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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I own a Real estate Property and have a Mortgage attached to

Customer Question

I own a Real estate Property and have a Mortgage attached to the property under my name. Years later I executed a Quit claim deed to my Son with no exchange of money involved. The reason for my deed was because I left the country and didn't want my son to go through probate if something was to happen to me. Recently I asked my son to quit claim the property back over to my name because I want to sell the Property. My son refused to do so. My question is Can i have the Mortgage Bank sell the property for me if I cannot keep up with the payments. Note: the Loan is still under my name nothing has Changed.
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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My question is Can i have the Mortgage Bank sell the property for me if I cannot keep up with the payments. Note: the Loan is still under my name nothing has Changed.

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Unfortunately, when you quitclaim deeded the property to son, he became the legal owner of it. So you have no legal standing to have the bank sell it for you.

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Even though the loan is still in your name, you don't own the house. So you are in a tough situation here because you are legally liable for the debt, but you don't own the home.

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If you didn't pay the mortgage, and son didn't either, then the bank would foreclose on the property and sell it at auction. However, if it sold for more than was owed, son would get that money since he is the legal owner.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience,even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

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