal Question in Real Estate Law in Ohio
real estate
I did a quit claim on a house my step-son lives in. The mtg. is in my name, he was to pay the mtg. and then refinance. he has not paid mtg. and can't get a loan. since i put deed in his name and loan is in my name, am i in trouble? Should I have him deed it back to me?
2 Answers from Attorneys
Re: real estate
Your transfer of the property was probably a violation of your mortgage, and could result in the mortgage holder declaring the note due in full. You need to get the property back in your name right away!
Re: real estate
Dear Concerned Reader, You have every reason to be concerned. Whether you Quitclaim deed the house back to your Step-son or not, you're still on the mortgage. That means, you must pay, or the lender has the right to foreclose on the property, evict him, and hold you liable for the mortgage deficiency, i.e. whatever is owed, in addition to legal fees, expenses and whatever else the lender can include to "getcha".
Consult an Attorney ASAP. Good luck.
J. Norman Stark, Clevland, Ohio and Sarasota, FL.
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