View Full Version : Parents put property up for son & wife house
skmitck_.
Oct 12, 2011, 08:24 PM
We put our property up as collateral for our son and his wife. It is on a land contract.She has left and getting a divorce.All of our names are on the mortgage.She says she does not want house. They have stopped making payments.Can my husband and I do a quick claim deed and have the house in our name? We live in Michigan
ScottGem
Oct 13, 2011, 03:58 AM
Does this relate to your other question? If so, please don't start multiple threads for the same issue, let me know and I will merge them.
You need to clarify the situation here. If your son and spouse are buying property on a land contract, then its not a mortgage. Also they do not own the property. A contract for sale doesn't convey ownership until the contract is satisfied. I also don't understand why you put up your house as collateral. In any home purchase, the home being purchased is the collateral, why would anything else be needed?
Also, in a Land sales contract, generally a default converts the contract to a rental lease with all previous payments forfeit. So you need to tell us what is really going on here.
AK lawyer
Oct 13, 2011, 07:03 AM
... Can my husband and I do a quick claim deed and have the house in our name? ...
If they are on the title, your son and daughter-in-law would have to sign a quitclaim deed. But, As ScottGem said, you are very unclear as to what the situation is. It's either a land contract or a mortgage, but probably not both.